The 5 Steps
What is step 1 of the rational decision-making model?
Define the situation or problem
What are externalities?
Decisions that have unintended consequences on people
Megan struggles with making rational decisions. What are three things she should rely on when making decisions?
Logic, objectivity, and analysis
What is step 2 of the rational decision-making model?
Identify criteria for evaluating potential solutions
Why do we use the rational decision-making model?
To make better choices for yourself and your community
A manager is brainstorming potential solutions to a problem. According to the rational decision-making model, what is occurring?
Identifying all possible solutions
What is step 3 of the rational decision-making model?
Identify all possible solutions
What are some signs that a source is credible?
Source is objective, is evidence based, has an expert author, is up-to-date and verfied, etc
How can Candice achieve a healthy work-life balance in a demanding job?
1. Set clear boundaries
2. Prioritize self-care, health, and values
3. Set manageable goals for each day
What is step 4 of the rational decision-making model?
Evaluate potential solutions against your criteria
How can you choose the best solution out of multiple?
1. Ask more questions to narrow options down
2. Get opinions from experts
2. Consider the consequences of each option
How can Sam balance a desire for financial independence with managing student loan debt?
1. Creating a budget plan
2. Consider a part-time job or work-study
3. Use financial literacy to make informed decisions
What is step 5 of the rational decision-making model?
Choose the best options
What are some strategies (5) that advertisers use to grab consumer attention?
Fear, emotion, ritual (routine), the 5 senses, and social values
Jen wants a job that she has a passion for but also supports financial stability. What are some possible solutions?
1. Find a balance between the two
2. Explore different work environments
3. Explore different interests and try new things