According to Simon 1977 managerial decision making is synony

According to Simon (1977), managerial decision making is synonymous with the entire management process. Give a working definition of decision making. (1 mark)

A scenario is a statement of assumptions about the operating environment of a particular system at a given time; that is, it is a narrative description of the decision-situation setting. What does a scenario describe, and what may it also provide? (1 mark)

In your own words please

Solution

The period, bounded prudence is use to assign rational options that take into account the cognitive limits of together cognitive and knowledge capability. Bounded prudence is an essential topic in behavioral economics. It is worried with the method in which the real decision creation procedures influence decisions. A scenario explains the choice and unmanageable variables and parameter for a particular modeling condition. It might too give the procedures and constraint for the modeling