Group name:

Global Banking Incorporated

Members that participated in the activity:

Initial & Surname

Student number

Contribution

K Senoelo

32589042

Learning outcome 1

M Mashinini

32365357

Learning outcome 5

X. M Sibandze

33036012

Learning outcome 4

N.P Chapatso

33148120

Learning outcome 3

P Chiminya

32740247

Learning outcome 2

Define and explain the role of decision-making for managers and employees: Definition: Decision-making is the process of determining something that is important. It includes choosing an action plan from possible solutions. Role of decision-making for managers and employees: Managers and employees base the decisions they make on the nature of the problem at hand. A good and reliable manager will make decisions based on the six managerial competencies. The decisions a manager makes can either solve or create a problem. When employees are involved in the decision making process, they are given an opportunity to give out their opinions. Explain the conditions of certainty, risk and uncertainty under which decisions are made Certainty It occurs when individuals are fully aware of what the outcome will be, as they have enough information about the problem, possible time available for decision making, alternative solutions are clear, and the likely results (possibly already available from past experiences or incidents are appropriate for the problem at hand) of each solutions are clear. It allows anticipation of events and their outcomes that an organization is likely to face in near future. The decision to restock food supply, for example, when the goods in stock fall below a determined level is a decision making under circumstances of certainty. Certainty simply means that both the problem and alternative solutions are known and well defined. Risk Is the condition under which individuals can define problems. Specify the probability of certain events, identify alternative solutions leading to desired results. Probability is the percentage of firms that a specific outcome would or the likelihood of something happen or being the care if an individual were to make a particular decision a large number of times. For example if the two probability of possible States of Nature are Rain and No rain, then the farmer can determine that there is a 30% chance of rain, the farmer would have added some important information that aids in decision-making. Objective probability is the likelihood that a specific outcome would occur, based on hard facts and numbers. For example, the probability that a coin will land ’’heads’’ up by flipping it 100 times, this would yield an observation that the coin landed on ‘’heads’’ approximately 50% of the time. Subjective probability is the likelihood that a specific outcome will occur, based on personal judgements and beliefs (no calculations involved). For example, you can’t think there is a 80% chance of rain today and also think there is 80% chance of no rain; probabilities must add up to 100% Uncertainty Is the condition under which an individual does not have the necessary information to assign probabilities to the outcome of alternative solutions. The decision maker is not aware of all available alternative s, the risks associated with each, and the consequences of each alternative or their probabilities. Flood, for example, may cause panic and environmental of uncertainty among the victims, those who live at higher ground, may wait and observe if the flood worsen then decide the next approach. Characteristics of routine and innovative decisions: Routine: These are standard choices made in response to relating well-defined and common problems with alternative solutions. The way in which various routine decisions is given. Covered by established rules a standard operating procedure. The routine decision making is characterized by the following: Also known as operative decisions Related to day to day operations They follow a standard procedure Adaptive: These are choices made in response to a combination of moderately unusual and fairly uncommon problems with alternative solutions. Adaptive decision making is characterized by the following: Development Organizational justice Character Innovative: Innovative decisions are based on discovering, identification and diagnosis of unusual and ambiguous problems/ development of unique and creative alternative solutions. Innovation theory identifies the following characteristics: Relative advantages- potential audience needs to see how your innovation improves from previous situations to current situations. Trialability- The easier it gets to approve your innovative ideas, the more users will want to use it. Explain how goals affect decision-making: Theoretical approaches on goal setting imply that explicit goals may improve decision making performance by giving development and application of goal oriented decision-making strategies and increasing cognitive and behavioral effort. In contrast, relatively high goals may increase risk taking by inducing risky decision making strategies. Two theories about goals can explain these effects of goals on decision making. The first theory is the action identification theory (Vallacher &Wegner, 1987). It suggests that control of action is guided by a goal hierarchy. The highest level of the hierarchy is reserved for the general purposes of action, such as acting in line with one’s values or ones’ own personality concept. With decreasing levels in the hierarchy, the goals allow more concrete identification of actions required to reach goals. For example, the goal of being a finance manager would require actions as making good investments, which implies subgoals9e.g., comparing and monitoring the outcomes and risks of investments). This in turn requires even lower-level sub-goals. The second theory about goals is the theory of goal setting by Locke and Latham (2002). It describes and explains how goals can improve performance. Following this theory, the core attributes of goals are their specificity (that the goal is explicitly known to the person and clearly measurable) and their difficulty (how challenging it is to reach the goal). Goals should have stronger positive effects, the specific and the more difficulty they are. A specific and difficult goal is suggested to improve performance because it can trigger four so-called goal mechanisms. These realize that the goal-idea guides action towards external object or condition. The first goal mechanism is “choice and direction,” which causes attention to be directed towards the goal-relevant information within the task. Furthermore, this mechanism causes the choice of subtasks and action that are Important to reach the goal. The second mechanism is ‘’effort’’. i.e, increased cognitive and/or bodily effoer. The third mechanism is ‘’persistence’’ denoting maintenance of behavioral strategies or exhausting and/ or unpleasant actions, which lead to the goal. Finally the fourth goal mechanism is named ‘’strategies’’ which means that in the presence of goals, goal-oriented strategies instead of unclear arbitrary cognitive and behavioral strategies are developed. Additionally to the goal mechanisms, the theory suggests that moderators can affect the goal performance relationship. Among these moderators, feedback about success or progress, commitment to the goal and knowledge but the tasks are considered relevant. 

Learning outcome 5.

17. Differentiate between the rational, bounded rationality, and political models of decision-making.

1. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
2.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
3. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

   Learning outcome 5.

4. Differentiate between the rational, bounded rationality, and political models of decision-making.
5. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
6.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
7. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

   Learning outcome 5.

8. Differentiate between the rational, bounded rationality, and political models of decision-making.
9. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
10.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
11. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

12. Differentiate between the rational, bounded rationality, and political models of decision-making.
13. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
14.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
15. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

16. Differentiate between the rational, bounded rationality, and political models of decision-making.
17. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
18.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
19. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

20. Differentiate between the rational, bounded rationality, and political models of decision-making.
21. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
22.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
23. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

24. Differentiate between the rational, bounded rationality, and political models of decision-making.
25. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
26.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
27. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

28. Differentiate between the rational, bounded rationality, and political models of decision-making.
29. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
30.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
31. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

32. Differentiate between the rational, bounded rationality, and political models of decision-making.
33. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
34.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
35. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

36. Differentiate between the rational, bounded rationality, and political models of decision-making.
37. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
38.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
39. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

40. Differentiate between the rational, bounded rationality, and political models of decision-making.
41. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
42.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
43. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

44. Differentiate between the rational, bounded rationality, and political models of decision-making.
45. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
46.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
47. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

48. Differentiate between the rational, bounded rationality, and political models of decision-making.
49. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
50.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
51. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

52. Differentiate between the rational, bounded rationality, and political models of decision-making.
53. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
54.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
55. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

56. Differentiate between the rational, bounded rationality, and political models of decision-making.
57. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
58.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
59. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

60. Differentiate between the rational, bounded rationality, and political models of decision-making.
61. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
62.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
63. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

64. Differentiate between the rational, bounded rationality, and political models of decision-making.
65. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
66.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
67. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

68. Differentiate between the rational, bounded rationality, and political models of decision-making.
69. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
70.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
71. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

72. Differentiate between the rational, bounded rationality, and political models of decision-making.
73. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
74.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
75. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

76. Differentiate between the rational, bounded rationality, and political models of decision-making.
77. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
78.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
79. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

80. Differentiate between the rational, bounded rationality, and political models of decision-making.
81. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
82.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
83. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

84. Differentiate between the rational, bounded rationality, and political models of decision-making.
85. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
86.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
87. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

88. Differentiate between the rational, bounded rationality, and political models of decision-making.
89. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
90.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
91. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

92. Differentiate between the rational, bounded rationality, and political models of decision-making.
93. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
94.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
95. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

96. Differentiate between the rational, bounded rationality, and political models of decision-making.
97. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
98.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
99. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

    Learning outcome 5.

100. Differentiate between the rational, bounded rationality, and political models of decision-making.
101. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
102.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
103. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

104. Differentiate between the rational, bounded rationality, and political models of decision-making.
105. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
106.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
107. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

108. Differentiate between the rational, bounded rationality, and political models of decision-making.
109. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
110.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
111. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

112. Differentiate between the rational, bounded rationality, and political models of decision-making.
113. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
114.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
115. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

116. Differentiate between the rational, bounded rationality, and political models of decision-making.
117. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
118.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
119. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

120. Differentiate between the rational, bounded rationality, and political models of decision-making.
121. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
122.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
123. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

124. Differentiate between the rational, bounded rationality, and political models of decision-making.
125. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
126.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
127. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

128. Differentiate between the rational, bounded rationality, and political models of decision-making.
129. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
130.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
131. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

132. Differentiate between the rational, bounded rationality, and political models of decision-making.
133. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
134.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
135. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

136. Differentiate between the rational, bounded rationality, and political models of decision-making.
137. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
138.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
139. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.   

     Learning outcome 5.

140. Differentiate between the rational, bounded rationality, and political models of decision-making.
141. Rational decision - making involves a new creative way to find a solution for a problem, an example can be, developing a sequence of steps to develop a feasibility study that will determine the success of the method chosen to be applied.
142.  Bounded rationality model -decision making involves many people, bounded rational model seeks to select the best goal or alternative solution. The closest and safe accurate solution, acceptable much easier.
143. Political model - Decision making that is based on incentivising interest goals of both internal and external parties related to the organisation. Its mainly influenced by three factors. Stakeholders, choice of goals and alternative solutions.