Experience plays a vital role in the decision-making (DM) process. In this paper simulation, modeling, and analysis of past experience over DM has been done using the Iowa gambling task (IGT). The Human DM process is very complex and difficult to model through computational methods because it is a subjective type of process and varies person-to-person. Therefore, this study is an attempt to simulate a DM model similar to the human DM process. For this collection of real data was done and was provided as input to the developed eight Reinforcement Learning (RL) models. The result shows that the performance of the model based on Prospect Utility (PU) learned with Decay Reinforcement Rule (DRI) and Trial Dependency Choice (TDC) is better as compared to other models. It is observed from the analysis of data and also validated that simulation and models output that the experienced group performs better than inexperienced.