How does preference affect decision making?
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Preference theory studies the fundamental aspects of individual choice behavior, such as how to identify and quantify an individual's preferences over a set of alternatives and how to construct appropriate preference representation functions for decision making.
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Decision-making is a very time-consuming analysis where there will be a brief analysis of past events to make the present and future better.
Preference affect decision making
- It means giving priority to something.
- It also means favoritism and choice of customers.
- It helps in proper planning and interpreting to the right place and at the right time.
- Preference theory means analyzing the consumers.
- It helps in analyzing the market and which parts a company needs to focus on, after fulfilling the needs of the consumer is one of the key goals.
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