Optimal Versus Suboptimal Decisions in Engineering Industries Sector. Does Rationality Matter?

The purpose of this study is to attempt to propose a conceptual framework that studies the complex interaction between the different approaches to decision-making in the engineering industries' sector, and its implications for the optimization and quality of the decisions issued. both Meta-analysis and traditional systematic methods. This paper discussed three different approaches to decision making: Rationality and decision making, Bounded Rationality and decision making, Intuition and the decision-making process, a conceptual framework has been proposed that explains the different circumstances for applying these three approaches and the level of optimality of the decision issued as a result of their application. In order to achieve practical benefit from the proposed conceptual framework that present outlining the significant insights of scholars and practitioners, several conclusions and implications were drawn, as well as more future researches are suggested.

I. Introduction

The Decision Theory of has been around for a very long time, from the normative, the descriptive, and the prescriptive points of view as explained by [1]. Decision theory constitutes a broad and evolving subject which focuses on the concept of decision making. [2] noted that when these theories have advanced or changed over many years of interdisciplinary research, development or alterations have been made to address new knowledge or technology.