MGT501 Management Theory: Rational Decision Making Analysis Essay

This essay, prepared for the MGT501 Management Theory and Practice course at Charles Sturt University, analyzes the statement that rational decision-making is objective and technical. The essay defines rational decision-making, outlining its step-by-step process, assumptions, and the importance of identifying problems, establishing decision criteria, and evaluating alternatives. It explores the objectivity of rational decision-making, arguing that the structured approach reduces bias and promotes thoughtful decision-making. The analysis includes a case study of Tesco, demonstrating how the company applies rational decision-making in its global expansion strategies. The essay concludes that while rational decision-making provides a valuable framework, it is not a guarantee of perfect outcomes, but it significantly improves the ability to make effective decisions by fostering thoughtfulness and a structured mindset. The essay uses examples to support the conclusion that the process is beneficial for effective decision-making, as it is followed in the company Tesco. References from academic journals and books are included to support the arguments and findings presented in the essay.