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In: Finance

explain the decision making models

Expert Solution

Decision making models:

1.Rational Decision making :

-Involves a formal steps to reach the best decisions

-Goal is to reach the best available quality solution

-Its involves;

>Identifying the problem

>Setting standards for Decisions

>Assessing the standards set

>Finding more than one alternative

>Evaluating all available alternatives

>Selecting the best alternative

>implementing decision

>evaluating the decision

2.Bounded Rational decison making

- First limitations are identified in decision making process

-Does not involves consideration of all aspects while choosing alternatives for decision making

-Involves selection of the first alternatives that meets minimum criteria required for decision

-tends to save time and efforts

3.Intuitive Decision making

-This model of decision making does not involve concious reasoning for taking decisions

-Decisons are taken based on past experience and knowledge

-Does not invloves list of alternatives

-Only one best possible option is considered at a time

-If chosen decison does not works it get altered and then implemented again

4.Creative decision making model

-Involves some new,creative and innovative ideas for solutions

- Needs an expertise of subject matter

-Though idea is new or never tested but requires a blueprints of plans and follow through

-Feasibility must be verified before implementation

-

jeff jeffy answered 2 years ago

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explain the decision making models

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