What Is The Rational Decision-making Model? Under What Conditions Is It Applicable?
Answer:
Rational Decision making model is basically the process which is used for making logically sound decisions. This model is applicable surrounded by a condition where it is important to follow an orderly and systematic path.
It have the following steps:
- Identify and define the problem
- Generate possible solutions
- Generate assessment criteria
- Choose the best solution from the possible solutions.
- Implement the best solution.
- Monitor and evaluate the results.
- Feedback
Rational decision making model is the formal way of solving a problem by following steps by steps. First the problem is realize, then evaluation criteria is established, alternatives are created, feasible alternative is selected and consequently implemented, and finally the pros and cons of the implemented alternative are analyzed. The rational finding making model is used in almost all kind of each day business situations. However, this model is said to be little bookish as in today's world of dynamic environment, problems are unknown and alternatives are very less. This model assumes that information and alternatives are at hand which is not true in the real scenerio.
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