What is the rational decision-making model?

Can you explain what the rational decision-making model is?

The rational decision-making model is a structured approach to decision-making that involves identifying a problem, gathering information, evaluating alternatives, and choosing the best option based on logical reasoning.

What are the steps involved in this model?

The steps typically include: 1) Define the problem, 2) Identify the criteria, 3) Weigh the criteria, 4) Generate alternatives, 5) Rate the alternatives, and 6) Make a decision.

Can you give me an example of how this model is used?

Sure! For instance, a company deciding whether to launch a new product would define the market need, gather data on potential sales, evaluate costs, and compare it with existing products before making a decision.

What are the advantages and disadvantages of this model?

Advantages include clarity and thoroughness, while disadvantages can be time-consuming and may not account for emotional factors.