6-4 The Classical model o Classical model of decision making: a prescriptive model that tells how the decision should be made Assumes managers have access to all the information needed to reach a decision Managers can then make the optimum decision by easily ranking their own preferences among alternatives uNfortunately, mangers often do not have all (or even most required information. " win/MeGraw-HHill CThe McGraw-Hill Companies, Inc, 2000Irwin/McGraw-Hill ©The McGraw-Hill Companies, Inc., 2000 6-4 The Classical Model ⚫Classical model of decision making: a prescriptive model that tells how the decision should be made. ◼ Assumes managers have access to all the information needed to reach a decision. ◼ Managers can then make the optimum decision by easily ranking their own preferences among alternatives. ⚫Unfortunately, mangers often do not have all (or even most) required information