manegment

Running head : MANAGEMENT

Management

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Management

Rational Choice Decision Making Process

To begin with , decision making is a critical element of management , and managers are expected to make decisions that would set the most favorable conditions for business , and would provide rationale and grounds for expanding the range of business performance . The term `rational ' is often used interchangeably with `public choice neoclassicism and expected utility theory in managerial decision-making (Hoque , 2006 , and the Rational Choice Decision Making Model is one

of the best decision-making systems managers can use to optimize their professional and business efforts . The six stages of the Rational Choice model include (1 ) identifying the problem (2 ) choosing the best decision process (3 ) developing alternative solutions (4 choosing the best alternative (5 ) implementing the selected alternative and (6 ) evaluating decision outcomes

The Rational Choice Model is actively used in various fields of management and is rooted in the set of simple ideas that may increase the power of decisions taken in conditions of managerial uncertainty From the viewpoint of the current rational model , decision-making in management looks like a conscious mental effort and implies that managers either possess full information required to take decisions , or are able to identify and use the most relevant information sources . The model provides managers with a unique opportunity to tale critical decisions without being influenced by other organizational actors and to guarantee that the decisions taken in the process of rational evaluation are not mutually exclusive...