Question 1
Based on your understanding of the rational decision-making model, what are the strengths and weaknesses of the decision-making model that emphasizes human rationality? Use an example from your organization/work experience to support your viewpoints. Also, make sure you engage the major assumptions of the rational decision-making model as you make your argument.
Question 2
Focusing on your profession, to what extent can these tools help decision makers to make better decisions? Choose one (1) of the four tools and then briefly describe that tool and explain how it is useful for solving problems in your organization. Do you have any suggestions/warnings for people who plan to use this tool? Make sure you provide examples to support your analysis. (If you don’t have a work-related example to share, use your personal decision as an example)
Here learning materials:
YouTube URL: http://www.youtube.com/watch?v=dJARNLbe9NA
YouTube URL: http://www.youtube.com/watch?v=fnm4QWhAELw
Assumptions of the Rational Decision-Making Model
The rational model of decision-making assumes that people will make choices that maximize benefits and minimize any costs. The idea of rational choice is easy to see in our individual purchasing activities. For example, when we shop for a car, we want to get the most useful car at the lowest price. Therefore, we will judge the benefits of a certain model (for example, the number of seats, how attractive is it, the safety rating, and the engine capacity…etc.) compared to those of similar models. We will then compare prices (or costs). In general, people will choose the product that provides the greatest reward at the lowest cost.
The rational model works with the following assumptions:
An individual has full and perfect information on which to base a choice.
Measurable criteria exist for which data can be collected and analyzed.
An individual has the cognitive ability, time, and resources to evaluate each alternative against the others.
The rational-decision-making model does not consider factors that cannot be quantified, such as ethical concerns or the value of altruism. It leaves out consideration of personal feelings, loyalties, or sense of obligation. Its objectivity creates a bias toward the preference for facts, data, and analysis over intuition or desires.
(Source: https://blog.ucbmsh.org/department/assumptions-of-the-rational-decision-making-model)
What is a Decision Tree?
Decision tree model. (n.d.). In SilverDecisions Wiki. Retrieved August 28, 2018, from https://github.com/SilverDecisions/SilverDecisions/wiki/1.-Decision-tree-model
https://github.com/SilverDecisions/SilverDecisions/wiki/1.-Decision-tree-model
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