Decision Making 0.0 / 5 ? BusinessUnit 2A2/A-levelAQA Created by: Alex_stevensCreated on: 31-05-17 12:12 Scientific decision making A logical and research based approach to decision making. 1 of 7 Intuition The ability to understand something without the need for a conscious reasoning. 2 of 7 Opportunity cost The real cost of taking a particular action or the next best alternative foregone. 3 of 7 Decision tree Model of the various options available in a decision, including the probability of different consequences and the financial outcomes of each option. 4 of 7 Expected value The monetary value of an outcome of a decision; expected monetary value of the outcome x probability 5 of 7 Net gain The value to be gained from making a decision; +expected values of each possible outcome of a decision and the -the cost 6 of 7 Ethics The set of moral values held by an organisation, individual or group 7 of 7
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