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This 3 page paper describes four decision making models: Rational-Economic/Classical; Administrative/Behavioral; Implicit Favorite and the Political Model. Bibliography lists 3 sources.
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3 pages (~225 words per page)
File: MM12_PGdcmk07.RTF
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situation. Also, by understanding different models, a person gains insight into how emotional and cognitive biases can impact the decision we make (Foundation Coalition, 2007). The most common decision making
model used is the Rational-Economic Model, also referred to as the Classical Model (Lahti, 2003). The model is said to be prescriptive because the focus is "on how decisions ought
to be made" (Lahti, 2003). There are a number of assumptions underlying this model: the decision maker is a rational person whose goal is to maximize the outcome; that the
decision maker has all the information needed; that all possible alternative solutions have been explored; and that the decision maker selects the best alternative (Lahti, 2003). There are four steps
in the Rational-Economic Model (Baker, 2007; Lahti, 2003). First, the problem is identified, criteria for the solution are determined against which each possible solution are measured; the best alternative is
selected; that alternative is implemented (Baker, 2007; Lahti, 2003). The Administrative Model is also called the Behavioral Model (Lahti, 2003). Some authors refer to this model as Simons Normative
Model (Baker, 2007). This model is descriptive because "it describes how decisions are actually made" (Lahti, 2003). The assumptions underlying this model are: decision makers want to simplify problems because
of their own limited abilities or because of the conditions that exist in the organization (Lahti, 2003). Other assumptions include: administrators operate with a limited amount of rationality and need
fewer elements to make good decisions; administrators identify and explore a limited number of potential solutions and "the decision maker selects a satisficing alternative" (Lahti, 2003; also see Baker, 2007).
In other words, the solution selected is good enough, it meets the minimum criteria for solving the problem (Lahti, 2003). The steps in this model include looking at alternative solutions
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