The scientific approach to decision-making involves the use of data and logic as opposed to hunch and intuition.
All business decisions involve some uncertainty. However businesses and managers increasingly want to reduce that uncertainty and risk by applying logic to decision-making, supported by relevant data.
Scientific decision-making involves the use of:
Quite a few of the models you explore as a business student can be linked to scientific decision-making (although they also involve some qualitative judgement), including:
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