Discuss six steps needed to achieve rational decision-making

Assignment Help Management Theories

Reference no: EM133201700 , Length: Word count: 1 Page

Question 1: Explain rational decision-making, and briefly discuss the six steps needed to achieve rational decision-making. - 200 words or more (references should not count towards word count)

The six steps are: 1) define the problem, 2) identify the criteria, 3) weight the criteria, 4) generate alternatives 5) Rate each alternative on each criterion; 6) compare the optimal decision

Question 2: Describe the three forms of overconfidence, and give examples of how overconfidence has caused some bad historic decisions.

The three forms are: Over precision, overestimation and over placement

Reference no: EM133201700

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