Decision making models

There are 3 models:

Rational decision making – preferred way, we should always make decision that are rational. The 7-steps towards rational decision making (Identify problem, Establish decision criteria, relevant information, alternative solution, evaluate solutions, choose best solution then implement and monitor chosen solution).

Bounded rationality – decision with restricted information and therefore the decision tend to be less than ideal. Four primary assumptions (satisfactory, adequate information, comprehensive evaluation, judgments shortcuts).

Garbage can model decision making – problem, solution, participant and choice or opportunities all mixed together in the garbage can make process is rather chaotic because to satisfy temporary. It depends largely on luck.