VALUES AND RATIONALITY IN DECISION MAKING: AN APPRAISAL

Abstract

This paper examines the theoretical underpinnings to concepts and values that undergird rationality in decision making at all levels of human engagements be it individual, organizational or society wide. Hinged on principled discourses, emphasis is placed on values and the prevailing influence that shaped rational considerations in private and public life of individuals and organizations. It underscores here that decision makers premise outcomes of thought processes on economic assumptions that seek to maximize benefits and minimize costs or wastes. Minimization of costs or waste is thus a prime principle in rationality. It assumes that individuals make consistent choices to maximize economic value within specific constraints. It is important to appraise prevailing values in any society at any given time to achieve a deeper understanding of decisions made by individuals.