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MGF1100 Week 6 - Coggle Diagram

- - - - Decisions made within the parameters of a simplified model that captures the essential features of a problem.
      - Bounded by the limitations and constraints,
        managers attempt to behave rationally
      - “Good enough” decisions – “satisficing”
  - - - Assumptions.
        
        A single, well-defined goal is to be achieved
        
        All alternatives and consequences are known
        
        The problem is clear and unambiguous (not open to more then one interpretation).
        
        Preferences are clear
        
        Preferences are constant and stable
        
        No time or cost constraints exist
        
        Final choice will maximise payoff