7.2 Decision making models/approaches

There are several models and approaches used in decision making, including:

1. Rational decision making: This approach involves using a systematic, step-by-step process to evaluate alternatives and choose the best option.
2. Intuitive decision making: This approach relies on instinct, past experiences, and gut feelings to make quick decisions.
3. Bounded rationality: This model acknowledges that real-world decision making is limited by an individual’s cognitive abilities and available information.
4. Satisficing: This approach involves choosing the first acceptable alternative, rather than searching for the optimal solution.
5. Group decision making: This approach involves multiple individuals working together to make a decision, often used in organizational settings.