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An optimal decision is a decision that leads to at least as good a known or expected outcome as all other available decision options. It is an important concept in decision theory . In order to compare the different decision outcomes, one commonly assigns a utility value to each of them.
Knowledge-Based Decision-Making (KBDM) in management is a decision-making process [2] that uses predetermined criteria to measure and ensure the optimal outcome for a specific topic. KBDM is used to make decisions by establishing a thought process and reasoning behind a decision. [ 3 ]
Decision fatigue is when a sizable amount of decision-making leads to a decline in decision-making skills. People who make decisions in an extended period of time begin to lose mental energy needed to analyze all possible solutions. Impulsive decision-making and decision avoidance are two possible paths that extend from decision fatigue.
Heuristics (from Ancient Greek εὑρίσκω, heurískō, "I find, discover") is the process by which humans use mental shortcuts to arrive at decisions. Heuristics are simple strategies that humans, animals, [1] [2] [3] organizations, [4] and even machines [5] use to quickly form judgments, make decisions, and find solutions to complex problems.
Decision-making as a term is a scientific process when that decision will affect a policy affecting an entity. Decision-making models are used as a method and process to fulfill the following objectives: Every team member is clear about how a decision will be made; The roles and responsibilities for the decision making
A process stored in implicit memory may be easy to carry out but difficult to verbalize. For example, although we can ride a bicycle even after a decade-long hiatus, it is difficult to explain to another individual how to do so. Evidence suggests that implicit memory, especially in the realm of advertising, may impact decision-making. [12]
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In this use of the term, decision intelligence is roughly analogous to soft paternalism—a quite different meaning than is covered in the present article, referring as it does to the engineering of decisions made by consumers, rather than the use of engineering principles to aid in complex decision-making.