rational decision making is to produce the most favorable outcome for oneself

Rational decision making is to produce the most

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rational decision-making is to produce the most favorable outcome for oneself by logically considering all the possible solutions to a problem and choosing the one that best suits one's needs (Ruth, 2018). Making decisions is an ordered process which involves measuring every angle of an issue to determine the appropriate solution. There are generally three conditions one must consider when establishing a solution to an issue. One must be aware of the problem and all possible solutions, the solution must be consistent with the preferences of the organization in
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Decision Making Paper question, and the problem must be defined and solved with the most rational decision. The following steps assist in decision making: identifying and defining the problem, identifying the decision criteria, comparing the criteria against all odds, composing a list of different alternatives, evaluating those alternatives, and determining the concise decision. Biases and Errors in Decision-Making Biased decisions are unfair and imbalanced decisions that originate from forming opinions without the necessary facts needed. Once an opinion is formed, it can become difficult to consider other options. Biased decisions are common when individuals are forced to make swift decisions with a minimal amount of time for brainstorming. Availability bias is a form of bias that involves an individual basing their decision on information already available. This is another method of jumping to conclusions without knowing the facts and identifying the actual problem first. Overconfidence bias frequently makes executives misjudge their own abilities, as well as the competencies of the business. It leads them to take risks they should not take, in the
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