BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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one’s choices be arrived at logically and without error.
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one’s choices be consistent with one’s goals.
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one’s choices never vary.
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one make choices that do not involve trade-offs.
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Detailed explanation-1: -Rationality means making the right choices for the achievement of one’s goals. It requires one’s choices to be consistent with one’s goals so as to attain maximum satisfaction.
Detailed explanation-2: -Rational decision-making is a precise process that many teams use when they have time to research solutions and discuss possible outcomes. Its purpose is to maximize the benefits and minimize the costs of decisions by being objective.
Detailed explanation-3: -In life there are essentially four decision making principles that give us an idea about how much influence we can have in different situations. These four principles are: Given, Input, Negotiate and Self.
Detailed explanation-4: -The Rational Decision-Making Model is a method of taking emotion out of making decisions and applying logical steps to work towards a solution. The model involves comparing multiple options or alternatives by using non-bias research, facts, and other data to help choose.
Detailed explanation-5: -Information about Rational decision making requires that :a)one’s choices be arrived at logically and without error. b)one’s choices be consistent with one’s goals. c)one’s choices never vary. d)one makes choices that do not involve trade-offs.