{"id":191,"date":"2017-07-26T18:53:47","date_gmt":"2017-07-26T18:53:47","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/?post_type=chapter&#038;p=191"},"modified":"2024-05-03T15:53:07","modified_gmt":"2024-05-03T15:53:07","slug":"introduction-to-rational-decision-making-vs-other-types-of-decision-making","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/chapter\/introduction-to-rational-decision-making-vs-other-types-of-decision-making\/","title":{"raw":"Introduction to Rational Decision Making vs. Other Types of Decision Making","rendered":"Introduction to Rational Decision Making vs. Other Types of Decision Making"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain the concept of \u201crational decision making\u201d and contrast it with prospect theory, bounded rationality, heuristics, and robust decisions<\/h2>\r\nThough everyone makes decisions, not everyone goes about the process in the same way. In fact, not everyone even uses a \u201cprocess\u201d to make decisions. There are various decision-making styles, and we will focus on the rational decision-making model. We will also become familiar with a common process that many groups and individuals follow when making decisions. Though almost everyone will agree that decision making should be rational, there are also some important contrasting ideas that often balance out the \u201crational\u201d aspects to the process.","rendered":"<h2>What you\u2019ll learn to do: explain the concept of \u201crational decision making\u201d and contrast it with prospect theory, bounded rationality, heuristics, and robust decisions<\/h2>\n<p>Though everyone makes decisions, not everyone goes about the process in the same way. In fact, not everyone even uses a \u201cprocess\u201d to make decisions. There are various decision-making styles, and we will focus on the rational decision-making model. We will also become familiar with a common process that many groups and individuals follow when making decisions. Though almost everyone will agree that decision making should be rational, there are also some important contrasting ideas that often balance out the \u201crational\u201d aspects to the process.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-191\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Rational Decision Making. <strong>Authored by<\/strong>: David Thompson, PhD and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":21046,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Rational Decision Making\",\"author\":\"David Thompson, PhD and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"33c72bf6-931e-442a-8b8b-cd40df4ee787","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-191","chapter","type-chapter","status-publish","hentry"],"part":47,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/chapters\/191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/wp\/v2\/users\/21046"}],"version-history":[{"count":6,"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/chapters\/191\/revisions"}],"predecessor-version":[{"id":1430,"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/chapters\/191\/revisions\/1430"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/parts\/47"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/chapters\/191\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/wp\/v2\/media?parent=191"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/pressbooks\/v2\/chapter-type?post=191"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/wp\/v2\/contributor?post=191"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/wp-json\/wp\/v2\/license?post=191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}