problem1. Decision making is an indispensable part of the management process. describe this statement with use of appropriate diagrammatically representation.

problem2. Make a distinction between ‘decisions under certainty’ and ‘decisions under uncertainty’.

problem3. What are the elements common to most decision-theory problems?

problem4. A pensioner wants to invest up to an amount of Rs30, 000 in fixed income securities.  His broker recommends investing in two bonds: Bond A yielding 7% and Bond B yielding 10%. After some consideration, he decides to invest at most Rs 12,000 in Bond B and at least Rs 6,000 in Bond A. He also wants the amount invested in Bond A to be at least equivalent to the amount invested in Bond B. What should the broker suggested if the investor wants to maximize his return on investment? Demonstrate you solution graphically.