Q2. Explain the rational decision making model is there any other alternative to rational decision model if so explain them.
Ans: The ability to make good decisions is the key to successful managerial performance. Managers of profit-seeking firms are faced with a vide range of important decision is the areas of pricing, product choice, cost control, advertising, capital investments, and dividend policy, to name but few. Managers in the not-for-profit and the public sectors are faced with a similarly wide range of decision.
Decision making in each of these areas shares several common elements.
1. Establishing or Identifying the Objectives: First, the decision maker must establish or identify the objectives of the organization. The failure to identify organizational objectives correctly can result in the complete rejection of an otherwise well-conceived and well-implemental plan.
2. Defining the Problem: The second step in the decision making process is defining the problem......
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