Foundations of decision making

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Reference no: EM132090997

TOPIC:  Foundations of Decision Making

What are the steps? Why are they needed?

Imagine you have identified high absenteeism in your organisation, how would you use the steps in the decision-making process to decide how to deal with this?

Rational decision-making: making logical and consistent decisions using decision-making process. What assumptions does this approach make?  

Bounded rationality: decisions are rational within limits of manager’s ability to store and process large amounts of data. Is this a realistic approach?  

Intuitive decision-making: decisions made on basis of experience, judgement, feelings. Can this approach complement both rational and bounded rational decision-making?  

Are all three approaches relevant to managers today? What do you think?

Reference no: EM132090997

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