Essays on Rational Decision Making Essay

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The paper “ Rational Decision Making” is a   persuasive example of the essay on management. A decision is defined as the act of making up one’ s mind or the act of reaching a conclusion as an individual or by a group of persons. It is also a position that is usually reached or a particular opinion or judgment reached after careful deliberation. The implementation of decisions reached in day to day lives needs to be strategically applied. In this regard, the rational decision-making process needs to be employed. A rational decision-making model is a structured outline of a cognitive process that has steps where each of the steps follows in a logical sequence from one step to the other (Bonaccio & Dalal 2006). The cognitive process means that it is based on a person’ s thinking ability and the capability to weigh up the available alternatives while trying to come up with the best potential result.

Usually, there are different types of such models of rational decision making (Foss 2003). The steps that are involved in the different models may differ but they are much less the same.

It is very important that the decision-making process is not mistaken for the methods of solving problems. This is because not all decisions are problem-oriented and thus the two must be distinguished. The paper herein expounds on the rational model of the decision-making process. It is basically a process that is used for making logically sound decisions. It is crucial and is usually applied in situations that need to follow a systematic sequence in making particular decisions (Patokorpi 2008). The steps that are involved in the rational decision-making process are: identifying and defining the problem, generating possible solutions, generating the required assessment criteria which means that one must calculate the consequences of the possible solutions while comparing them with the likelihood of satisfying the given criteria (Bonaccio & Dalal 2006).

The next step is to develop the options which mean generating all the possible alternatives and then evaluating the available options before deciding now on selecting the most preferred alternative.

References

Bonaccio, S. & Dalal, R. S. . (2006). Advice taking and decision- making: An integrative literature review, and implications for the organizational sciences. Organizational Behavior and Human Decision Processes, 101, 127{151.

Bounded rationality in the economics of organizations: `much cited and little used'. Journal of Economic Psychology, 24.

Bechara, A. and Damasio, A.R. (2005), “The somatic marker hypothesis: A neural theory of economic decision”, Games and Economic Behavior, 52, pp. 336–372

Clore, G.L. and Huntsinger, J.R. (2007), “How emotions inform judgment and regulate thought”, Trends in Cognitive Sciences, 11(9), pp. 393–399.

Michel, A. A. (2007). A distributed cognition perspective on newcomers' change processes: The management of cognitive uncertainty in two investment banks. Administrative Science Quarterly, 52 (4), 507{557.

Patokorpi, E. (2008). Simon's paradox: Bounded rationality and the computer metaphor of the mind. Human Systems Management, 27 (285-294).

Stanovich, K. E., & West, R. F. 2000. Individual differences in reasoning: Implications for the rationality debate? Behavioral and Brain Sciences, 23: 645–665.

Tiedens, L., & Linton, S. 2001. Judgment under emotional certainty and uncertainty: The effects of specific emotions on information processing. Journal of Personality and Social Psychology, 81: 1–16.

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