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Rationality In Decision Making
It is fairly common to hear senior managers make statements about their ability to identify a competent person with just one look. ... Any decision-making situation requires a definition of the problem, identification of criteria, assignment of accurate weight age to criteria according to preferences, knowledge of the alternatives, assessment of each alternative based on the criteria, and finally, choosing of the alternative with the highest value.
This process of decision-making is called rational and is expected to lead to optimal results. ... The practice of management seems to present a seemingly non-rational process of decision-making. By studying such real life practices of decision-makers, researchers identified the real world phenomena of bounded rationality of managers in making decisions.
Bounded rationality is using limited information and limited analyses so as to obtain the first acceptable decision rather than the best possible solution.
Approximate Word count = 672
Approximate Pages = 2.7
(250 words per page double spaced)
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