Strengths and weaknesses of rational and irrational decision making

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In this way the economic model is not a good model for making predictions concerning overall religious behaviour but it still provides a good explanation of religious behaviour. Every stakeholders should be informed, sometimes they are also involved in the decision making process.

Finke argues that in a free market start up costs are low and this leads to new ideas and more diversity and therefore more chance of everyone finding a religion they like. Also Iannaccone shows a correlation between couples sharing the same faith and being more than averagelt involved in their religion but his data does not show which causes which.

Very often the quantity, quality, accuracy, and integrity of information may be found wanting. P,Organizational Behaviour: Moreover, delay in making and implementing a decision may result in dilution of the perceived benefit of such an alternative, for the benefits may accrue only when taken at that time.

When we make a decision we weigh up the costs and benefits and choose the option which offers the most benefit. The information can be the knowledge we already know or some data which can be analyzed to derive some helpful and useful facts. What is Decision Making As stated above, decision making is one of the important functions of a manager.

Then one of the decision making models will be discussed: When talking about incorrect data interpretation, decision makers are also a key factor in making decisions.

Therefore a husband and wife reinforce each others beliefs and encourage church attendance. Demand can have an effect on supply such that popularity can influence the recruitment of candidates for the ministry.

Many a time, the company makes it big when managers or leaders follow their gut instincts to take a gamble and seize an opportunity. People tailor their religions to meet the demands of their unique lifestyles. This is a neautral way of comparing costs, this is absent from the application of the economic approach to religious behaviour.

Many a time, the company makes it big when managers or leaders follow their gut instincts to take a gamble and seize an opportunity. Rationality is an act of reasoning and this is a very personal thing. It also seems likely that people who are highly committed to their religion will want to marry someone of the same faith.

There are cultural constraints on supply ie norms. Bruce suggests that socialisation with like-minded believers and how much of a satisfactory explanation of the world and our place in it is given is likey to increase plausibility over time and that there is no need for reference to economics.

As such, this model finds use mostly in making long-term and policy decisions rather than short-term or floor level operational decisions. The real world always remains in a constant state of flux and, very often, the information needed to make a decision either remains incomplete or keeps constantly changing, forcing the decision makers to improvise.

Bruce argues that there is a degree of indeterminacy in the economc approach and gives the example of the low start-up costs controversy explained above. Also, Roman Catholic success is not a result of a free market as it has done well in Poland and the Republic of Ireland where there is almost no competition.

He argues that religions cannot be alternatives to each other in the sense that material goods are as religions demand and mostly achieve the complete faith of their followers. He believes rational choice theory depends on us knowing what the rational choice is.

He states this is why tend to marry within the same denomination. One of the pioneers of the rational choice theory has been Gary Becker. There are UK writers just like me on hand, waiting to help you. The pros and cons of the rational decision-making approach suggests that it finds use as a facilitating tool to aid decision-making and supplement the existing system in certain situations.

Finke argues that in a free market start up costs are low and this leads to new ideas and more diversity and therefore more chance of everyone finding a religion they like. Sometimes the information is insufficient.

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I believe the word in itself tells us what rationality requires.sharing, cooperation, or norms emerge, and the role they play in the decision making process. Another major differential aspect of the rational choice theory is the fact that it is sociologically minimalist.

CENT Paper No Reviewing some strengths and weaknesses of Rational Emotive Behaviour Therapy (REBT) – and outlining some innovations By Dr Jim. Id always go for rational decision making, as its more likely to be the correct choice most of the time.

An irrational decision while it may succeed on occasion, could cause major issues that take twice as long to fix or prove costly.

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Iannaccone believes that economics can explain known facts about individual decision making with regards to religious behaviour. He believes economics can explain facts.

Strengths And Weaknesses Of Rational And Irrational Decision Making. A Case Study of “Rational Decision Making” Ali Rashid Cheema ECON Engineering Economics Decision Making •Decision – Making a choice from two or more alternatives. •The Decision-Making Process – Identifying a problem and decision criteria and allocating weights to the criteria.

Advantages The rational approach to decisions is based on scientifically obtained data that allow informed decision-making, reducing the chances of errors, distortions, assumptions, guesswork, subjectivity, and all major causes for poor or inequitable judgments.

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Strengths and weaknesses of rational and irrational decision making
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