Question: Explain the steps and limits to rational decision making.

Explain the steps and limits to rational decision making.

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Rational decision making is a sixstep process in which managers define problems evaluate alternatives and compute optimal solutions The first step is identifying and defining the problem Problems exist where there is a gap between desired and existing states Managers wont begin the decisionmaking process unless they are aware of the gap motivated to reduce it and possess the necessary resources to fix it The second step is defining the decision criteria that are used to judge alternatives In Step 3 an absolute or relative comparison process is used to rate the importance of the decision criteria Step 4 involves generating as many alternative ... View full answer

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