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Rational Decision Making
03/10/2018
Farida Baratova, Ziba Hajiyeva
Content
Intuitive decision making
Rational decision making
6 steps of rational decision making
Decision making
There are 2 ways:
Intuitive
Rational
Intuitive decision making
The ability to have grasp on a situation or information without the need for reasoning.
Intuitive decision making
In business, people use this type of decision making, when facts are unavailable or when decisions are difficult in nature.
Rational decision making
Indviduals use analysis, facts, and a step by step process to come to a decision.
Rational decision making
Rational decision making is a precise, analytical process that companies use to come up with a fact based decision.
Objectives
How rational decision making process can work in an organizational environment?
6 steps of Rational decision making
Define the probem
Identify the decision criteria
Allocate weights to the criteria
Develop the alternatives
Evaluate the alternatives
Select the best alternatives
Define the problem
Keep in mind during identifying the problem to identify the cause of the problem, not the symptoms.
Define the gap between the current state and the desired state. And the gap must be enough to motivate the involved people to implement the decision.
Define all available options and don’t think about quick solutions.
Identify the decision criteria
Outlining all the criteria ahead of time because those criteria will be a good guide to make a decision.
Allocate weights to the criteria
We need to weigh those criteria because each criterion is unlikely to have the same level of importance.
Next Steps
Develop the alternatives
Our goal is generating many alternatives as possible. The more alternatives that we generate, the greater the likelihood is that we’ll come up with an effective solution to our problem.
Evaluate the alternatives
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This step may be lengthy depending on the number of criteria and the number of alternatives.
Select the best alternatives
Since each criteria has a different level of importance, we use these levels to assign more influence to the results in categories that have more importance.
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