Management Decision Making Models

The video tutorial covers four primary decision making models: rational, bounded rationality, intuitive, and creative. The rational model involves a linear process of identifying problems, evaluating criteria, and implementing solutions. Bounded rationality acknowledges limitations in information processing, leading to decisions that are 'good enough.' The intuitive model relies on gut feelings rather than conscious reasoning. The creative model challenges norms by developing novel solutions through immersion and incubation. Each model has unique characteristics and applications in management decision making.

What is the first step in the rational decision-making model?

• Implementing the solution

• Identifying the problem

• Allocating weights to criteria

• Evaluating the results

Which decision-making model involves making decisions that are just good enough due to limited information?

• Bounded rationality

• Rational decision-making

• Intuitive decision-making

• Creative decision-making

What is a key characteristic of intuitive decision-making?

• It challenges existing norms

• It requires complete information

• It is based on gut feelings

• It relies on detailed analysis

Which decision-making model seeks to identify new or potential solutions by challenging norms?

• Bounded rationality

• Rational decision-making

• Intuitive decision-making

• Creative decision-making

In the creative decision-making model, what is the process of coming up with novel solutions called?

• Rationalization

• Evaluation

• Incubation

• Implementation