MHR 405 Chapter 8: Chapter 8

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Making effective individual decisions: effective decisions are timely decision that meet desired objectives and is accepted by the individuals affected by it. 4 decision making models are: the rational model of decision making. rationality is a logical, step-by-step approach to decision making with a thorough analysis of alternatives and their consequences. the rational model of decision making contains 8 steps: recognizing the problem. Identifying the objective: gathering and evaluating data and diagnosis, listing and evaluating alternatives, selecting the alternative that best meets the decision objective. Implementing the decision: gathering feedback, following up, the bounded rationality model of decision making. bounded rationality is a theory that suggests that there are limits to how rational a decision maker can actually be. satisfice means managers select the first alternative that is good enough because the costs in time and effort are too great to optimize.

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