What are the six steps in rational decision?
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What are the six steps in the decision making process?
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What are decision making skills?
Discuss rational decision making model with example?
A rational decision making model provides a structured and sequenced approach to decision making. Using such an approach can help to ensure discipline and consistency is built into your decision making process. As the word rational suggests, this approach brings logic and order to decision making. Our rational decision making model consists of a series of steps, beginning with problem/opportunity identification, and ending with actions to be taken on decisions made. A General Rational Decision Making Model Rational decision making processes consist of a sequence of steps designed to rationally develop a desired solution. Typically these steps involve: Identifying a problem or opportunity The first step is to recognise a problem or to see opportunities that may be worthwhile. A rational decision making model is best employed where relatively complex decisions have to be made. The first decision making lesson should be to ask youself if you really have a problem to solve or a decision to make. Gathering information What is relevant and what is not relevant to the decision? What do you need to know before you can make a decision, or that will help you make the right one? Analyzing the situation What alternative courses of action may be available to you? What different interpretations of the data may be possible? Developing options Generate several possible options. Be creative and positive. Evaluating alternatives What criteria should you use to evaluate? Evaluate for feasibility, acceptability and desirability. Which alternative will best achieve your objectives? Selecting a preferred alternative Explore the provisional preferred alternative for future possible adverse consequences. What problems might it create? What are the risks of making this decision? Acting on the decision Put a plan in place to implement the decision. Have you allocated resources to implement? Is the decision accepted and supported by colleagues? Are they commited to to making the decision work?. Strengths and Weaknesses of the Rational Decision Making Model The main strength of a rational decision making model is that it provides structure and discipline to the decision making process. It helps ensure we consider the full range of factors relating to a decision, in a logical and comprehensive manner. However, we should always remember that whilst the model indicates what needs to be done, it's often how things are done that characterizes effective decision making. Research illustrates that bad decisions were usually bad because two things were missing: adequate participation of stakeholders in the decision making process; sufficient time spent generating a range of possible solutions.
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How do the decision of the financial manager influence the production function of a firm?
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What are the five steps to rational decision making?
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What aspects of your decision making process fit the description of a rational choice?
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An example of an action that is part of making a rational choice?
Explain the process of rational decision making?
If you have some reasonable degree of understanding about how things happen in the real world and how the world functions, and if you have an adequate amount of information about the situation about which you wish to make a decision, you can then apply this knowledge in order to make a rational decision.
Decision making theory?
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What is the Rational number for the square root of 6?
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Is rational decision making different from decision making?
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Is 1 over six rational irrational natural number whole number or an integer?
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What are the six steps in rational decision making model?
1. Define the problem 2. Determine Objective 3. Exploring Alternatives 4. Predicting the consequences 5. Making choice 6. Performing Sensitivity Analysis The real one is: D efine the problem E xplore the alternatives C onsider the consequence of each alternative I dentify the problem D o it now. Act on the decision E valuate the result
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Steps involved in decision making process?
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2 Explain any two models of decision-making process Which model best characterizes your organizations or an organization you are familiar with decision process cite examples to justify your answer?
The two methods are rational model and non-rational models. Rational models requires managers to use a four-stage sequence in making decisions. Non-rational models try to focus on how decisions should be made. Pharmaceutical companies preferÊnon -rational models because they assume that decision making is uncertain.
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Rational comprehensive theory of decision making?
The Rational Comprehensive theory of decision making is not to be confused with rational choice theory. The Rational Comprehensive Theory of decision making is a theory that when perceived as how decisions should be made is normative and when viewed as how decision are made is empirical. The Rational Comprehensive theory of decision making has six key elements. First, the decision maker is faced with a problem which can be isolated from other problems or at the minimum can be significantly considered in comparison to them. Secondly, the goals, values, and objectives motivating the decision maker are explicit and can be ranked according to importance. Thirdly, the alternative methods for dealing with the problem are scrutinized. Fourthly, the outcomes of each alternative (i.e. costs/benefits and advantages/disadvantages) are examined. Fifthly, each alternative along with its attendant outcomes is then compared with the other alternatives. The decision maker will choose the alternative, and its outcome, that maximizes attainment of his/her goals, values, and objectives (this is call optimization). The Rational comprehensive decision making theory has been criticized for its implausibility being such that it demands far more than is intellectually possible ignoring the decision makers probable lack of information, limited knowledge of costs/benefits of an alternative/limited ability to appraise all costs/benefits, difficulty in defining the problem at hand in the first place, and inapplicability to collective decision making where all values, beliefs, and objectives are not in perfect accord. Furthermore, sunk costs are often an issue affecting decision making and complicating the consideration of many alternatives impede on the fundamental idea of rational comprehensive decision making which demands consideration of ALL possible alternatives. In short, it is mostly viewed as unrealistic and idealistic.