The Rational Decision Making Model Essay

1828 Words Apr 29th, 2015 null Page
Peters, Finucane, MacGregor, & Slovic, (2000) refer to decision making as choosing between a range of options or alternatives. In saying this, decision making can be undertaken in a variety of ways, the subject this essay will be focusing on, is the rational decision making model (RDM). Meeker (1980) suggests that the rational decision making model analyzes human behavior in terms of rewards and costs. The model compromises of eight sections, each section has an important role in the overall decision process. In identifying and defining these elements of the rational decision making model, assumptions associated with the rational decision making model, and also, the term bounded rationality will be clearly identified and defined. Afterwards, the four main management functions (planning, organizing, leading and controlling) will be identified, and applied to the rational decision making model individually in succeeding order. Subsequently, while achieving this, strengths and weaknesses will be discussed with a variety of examples that display these strengths and/or weaknesses when they are applied to the rational decision.

Before discussing possible strengths and weaknesses when the rational decision making model is applied to the four management functions, we must first identify, and define what exactly the rational decision making model is. Heracleous (1994) identifies rational decision making as being the way decisions should be made by following strict sequential…

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