As per the behavioural theory of decision making by

Solution

Behavioral approach is also known as descriptive approach and administrative model. This theory is proposed by Herbert A Simon, a well known economist, in which he attempts to explain how decisions are made in real life situations. A manager has to make decisions under different conditions and situations. Herbert Simon, the Nobel Prize winning researcher, showed that humans went through three essential stages in the act of problem solving and decision making. He called these the Intelligence, Design, and Choice stages.