list and explain three areas you can apply decision theory?
Answers
Answer:
There are two branches of decision theory – Normative Decision Theory and Optimal Decision Theory.
Explanation:
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Answer:
There are three types of decision in business:
strategic.
tactical.
operational.
strategic
When an individual is being 'strategic' about it, she is focused on and considers both the hard and soft side of the system and weighs the implications and consequences of decisions to determine whether or not they impact and affect the team's ability to accomplish strategic outcomes.
tactical
characterized by skillful tactics or adroit maneuvering or procedure: tactical movements. of or relating to a maneuver or plan of action designed as an expedient toward gaining a desired end or temporary advantage.
operational
An operational definition is designed to model or represent a concept or theoretical definition, also known as a construct.