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Approaches in Decision Making

Decision Making Approaches

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Decision Making Approaches
 
1. Rational Economic Model
    The model of decision making according to which decision makers consider all possible alternatives to problems before selecting the optimal solution.
2. Administrative Model
 
    A model on decision making that organizes the bounded rationality that limits the making of optionally rational economic decisions.
  • Satisficing Decisions- decisions made by selecting the first minimally acceptable alternative as it becomes available.
  • Bounded Rationality- the major assumption of the administrative model that the organizational, social and human limitations lead to making satisficing rather than optimal decisions.
  • Bounded Discreation- the tendency of restict decision alternatives to those that fall within the prevailing ethical standards.

3. Image Theory

      A theory on decision making that states that decisions are made in an automatic , intuitive fashion based on actions that best fit their individual principles, current goals and plans for the future.

 
 
 

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Rational Decisions- decisions that maximize the chance of attaining an individual s, groups or organizations goals.

 
Rational Economic model is a perspective framework of how decision should be make that assumes managers have completely accurate information. There is an assumption that in each and every decision you make the result must be correct. Ethical Dilemma may arise like in a situation that when a person must  decides whether or not to dp something that although benefeting to oneself,maybe considered unethical and perhaps
illegal.
 
Behavioral decision model is a descriptive framework for understanding that a persons intellectual ability to process informnation is limited. We believe in intuition which is a unconscious analysis base on past experience and satisficing whichis the search os something that is satisfactory rather than perfect or optimal.
 
Escalation of commitment is the tendency to increasec ommitment to a previously selected course of action than would be expected.
 

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The website is done by Carmela Dalisay and Carolyn  Nazareno and Argie Lyne Molina as a project in Decision Making subject. We hope to help other students and researchers. Thank you for visiting our sites, hope it will help you a lot in your research.