$1.$ Rational Perspectives on Decision Making

Read the Management at Work scenario below. Then use your understanding of rational decision$-$making process to answer the questions about it$.$

$$ Shutterstock Images

Management at Work

Gingerforge is a local company that manufactures wrought$-$iron garden gates. You recently ran into Matt, the CEO of Gingerforge, at a Chamber of Commerce event. Matt asked for your advice on an important decision: Should Gingerforge expand its product line to include patio furniture, such as benches and tables? The CEO explained that Gingerforge just learned that its main competitor plans to start selling patio furniture next spring. Matt knows you have experience with different decision$-$making perspectives. Can you help him make the best decision possible?

First, you explain the rational decision$-$making process to Matt by outlining the steps typically followed by effective decision makers.

In the following table, identify the order in which these steps are usually taken.

Decision$-$Making Steps

Order

Identify the alternatives.

Evaluate the results.

Select the best alternative.

Evaluate the alternatives.

Define the decision. $1$

Implement the chosen alternative.