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Approaches to Decision Making

Home Free essays Management Approaches to Decision Making

Running head: DECISION MAKING 1


Approaches to Decision Making

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This paper focuses on three main approaches to decision making in management. The issue is that in management study, such issue as decision making is crucial as it influences the final result. Managers distinguish many approaches of decision making in management strudy. However, there are three main approaches, namely rational, bounded rationality, and intuitive. These approaches are the basis of decision making in management that combines all necessary aspects for the successful implementation of managerial projects. The first is rational, where the main point is to make a decision based on logic. Then, there is a bounded rationality, or limited rationality, where the main point is that individuals make decisions rationally limited as these decision are usually limited by not perfect information and conditions. The last approach is intuitive, where the main point is that managers rely on their intuition in order to make the right decision.

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