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Decision Making

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1-Identify one other example of a decision (past or present) that was once considered "rational" but that is now reviewed as "irrational". Do not analyze a personal decision but one from a published or academic source.

2-Explain, in detail, why the decision was once considered "rational" but would now be considered "irrational".

3-Identify the decision theory from our learning in Unit 2 you believe was used in the original decision making within your example. You may select from expected utility theory, prospect theory, regret theory, pseudocertainty, satisficing, or noncompensatory strategies (all theories learned in Unit 2). Be sure to fully support "why" the theory you selected was present. Simply naming a theory won't be enough...you need to support your answer.

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The response addresses the queries posted in 546 Words, APA Reference

Decision Making

Introduction

An organization should always focus on effective decision making to run the business efficiently. Decision making is an important aspect for the organization without which there cannot be right progress in the organization. It is required in each and every activity in the organization. Good decision making can often lead to an increase in the efficiency and productivity of the organization. Sometimes the decisions are taken on the basis of rationality but later on, they prove to be irrational. The decisions are taken on the basis of various decision theories and relate to them (Crozier & Svenson, 1997).

Example

A popular example of a decision making which was earlier rational but later on became irrational can be considered of New Coke launched by Coco Cola in the year 1985. ...

Solution Summary

The response addresses the queries posted in 546 Words, APA Reference

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