Decision Making Models

Dell Inc. Mergers and Acquisition

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Decision Making Models

All people need to make decisions from time to time. Given the limited time in formulating policies and addressing problems, people have to enjoy a particular degree of discretion and good judgment in planning, revising and implementing their own course of action. That is, they must engage in decision-making (Giannakos, 2004; Verma, 2009). Over the years, scholars have come up with different decision-making models to account for the course of action taken.

The various decision making models which have been put forwards include, the rational models, the intuitive models, the rational-iterative models and the 5, 6, 7 as well as the 9 step decision models among others.

Rational decision-making model

This model allows decision-makers to make the best decisions and judgments and subsequently realize maximum efficiency and competency out of inadequate time and resources as well as knowledge in generating decisions. This model presumes that there exists only one most ideal and best outcome, thus at times it is referred to as the optimizing decision-making model. The model presumes that it is practicable to take into account every option available to a problem and also be knowledgeable of the future consequences of each.

Presented with the critical need to select the best alternative solution to a significant challenge, decision makers are confronted with the need to make the best possible decision. If that decision can maximize an individual’s rewards and meet his goals and objectives, there is an incentive to seek out information that will enlighten the decision and thereafter execute it. (Swoboda & Georgalu, 2008, p. 77)

It comprises of a structured four step sequence, these steps being; the identification of the problem, the generation of alternative solutions, the selection of a solution and finally the implementation and evaluation of the solution

One of the...