Traditionally, we know that any decision maker chooses the alternative based on the expected value (expected profit, for example). Suppose if the expected profit of alternative A1 is better than the expected profit of alternative A2 we would certainly choose the former. However, there are situations where this mental model…

By working through a problem , you do not always have a structured historical data in a spreadsheet or a database to make any predictions or prescriptions. The question then arises, how we are going to make a decision ? Can we go by intuition? The answer is YES.

To…

Vivek Kumar Pandey

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