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Rational Choice Theory Essay

670 words - 3 pages

“And thus, the actions of life often not allowing any delay, it is a truth very certain that, when it is not in our power to determine the most true opinions we ought to follow the most probable” (René Descartes). Much of a manager’s day-to-day work involves solving problems and making decisions. To assist in decision-making they often use a management theory approach to reach their goals. The Rational Choice Theory is a decision-making theory that uses an analytical approach, suggesting that using systematically and logic approaches in decision-making, weighing the risk against the benefits, will help best in achieving a desired objective (Ogu, 2013). The Rational Choice Theory often ...view middle of the document...

Bukaty (2011) gives an example of “a leader in a corporation choosing to stretch resources and ignore regulations to acquire more wealth and realizes their own goal.” In this example, the leader is not being unethical but thinking rationally; choosing the highest probability for satisfaction. This theory assumes that naturally selecting the alternative with the highest possibility for happiness can be beneficial when considering profitability, customer service and employee satisfaction.
The area of business and management where the theory is most often applied is economics, finance, buying, selling, and trading. It is also useful in Human Resources when hiring new applicants. The Rational Choice Theory can be a useful tool when considering which applicant is best qualified for a particular job. Weighting the option based on qualification, education, availability, past experiences, and reliability. In this case, a manager may be more opt to hire and individual that is more reliable and accountable over an applicant that is more than qualified but is not reliable and unaccountable.
In conclusion, the Rational...

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