Logical Selection Of Reasoning And Facts In Rational Decision Making

1342 words - 6 pages

Rational decision making is a decision making model that involves the logical selection among possible choices that is based on reasoning and facts. In a rational decision making process a business manager will often employ a series of analytical steps to review relevant facts observation and possible outcomes before choosing a particular course of action. Rational decision making can also be termed classical decision making.
Rational decision making is part of the normative or prescriptive decision theories where there is a preset way of making decisions, i.e. norms, standards, and policies already in place are used as a criterion or base line for making decisions.
Decision making models and approaches have revolved over time, researchers have identified the following key models and approaches:

- Rational Decision Making Model (classical Decision Making Theory) - Rational Decision Making is elaborated upon in the following section.
- Bounded Rationality Decision Making Models
Bounded Rationality Decision Making Models is a model that was developed by Herbert Simon. He brings forth an argument that says decision making can never be perfectly rational processes, but rather one that is has within it a number of constraints and limitations. These include information constraints i.e. it is likely that information gathered may not be sufficient to develop all possible alternatives. The second limitation is people’s ability to fully comprehend the complexity of the problem at hand. Thirdly when making a decision is being made time constraints are automatically imposed.
In view of these constraints it can than be said that cannot be based on perfect knowledge and analysis, but rather on the results of modified process known as satisficing.
“Satisficing” is a word that combines satisfying and sacrificing, it is a concept that says given these limitations one cannot choose the most satisfactory alternative but sacrifices have to be made. Therefore the solution selected will be acceptable solution, but not necessarily the best solution.
- Garbage Can Approach
“This approach works on the principle of chaos”
In this approach decision making is viewed as being haphazard and unpredictable. The term Garbage Can indicates something that contains problems, solutions, participants, and opportunities that float round. Once all these factors have been united a decision can be made. Timing in this approach is crucial since one can say that the right participant must find the right solution to the right problem at the right time.
- Political Approach
This approach suggests that the primary motivation of decision makers is to advance personal preferences, based on organisational goals. In each step the decision maker is perceived as using the opportunity to influence the final decision and hence promote their own personal preferences.
In his article, The Ethics of Decision Making; Kenneth E Boulding states that, “The ethical...

Find Another Essay On Logical Selection of Reasoning and Facts in Rational Decision Making

a) Explain the term decision making using the rational method - education class - presentaion

2475 words - 10 pages , managers engage in completely rational decision processes, ultimately make optimal decisions, and possess and understand all information relevant to their decisions at the time they make them (including all possible alternatives and all potential outcomes and ramifications). Assumptions of the Rational Decision-Making Model, The rational model of decision making assumes that people will make choices that maximise benefits and minimise any costs. The

Men and Their Struggles in Decision-Making

838 words - 4 pages like he was carrying a big burden of responsibility in making his decision. Regardless of men having a variation of selection to make their decisions, sometimes they still make poor decisions that they loss their transcendent meaning. In “The Swimmer”, the protagonist, Neddy Merill is “troubled by [his] lack of purpose, and often channel this frustration into alcohol” (Barnhisel). For example, in the beginning, Neddy appears to be drunk when he

Ethics in Accounting and Financial Decision Making

586 words - 2 pages Many organizations today place significant emphasis on ethics and the financial decision making process within the organization. Organizations are expected to behave in an ethical manner in the current economy. There are many factors that influence organizations to ensure and enforce ethical policies. The purpose of this paper is to discuss ethics in accounting and financial decision making, how it relates to the United States Amy.An article

Ethics In Accounting And Financial Decision Making

884 words - 4 pages Ethics in Accounting and Financial Decision MakingIn today's business world, many organizations place a tremendous emphasis on ethics and the financial decision making process within organizations. All organizations are expected to behave in an ethical manner in the current economy. There are many factors that influence organizations to ensure and enforce ethical policies. The objective of this paper is to discuss ethics in accounting and

Model of employee involvements in decision making

1038 words - 4 pages for me because there were some parts that I was not very skilled at. I had to make a decision on whether I should hold another meeting to talk about the distribution of work and re-assign these critical parts to the persons who knew more about it than I.Causal AnalysisThe model that I will be using to analyze these events is the model of employee involvements in decision making. The model will explain that the level of employee involvement in

Types of Conflict in Decision Making

625 words - 3 pages Structured conflict is a positive kind of conflict that can lead to much better group cohesion and decision making. There are two types of conflict that may occur in a group decision process. These are c-type conflict or cognitive and a-type conflict, affective conflict (McWilliams & Williams 2014). C-type conflict is disagreeing with others interpretations or opinions. Group members where c-type conflict occurs will disagree with other

Emotion and Decision Making

2958 words - 12 pages -184. doi: 10.1080/10400419.2010.481513 Gardner M., Steinberg L. (2005) Peer Influence on Risk Taking, Risk Preference, and Risky Decision Making in Adolescence and Adulthood: An Experimental Study: Developmental Psychology, 41, 4. doi: 10.1037/0012-1649.41.4.625 Goel, V., Vartanian, O. (2011) Negative emotions can attenuate the influence of beliefs on logical reasoning. COGNITION AND EMOTION, 25(1), 121-131. doi: DOI:10.1080/02699931003593942

Decision Making in Action

900 words - 4 pages Decision Making Process in ActionAccording to Webster's Dictionary the definition of "decision" is the "1. a: act or process of deciding b: a determination arrived at after consideration: CONCLUSION." (http://www.m-w.com/). Organizations and individuals make decisions every day. Decisions are made by flipping a coin, taking a guess, thinking about the thoughts and feelings of others, considering values and beliefs, complying with a mission

Strategies in Decision Making

1372 words - 5 pages technique used, making an intelligent, rational decision requires processing information, assessing the involved risks, and taking actions resulting in positive outcomes.One major component of problem-solving requires identifying the root cause of the problem. Once the root cause is identified a plan must be implemented to eliminate and prevent the problem from resurfacing in the future. One way this can be accomplished is to implement the Plan

Decision Making in Nursing

945 words - 4 pages the steps involved in it “in order to develop our own decision making style” and be successful as nurses in the future (B. Kunkel, 2014). The New Jersey Board of Nursing provides a Seven Step Decision Making Model that “has been designed to assist nurses in using the information available to them for resolving scope of practice issues.” Any nurse that has a question about nursing practice “can refer to this model and follow each step to make her

Thinking and Decision Making

1610 words - 6 pages encountered, such as resource conflicts or code contention, resulting in the late delivery. This is an example of logical thinking.ConclusionNowadays, critical thinking is applied in many different situations including; work, school, and everyday life. Critical thinking is an important part of the decision making process regardless of the preference for certain thinking styles. While creative, logical and persuasive thinkers all differ in the way they

Similar Essays

Selection And Decision Making In Recruitment

1404 words - 6 pages have to plan ahead, communicate effectively and make discuss selection and decision making. One of the main things the manager has to do before the selection process even starts is prior planning, below is what the manager has to do before the interview takes place:- The manager of Tesco has to plan prior to the interview; he/she has to select the interview panel. The manager of Tesco can select a supervisor and executive manager for the panel

Rational Decision Making Model Essay

1602 words - 6 pages decisions is what managers and leaders are paid to do, and is an integral part of their day’s duties. The affects of decisions can range from minor in consequence to life or career threatening. Regardless of the consequences, it is important to understand when a decision needs to be made and the best way to make it. This paper will focus on the Rational Model for decision-making. The first section will describe the Rational Model for

An Analysis Of The Rational Decision Making Model

927 words - 4 pages Decisions made by groups when dealing with complex problems and issues occur everyday in the life of an organization. The decisions made by these groups can have serious, far-reaching consequences throughout the organization if not properly thought through. This is the reason for the existence of decision making models. Decision making models are logical, systematic, and methodical approaches to problem solving. Many decision making models exist

Critical Thinking And Decision Making Critical Thinking Is Defined As The Systematic Evaluation Of Arguments Based On Explicit Rational Criteria

626 words - 3 pages Critical Thinking and Decision MakingCritical Thinking is defined as the systematic evaluation of arguments based on explicit rational criteria (Browne and Stuart IX). Deductive reasoning is the first tool that reasonable people can use to improve their critical thinking skills. Critical thinking requires people to be able to find the faulty reasoning and deductions in an argument. Incorrect or inconclusive assumptions must be identified and