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Author Question: What is the difference between the normative model of decision making and the descriptive model? ... (Read 261 times)

Ebrown

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on: Jul 7, 2018
What is the difference between the normative model of decision making and the descriptive model? Which model is primarily used by managers? Explain.
 
  What will be an ideal response?

Question 2

What does the central bank do in order to accommodate a nation's economic growth?
 
  A) regulate foreign direct investment
  B) increase the nation's money supply
  C) decrease the nation's money supply
  D) establish national currency rates


medine

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

The normative model suggests that managers apply logic and rationality in making the best decisions, while the descriptive model argues that there are limits to a manager's ability to make a logical and rational decision. The normative model is what managers should do while the descriptive model is what managers actually do. The descriptive model recognizes that we suffer from bounded rationality and consequently might satisfice in decision making rather than optimize.

Answer to Question 2

B


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Ebrown

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Reply #2 on: Jul 7, 2018
TY


medine

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Reply #3 on: Jul 7, 2018
Happy to Help


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