Question

How does preference affect decision making?

Answer 1

Answer:

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.

Answer 2

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.