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What is a rational decision in management?Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilising objective knowledge and logic. It involves identifying the problem to solve, gathering facts, identifying options and outcomes, analysing them, considering all the relationships and selecting the decision.
How is the decision maker with limited rationality called?The Administrative Model
The concept of settling for a less than perfect solution is called satisficing. Because of the limited rationality of the decision maker, the model is also known as the bounded rationality model.
What is rational decision making in organizational behavior?The rational decision-making model describes a series of steps that decision makers should consider if their goal is to maximize the quality of their outcomes. In other words, if you want to make sure that you make the best choice, going through the formal steps of the rational decision-making model may make sense.
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When managers make decisions that are rational but limited by their ability to process the information they are following the concept of ________?
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