What is Rationality in decision-making?

1)    A decision to be effective has to be rational.

2)    But decisions are pertaining to future, which is unpredictable

3)    So selecting an alternative to reach the goal is difficult in terms of rationality

4)    Moreover all alternatives cannot be analysed

5)    So limitations of time / information / uncertainty limit rationality in decision-making

6)    Rationality also get bound by likes & dislikes, playing it safe, or picking up a course of action that is satisfactory or good enough.

7)    Hence best decisions are taken within the limits of rationality & in the light of size & nature of risk involved.