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The action of defining, gathering, analyzing and distributing intelligence about products, customers, competitors and any aspect of the environment needed to support executives and managers making strategic decisions for an organization.
Business war gaming or business wargaming is an adaptation of the art of simulating moves and counter-moves in a commercial setting. Unlike military war games, or fantasy war games which can be set hundreds of years in the past, business war games are usually set in the present and are a relatively recent development, but…
The idea that in decision-making, rationality of individuals is limited by the information they have, the cognitive limitations of their minds and the finite amount of time they have to make a decision.
A systematic approach for describing how individual decision makers’ values and beliefs are incorporated into their decisions. It also prescribes courses of action that reflect closely the values and beliefs of decision makers. Explicit in the theoretical approach is the view that decision makers are able to express preferences when given alternatives, where such preferences…
The concept of adaptive decision making is best understood as the mental process of effectively reacting to situational change. In simple terms, it refers to problem-solving, with three major factors involved. First, the essence of the concept is a behavior change. Obstinately continuing a course of action despite significant changes in the circumstances is not…