A Analysis of Rational Decision Making Model

Topics: Management, Organization, Decision making, Strategic management, Decision theory, Project management / Pages: 38 (9334 words) / Published: Nov 19th, 2010
Decision Making
Hamed Armesh*

In this article we have tried to define and make good and comprehensive explanations of decision making process in different situation. because of decision making importance in business we have tried to take a deep look different subjects that are direct and indirectly related to decision making so as we know decision making is the process of selecting a logical choice from among the available options to do that we need to evaluate, analyze and determine which alternative will be suited for our case of actions.

1.

Introduction

By definition decision making is: The process of selecting a logical choice from among the available options. When trying to make a good decision, a person must weight the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation. [James Reason 1990]. Human performance in decision making terms has been the subject of active research from several perspectives. From a psychological perspective, it is necessary to examine individual decisions in the context of a set of needs, preferences an individual has and values they seek. From a cognitive perspective, the decision making process must be regarded as a continuous process integrated in the interaction with the environment. From a normative perspective, the analysis of individual decisions is concerned with the logic of decision making and rationality and the invariant choice it leads to.[Daniel Kahneman, Amos Tversky2000] The ability to make wise, educated decisions is essential to living a successful and fulfilled life. Individuals, groups or teams make decisions every day. Some decisions are very important and affect a lot of people whereas other decisions are small and affect only one or two people. A decision-making process based on data



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