Attached. Please let me know if you have any questions or need revisions.1Review and Analysis of Current Decision-Making Theory: The Rational Decision-MakingTheory OUTLINEStudent’s NameInstitutionCourse’s NameInstructor’s NameDate2I.AbstractA. Purpose: The purpose of this paper is to review and analyze both psychological andmanagement literature on rational decision-making theory championed by HerbertSimon.B. Approach: A review of psychological and management, with a specific focus on factorsaffecting rational decision making and benefits of rational theory in businessenvironments, is employed.C. Findings: The review depicts that personal beliefs, managerial cognition, and corporatevalues directly or indirectly affect rational decision-making.D. Originality: Rational thinking and rational decision-making have been under-focusedwithin the management and psychological literature for many years.E. Keywords: Rational thinking, rational decision-making, personal beliefs and values, corecompetencies, and organizational culture, and objectivity.3II.IntroductionA. Past studies have also tried to examine factors that dictate rational thinking and persons’rational decisions.B. The current study draws on management and psychological studies to present a reviewand analysis of existing literature on rational thinking theory and rational decisions.C. This research focuses on rational thinkers and rational decision-makers occupying topmost positions in organizational hierarchy and has sole responsibility for making finaldecisions that affect the organizations, either directly or indirectly.III.Rational Thinking and Rational Decision TheoryA. In the ever-changing business environment, leaders and decision-makers are oftenencouraged to think rationally.B. Rational thinking involves the use of logic, rules, and data to make rational decisions.Rational decisions are decisions free from biases, misjudgment, beliefs, or logicalfallacies.C. In the dynamic age, decision-makers in organizations are more concerned about changingbusiness environments and how to identify and act on changes.D. Decision-makers are affected by their internal factors such as personal values, beliefs,and instincts.E. External factors affecting one’s decisions include technology, social, legal, political, andeconomic factors.IV.Literature Review and Analysis4A. The article by Carter & Wu (2019) is a qualitative study that examines the regionalleaders’ application of the concepts of rational decision theory in making decisions gearedtoward improving graduates’ employability potential.B. Carter & Wu (2019) is a well-written article that depicts that rational decision theory andrational actions are very important in the business environment and learning environment.C. Hart (2018) established that superintendents’ decisions are affected by their emotions andbeliefs.D. It is evident from the study by Hart (2018) that decision-makers often blend rationalapproaches with their intuitions when making decisions.E. Julmi (2018), in a review of rationality and intuition decision-making, reveals thatintuition is detrimental in decision-making. Intuition is not effective because it is cloudedby personal emotions, judgments, and skewed experiences.F. Julmi (2018) depicts that rational thinkers should use both intuition and rationality (logicand reason) to make informed decisions. Intuition makes an individual more open to newideas.G. Koechlin (2020) believed that SEU makes decision-makers center only on decisions thatenable them to realize higher utilities (benefits).H. The article by Koechlin (2020) is very interesting and educative as it shows that decisionmakers should utilize both subjective and objective reasoning in decision-making.I. Laing (2013) established that personal perceptions and cognitive limitations influencedecision outcome.5J. Laing (2013) shows that rational decision-making minimizes uncertainty in choosingfrom several alternative courses of action.K. Lumer (2011) argued that decision-makers must ensure that decisions satisfy the tenets ofrationality and morality.L. The article Lumer (2011) portrays that morality and moral values help decision-makers tomake well-thought and rational decisions.M. Ogilvie & Stewart (2010) reveals that individual and situational characteristics play aninstrumental role in influencing students to indulge in deviant behaviors.N. Ogilvie & Stewart (2010) shows that people consider consequences (i.e. consequences ofcheating) before making a decision.O. Uzonwanne (2015) argues that leadership style and decision-making model are used toinfluence the decisions made.P. Uzonwanne (2015) shows that rational decision-makers go for alternatives that enablethem to maximize benefits.Q. Van-Riel et al. (2016) established that rational decision-making is influenced by problemperceptions, limited information, negotiations, and actors’ interests.R. The article by Van-Riel et al. (2016) shows that decision-making processes that aredominated by actors’ interests and political influences are less desirable.S. Zia & Burni (2019) found that the rational decision model enables leaders in highereducation to make wise decisions that support the professional growth and developmentof students.6T. The article by Zia & Burni (2019) depicts that rational decision-makers should utilizelogic, consistency, and discipline in decision-making.ConclusionA. Rational thinking and rational decision theory are based on the present, past, and how anorganization can survive in the ever-changing or dynamic business environment.B. The literature reviewed and analyzed show that personal beliefs, perceptions,experiences, managerial cognition, actors’ interests, political interventions, and corporatevalues can influence rational decision-making choices.C. The review depicts that evaluating and weighing alternatives are important in makingwell-thought, wise, and rational decisions free from personal judgments.7ReferencesCarter, J. L., & Wu, X. (2020)…
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