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Author Question: Briefly, discuss the assumptions of rationality and the validity of those assumptions. What will ... (Read 187 times)

abarnes

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on: Jul 7, 2018
Briefly, discuss the assumptions of rationality and the validity of those assumptions.
 
  What will be an ideal response?

Question 2

One assumption of rational decision making is that the decision maker is not aware of all possible alternatives and consequences.
 
  Indicate whether the statement is true or false.


joshbk44

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Reply #1 on: Jul 7, 2018
Answer to Question 1

Answer: A decision maker who is perfectly rational is fully objective and logical. The problem faced is clear and unambiguous. The decision maker has a clear and specific goal. He is aware of all possible alternatives and consequences. Making decisions consistently leads to selecting the alternative that maximizes the likelihood of achieving that goal.
These assumptions apply to any decision  personal or managerial. For managerial decision making, an additional assumption is that decisions are made in the best interests of the organization. However, most of these assumptions of rationality are not very realistic.

Answer to Question 2

Answer: FALSE


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