Discuss step of the rational decision making process


Assignment task:

Different criteria will vary in importance to a decision-maker. Rational decision-makers will know the relative value they place on each of the criteria identified (for example, the relative importance of fuel economy versus cost versus comfort). The value may be specified in dollars, points, or whatever scoring system makes sense.

Weigh the relevant criteria you identified previously. Remember all steps in the rational decision-making process will be completed through the remainder of the course as they related to the problem you define, the relevant criteria you identify, and the weight you assign to each criterion. You may end up adjusting the weighting as you progress through the remaining steps of the process.

Each step of the rational decision making process can and should be connected to research. Examples include, but are not limited to System 1 and System 2 thinking, overconfidence, common biases, bounded awareness, framing, self-serving reasoning, perceptions of fairness, etc. The connection you make should always be related to the current step in the rational decision making process, but may not align with the reading for the week.

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