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Decision Making

Your initial report on bounded rationality and rational decision-making as well as the PowerPoint slide presentation on the United States and China manufacturing facility options were well received by the Polwalski Group's directors and managers.

Axel Polwalski has asked you to discuss with his senior executive team the various applications of the rational choice decision-making model. In particular, Axel wants you to identify common biases and the use of framing techniques utilized in decision making.

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The response addresses the queries posted in 1294 words with references.

//Before writing about the various application of the rational choice decision making model, it is essential to gain knowledge about the decision making model. So, firstly we will talk about decision making under the heading of introduction, for example: //

Introduction:

Most of organizations used the decision-making models in devising the process of policy and strategy making. The various decision making models greatly assist in arriving at the alternative or choice, i.e., most intellectual, reasonable and logical. With this, it is evident that with respective decision making models, decision-makers are enabled to take the best decisions in an efficient way that will results into a most eminent efficiency out of inexhaustible resources, time and knowledge (Luthans, 1998). Thus, it is conceived that decision making models greatly contributes in reaching at logical and the best decisions.

//Above, we have discussed about decision making model that is highly crucial for the survival of the business in the long run as it greatly assists in formulating strategy and policy. Now, as per the direction; explanation about various applications of decision making model is to be discussed.//

Application of Rational choice of Decision making model:

Rational choice decision making model is the commonest decision making model and realistic approach that mainly relies on the cognitive opinion with positive and negative aspects of respective alternatives (Morcol, 2007). In this decision making model, the most reasonable and logical alternative is selected on the basis of the preferred impacts. Besides that, all decisions made through this model not only include the alternatives analysis in detail, but also the relative judgment.

With the application of rational choice decision making model, the organization can easily respond to the international events through applying the relevant available information to pick out the best possible alternative from a large number of available responses to attain the goal of maximization. Likewise, this model is also applied in organizing ...

Solution Summary

The response addresses the queries posted in 1294 words with references.

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