Week 1 Discussion 2: Decision Theories

This is the book: https://login.vitalsource.com/?redirect_uri=https%…– It’s the Evidence-Based Research book.

• Respond to two peers later.   Week 1 Readings
  Week 1 ReadingsThe Four Categories of Decision Making (.pdf)Decisions can by classified by their purpose.  And the purpose often determines the type of information available and considered when the solution is selected.
  Evidence-Based Management – Chapter 1: The Basic PrinciplesDecisions are made on the basis of evidence.  The quality of the evidence used by management decision-makers has recently come under scrutiny; it does not appear that they are doing as good a job of it as they might.  This week’s reading from the text, Evidence-Based Management, presents the rationale for a more concerted approach.
  Rational and Nonrational Decision MakingThere are four models/theories of decision-making that we’ll look at in this course.  The first is the ‘rational model,’ that presumes that we, as decision-makers, behave in a logical manner.
  Why We Satisfice and When and How to Improve ItThe Second model is called ‘Bounded Rationality.  It was named by Herbert Simon (who earned a Nobel Prize in Economics for the theory).  In it, he uses 2 terms that have become important in all conversations about decision-making: satisficing & heuristics.
  Of 2 Minds: How Fast and Slow Thinking Shape Perception and Choice [Excerpt]The third model was developed by Daniel Kahneman.  It suggests that we use two different mental processes depending on the type (and urgency) of the decision to be made.  (His book on the subject, Thinking Fast and Slow, is a New York Times bestseller.)
  What is the Garbage Can Model Approach?The final theory is called the Garbage Can Model.  It suggests that decision-makers use some randomness and crude heuristics to try to arrive at a solution.  
• Please answer the following below;
• The Discussion Board for this week asks you to compare and contrast the four decision models/theories presented: The Rational Model, Bounded Rationality, The Garbage Can Model, and Slow/Fast Thinking. Each of these models is descriptive (describing how we make decisions) rather than prescriptive (telling us what how we should make decisions). Yet, are there any take-aways from these models as a whole? Initial comments should be from 200-300 words in length. Specifically address these questions: 
• Fundamentally, how are these theories similar? How are they different?

Which do you think would be a good model to use for a decision to change a company’s PTO (Paid Time Off) policies? Why? 

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