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Essay / Research Paper Abstract
A 3 page paper that explains rational decision making, behavioral theory of decision making including bounded reality and satisficing, and assumptions of decision making. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: ME12_PG699871.doc
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Unformatted sample text from the term paper:
the problem is clearly identified and clarified or an opportunity is recognized. It is the perception that a problem or opportunity exists that leads to decision making (CMAA, 2012a).
When the problem or opportunity is recognized, the goals and objectives need to be specified. A good decision will achieve these goals and objectives. The next step is to
generate all the alternative actions that will achieve the goals and objectives. Generating alternatives requires creativity and imagination. The alternative solutions are not always obvious. Having a group brainstorm
solutions is an excellent step (CMAA, 2012a). A group will generate diverse actions that would not be possible with a single individual because one idea plays off another. The
more alternatives there are, the more likely it is that a good alternative will be found. Each alternative must be carefully evaluated against a set of parameters. This is time-consuming
but it is crucial to do. You must consider the outcomes of each alternative, how feasible it would be to implement, how costly it would be to implement, and
how long it would take for the outcomes to be realized. When this information is collected, the alternatives are assessed and analyzed against each other (CMAA, 2012a). The best
alternative is selected and a plan is written to implement. With the classical model, a good decision would be one that is made following these steps. The process is believed
to lead to the best decision possible. The behavioral model is an alternative to the classical model. It allows for the world not being perfect and for a model that
is more like how people really make decisions. This is based on the theory that people often make decision based on non-rational, political, or social factors (CMAA, 2012b). Decision
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