Discussion Overview Decision-making can be regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice that may or may not prompt action (deciding not to decide is still a decision). Decision-making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Decision-making is one of the central activities of management and is a huge part of any process of implementation. Here is something I tell all of my undergraduate students: After making a decision, if you can say you did the best you could bearing in mind the time you had, then you should be able to live with your choice. One reason I believe the aforementioned saying to be true is the difference between the rational decision- making model and the bounded decision-making model. How does my assertion (do the best one can with the time one has) relate to the difference between the rational decision model and the bounded decision-making model? How can one apply this idea to one's environment? Your post should answer the following questions: t What is the difference between the rational and bounded models? I What are the steps one should take (according to the rational model} before making a decision? a How might heuristics and biases affect the decision-making model? t How do the aforementioned models relate to the Case discussed this week? 0 Herman, BE. (2013). Name Your Poisson: A Case of Fishy Decision-Making. UCB Haas School of Business) httpszhbsp.harvard.edultuad805389