The Rational-Economic (or Classical) Model • Is prescriptive in that it focuses on how decisions ought to be made. The model encourages the decision maker to understand the situation, organize and interpret the information, and then take action. The word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense. I. Decision matrix analysis, Pugh matrix, SWOT analysis, Pareto analysis and decision trees are examples of rational models and you can read more about the most popular here. rational decision making model 1. recognize, define problem opportunity rational decision making model gather “relevant” info diagnose cause(s) assumptions! The steps are designed to reduce the impact of biases, logical fallacies, and knee-jerk reactions on the decision to increase decision quality. A brief explanation of decision making. Rational decision making brings a structured or reasonable thought process to the act of deciding. The choice to decide rationally makes it possible to support the decision maker by making the knowledge involved with the choice open and specific. DECISION MAKING MODELS HANDOUT Page 1 of 2 I. Rational Decision Making. That is to say, the decision has to be based on reasonable data, facts and reasons. 5 1 Select _ Best Define the Alternative Problem 5 2_ Evaluate ICIe”I'IY Alternatives Decision Criteria Allocate Alternatives Weights to Criteria 7. Unlike the rational models that assume a sequential ordering of steps in the decision process, the garbage can model makes no such requirement. Rational decision making is a multi-step process for making choices between alternatives. The Rational Decision-Making Model describes the steps a group would take when making a logical decision. Julie has decided a change is needed in tracking the inventory at her store and decides to utilize the rational decision-making model as a tool to make these changes. The rational decision making model assumes decisions are based on an objective, orderly, structured information gathering and analysis. ®Steps 6. While some of these models have six steps others rely on more than a dozen. A decision making model that describes how individuals should behave in order to maximize some outcome. These steps include: Identifying a problem or opportunity Gathering information Analyzing the situation Developing options Rational thinking models basically start and end the same way, no matter the simplicity or complication of the steps involved with these models. 5. Solutions can be in search of problems; the expertise of participants can determine which problems to address, and; the choice opportunities that exist can determine which solutions are selected. So rational decision making model can be used to make good decisions which might have the most desirable results. What is Rational Decision Making Model? This type of model is based around a cognitive judgement of the pros and cons of various options. The process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. Rational decision making models . The rational decision-making model is a structured and sequential approach to decision-making, aimed at seeking precise solutions to well-defined problems using precise methods. 1. Rational decision making - The benchmark for making effective decisions. Rational decision-making models vary in the number of steps they have. ?? 1 Chongming Chen 0251662 Rational Decision Making Model To ensure the decision made is the best, it must be rational. Makes it possible to support the decision maker by making the knowledge involved with the choice to rationally... Start and end the same way, no matter the simplicity or complication of the pros cons! Understand the situation, organize and interpret the information, and knee-jerk on... 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