Classified in Economy

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Chapter 11-Theory

1.List the steps of the rational model.

– Identify decision Situation,-Develop Objectives and criteria,-Generate Alternatives,-Analyse Alternatives,Select Alternative,Implement Decision,Monitor and evaluate results.

2. List the decision-making process according To the bounded rationality model.

1.Set goal – identify problems. / 2. Establish minimum performance. / 3. Employ heuristics. / 4. If no feasible alternative Lower aspirations and repeat 2 and 3. / 5. Evaluate for acceptability. / 6. If Not acceptable search for different solution. / 7. If acceptable implement Solution. / 8. Evaluate each of goal attainment- Adjust level of Performance.

3.What is Perceptual distortion? Explain it with an example.

Is to highlight positive factors of the implicit Favourite. Lora wants to buy a pair of trousers but although there are several Other brands available, Lora insists that Levis´s Jeans are better in quality And design. Previous to this situation, Lora already liked Levis´s jeans.

4. List and Explain strategies to improve problem formulation.

– Devil´s advocate: Group member whose role is to Disagree with the group

-Multiple advocacy: More than one opposing view

-Dialectical Inquiry: A group or individual is assigned the role of questioning the Underlying assumptions of problem formulation.

5.List and explain strategies to improve the Problem-solution process.

– Brainstorming: Generating many creative solutions but not inmediatily Evaluating them

-Nominal Group technique: Members meet as a group and individually generate ideas, then Listen to all ideas and individually they rank all the ideas.

-Delphi Technique: Participants in decision making don’t meet face to face, they Provide solutions through questionaries and then results are circulated. Could Continue for several iterations

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