32- Decision Making - Part 1

In this video, we introduce how decisions are made in organizations and daily life. We discuss the difference between rational decision making and bounded rationality, explore how uncertainty and limited information shape our choices, and examine why decision-making is not always a perfectly logical process. This lesson sets the foundation for understanding the psychology and strategy behind decisions. Key Topics Covered: What is decision making? The Rational Decision-Making Model Assumptions behind rational choice Bounded Rationality (Simon) “Satisficing” vs. “Optimizing” Real-world examples of decision choices