What is NOT an assumption underpinning the rational decision-making model?

The rational decision-making model is a logical, multi-step model used to choose between alternatives that follow an orderly path from problem identification to finding an appropriate solution. The idea of rational decision is easily noticeable in economic terms.

Assumptions of Rational Decision Making Model:

• A rational decision-making model brings a structured problem or reasonable thought process to the act of deciding.
• This model assumes that people will make choices from the alternatives that will provide maximum benefits and minimize any costs for reaching an agreed goal.
• This model assumes that people will choose the object that provides the greatest reward at the lowest cost.
• This model assumes that an individual has complete information on which to base a choice.
• This model assumes that there is a high level of certainty regarding the environment i.e. where the data can be collected and analyzed. 
• This model assumes that the individual has the cognitive ability, time, and resources to evaluate each alternative against the others.

Therefore, Incomplete information is NOT an assumption underpinning the rational decision-making model.

Important Points

•  The rational decision-making model assumes that decision-makers have access to complete and accurate information to evaluate all available options and make an optimal choice.
• In practice, decision-makers often face limited information, uncertainty, and ambiguity, which can impact their decision-making process. Therefore, "incomplete information" is not an assumption but rather a deviation from the idealized rational decision-making model.

The Process of Rational Decision Making:

This path includes:

• Formulating goal(s)
• Identifying the criteria for making the decision
• Identifying alternatives
• Performing analysis
• Making a final decision.