Question 1

According to Libby (1981), in most decision making situations, judgement about environment must be made in the absence of direct contact with the event to be judged. In such circumstances, "most likely" judgements are formed on the basis of information cue whose relationships to the event are imperfect or probabilistic. That is judgements and decisions are made under conditions of uncertainty about the relationships between cues and events.

The model below isBrunswick Lens Modelwhich portrays the decision making process under uncertainty ie. the graduate business school admission decision.