Business Decision Making - Investigating the Leisure Industries Assignment

Business Decision Making - Investigating the Leisure Industries - Assignment Example re the main six sort of division of the Heuristics: the recognition heuristic, the minimalist strategies, the lexicographic strategy, take the last strategy, sequential decision making, and elimination by aspect. Goodwin & Wright (2014) assert that heuristic is used for multiple making decisions that involve several or multiple objectives. For an instant, in this case a choice is to be made in picking two alternatives which are either to choose Egypt or Edinburg. Goldstein & Gigerenzer (2002) argues that recognition heuristic is the simplest of all the heuristics hence can be introduced as fast and frugal in this particular program. This is due to the fact that individuals tend to have good recognition memory. In this type of heuristic, when an individual perceives one of two things, he or she will judge the perceived thing to be more prominent in whatever measurements associated with recognition. Oppenheimer (2003) argues that the size of the city is positively associated with recognition hence through the recognition heuristic, it will predict that the recognized cities will be judged as larger in comparison with the cities that are not recognized. This type of heuristic is useful in settling on choice rapidly though it gives an illusion of a good choice by excluding other opportunities such as prior hypothesis. For an instant, some individuals may choose the most visited countries and cheap countries while other may opt for either Egypt or Edinburg due to safety and security reasons. Miao & Mattila (2007) illuminates that information results in confidence in making judgment in reference to the price of the consumers and their decisions. The Smart technique is based on a model that is additive linearly. It implies that the overall of an alternative is calculated as the total sum of the performance score of every criterion multiplied with that criterion’s weight (DTU Transport, 2014). Goodwin & Wright (2014) explain that the application of SMART is