Models of Decision Making
The Rational Model
Consists of a structured four-step sequence:
identifying the problem
generating alternative solutions
selecting a solution
implementing and evaluating the solution
Assets of Group Decision
Making
Groups can accumulate more knowledge and facts
Groups have a broader perspective and consider more
alternative solutions
Individuals who participate in decisions are more satisfied
with the decision and are more likely to support it.
Group decision making processes serve an important
communication function as well as a useful political
function.
Liabilities of Group Decision
Making
Groups often work more slowly than individuals.
Groups decisions involve considerable compromise that
may lead to less than optimal decisions.
Groups are often dominated by one individual or a small
clique, thereby negating many of the virtues of group
processes.
Overreliance on group decision making can inhibit
management’s ability to act quickly and decisively when
necessary.
Remember that time is money.

—Benjamin Franklin
When the time is not yet ripe to act, and you are waiting on the fringes of the situation, you will not go wrong if you remain steady and avoid giving in to impulse.

—Lao Tzu, The Book of Changes
While Western decision making emphasizes expedience—based on the belief that “time is money”—Eastern traditions emphasize the principle of patient reflection. The authors explore how these differing perspectives affect decision making and how they can be used to make better decisions. Faster decisions have a higher probability of suboptimality, but patient decision making may be inappropriate in a crisis. The authors explore the differences in these approaches and examine when one works better than the other and how to combine them.
Strengths and Weaknesses of Patient Decision Making
To the ancient Chinese, reflection was closely linked to knowledge. Because the Chinese...