Choose one of the four models discussed in the lesson and explain the benefits and drawbacks of using the model. In your answer consider these points:

Question

What does the model explain?
What criticisms are made of the model?
What is the net utility of the model based on those points?
(2 points)

Answer 1

One of the four models discussed in the lesson is the Rational Decision Making Model.

The Rational Decision Making Model is a systematic step-by-step approach to making decisions based on logical reasoning and evidence. It explains how individuals or organizations should make decisions by identifying the problem, generating alternative solutions, evaluating the alternatives, and selecting the best option.

One criticism of the Rational Decision Making Model is that it assumes people have access to all the relevant information and are capable of making rational choices. However, in reality, individuals often have limited information and cognitive biases that can influence their decision-making. Additionally, the model places a heavy emphasis on rationality and objective analysis, which may not always align with the complexities and subjectivity of real-world decision-making situations.

Despite these criticisms, the Rational Decision Making Model has several benefits. It provides a structured and organized approach to decision-making, helping individuals or organizations systematically consider different options and evaluate their potential consequences. This model also promotes a logical and evidence-based decision-making process, which can help reduce biases and lead to more efficient and effective decision-making outcomes. By encouraging decision-makers to consider different alternatives and objectively evaluate them, the Rational Decision Making Model can lead to better-informed decisions with potentially higher utility.

In summary, the net utility of the Rational Decision Making Model depends on the specific context and the availability of information and resources. While it provides a systematic and organized approach to decision-making, its limitations in assuming perfect rationality and access to all the information may limit its effectiveness in certain situations. Nonetheless, by promoting logical analysis and consideration of multiple alternatives, the model can generally lead to improved decision outcomes.