Rationality: Managerial decision making is assumed to be rational, rational decisions describe choices that are consistent and value-maximising. Maximise economic benefit for the association. Assumptions: The problem is clear, unambiguous and likely to be one you've encountered before, a single well-defined goal is to be achieved, all alternatives and consequences are known (no need for contingency thinking), preferences are clear, constant and stable, no time/cost restraints, final choice maximises payoff.