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The Prospect theory was introduced by two psychologists, Daniel Kahneman, and Amos Tversky. As per the theory, given the choice of equal probabilities, most people would choose to retain the wealth that they already have, rather than risk the chance to increase their current wealth. People are usually averse to the possibility of losing, such that they would rather avoid a loss rather than take a risk to make an equivalent gain. It is a psychology theory that describes how people make decisions when presented with alternatives that involve risk, probability, anduncertainty. It holds that people make decisions based on perceived losses or gains.
In the decision-making process, which of the following is the most essential element required?
A manager relying on previous successful decisions to make current decisions may be influenced by which bias?
Why is it important to communicate the decision to relevant stakeholders?
What is the purpose of evaluating the feasibility of possible solutions?
Which of the following is not a feature of Decision-making process?
The __________ management function is most closely related to decision making.
How does effective communication contribute to the decision-making process?
Which of the following decision theory is concerned with how people actually make decision?
A decision taken by a committee of a Board of a company is in nature of a __________?
Chandra is planning a team-building weekend trip and wants the trip to take place at Goa. However, he is unable to find a venue that can accommodate the...