Decision Making - Identification and Counterbalancing of Bounds (Rationale to Wisdom)
It is very important for the project managers to make an optimal decision rather than a satisfying decision. If project managers consider the bounds highlighted and make proper adjustments to the current decision-making process, it would help them in striving towards making the optimal decision for the project. Project managers across different disciplines and industries can make use of the proposed decision making model for effective decision making and counterbalancing bounded rationality.
This decision-making model, which is based on Rational Thought Process, Analytical & Intuitive Approach, Project Management Triple Constraints, Metacognition, has been proposed. If adopted, it reduces the bound quotient to a great extent. If organizations succeed in implementing this model their executives will able to make optimal decisions rather than just satisfying decisions.
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