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Rational decision making is a seven-step process in which managers define problems, evaluate alternatives, and compute optimal solutions.

Imagine that you are deciding whether to open a new branch for Chase Bank in a US town where Chase does not currently have a location. Describe how you would address this decision using the seven-step rational decision-making process. Be SPECIFIC (not generic) to the decision regarding the potential bank location.

seven steps of the process:

define the problem

identify decision criteria

weigh the criteria

generate alternative courses of action

evaluate each alternative

compute the optimal decision

limits to rational decision-making