1. Analyzing problems, studying possible policy alternatives, and evaluating the efficiency or effectiveness of policies are examples of what? a. Incremental decision making b. Policy analysis c. Assessing alternatives d. Rational decision making

B More test answers on https://studyhippo.com/posi-exam-2/

Operational Decision making

employees develop, control, and maintain core business activities required to run the day to day operations More test answers on https://studyhippo.com/chapter-2-continued/

Rational decision making means that…

if the marginal benefit of the last unit of an activity exceeds its marginal cost, then more of that activity should be undertaken. More test answers on https://studyhippo.com/microeconomics-chapters-1-4-2/

_________ economics emphasizes psychological constraints and complexities that potentially interfere with rational decision making. This approach utilizes _____ _______ hypothesis that people are not quite rational, because they cannot study every possible alternative but instead use simple rules of thumb to decide among choices.

behavioral bounded rationality More test answers on https://studyhippo.com/chap-1-macro-2/

Rational Decision Making: Managers Should Make Logical & Optimal Decisions

The rational model of decision making, also called the classical model, explains how managers should make decisions; it assumes managers will make logical decisions that will be the optimum in furthering the organization’s best interests. Typically there are four stages associated with rational decision making. More test answers on https://studyhippo.com/ch-7-individual-decision-group-making/

4 Steps in Rational Decision Making

1. Identify the problem or opportunity 2. Think up alternative solutions 3. Evaluate alternatives & select a solution 4. Implement & evaluate the solution chosen More test answers on https://studyhippo.com/ch-7-individual-decision-group-making/

The stages of Rational Decision Making

Stage 1. identify the problem or opportunity Stage 2. Think up alternative solutions. Stage 3. evaluate alternatives and select a solution. Stage 4. Implement and evaluate the solution chosen. More test answers on https://studyhippo.com/management-chapter-7/

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Rational Decision Making Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Rational Decision Making and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Rational Decision Making and get quick solutions for your test.

What is Rational Decision Making?

Rational decision making is the process of making decisions based on logic, facts and data. It involves analyzing all available options, weighing their pros and cons, and then selecting the best one based on those considerations. Rational decision making has been a cornerstone of modern business since its inception, as it allows businesses to make decisions that are logical and informed by facts rather than emotions or guesswork.The rational decision-making process begins with identifying the problem or opportunity at hand. This requires gathering information about the issue from various sources such as market research, customer feedback and industry trends. Once the issue is identified, the next step is to generate possible solutions or options to address it. This may involve brainstorming different possibilities or consulting experts in the field who can provide insight into potential solutions. Once viable options have been identified, they should be evaluated against one another based on criteria such as cost effectiveness and long-term benefits to determine which option will yield the best results for meeting your goals. The chosen solution should then be implemented with proper monitoring in place so that progress can be tracked over time and adjustments made if necessary to ensure optimal outcomes are achieved. Rational decision making reduces the risk of costly mistakes by ensuring that decisions are made logically instead of emotionally or impulsively. It also increases efficiency by enabling businesses to arrive at better solutions more quickly than would otherwise be possible without careful consideration of available options first.

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