Decision Making

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Rational Decision Making
How do you make lucrative decisions for a company or an organization? Decision making is the process in which you identify problems, consider alternatives, gather information and act decisively but prudently that can give you profitable outcomes for your organization. As a decision maker it involves effective techniques to accomplish your goals and make decisions that are result of an intelligent deliberation. It’s mandatory to take every decision in the light of some logical judgment to maintain the fulfillment of your organizational goals. Being rational as a decision maker involves more realistic approach and analyzes all information accurately. Rationality in decision making involves systematic step by step method in which hard quantitative data is obtained through observation or mathematical analysis. In this process rational decision maker has to weight the alternative to decide which one is promising for long term optimal outcomes. However, studies have shown most of the decision makers are unable to determine best favorable alternatives because they are unaware of decisional vision. Some people assume that rational decision making is only related to problem solving measures but in reality decision making doesn’t involves problem oriented issues only. There are number of steps involved defining rational models:

The Six steps Rational Decision Making Model
Defining the Problem Identify decision criteria Weight the criteria Generate alternative courses of action Evaluate each alternative Compute the best decision Defining the problem

Compute best deccision

Identify decision criteria

Evaluate each alternative

Weigh the criteria

Generate alternative courses of action

Defining the problem:
What averts an organization from reaching its goals? Defining a problem means to encounter those situations which an organization is unable to handle, understand that means that we have to be more focused to find alternative...
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