Decision Making : An Integral Tool Essay

Decision Making : An Integral Tool Essay

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In everyday real life situations, one keeps on making various decisions depending on a number of factors. Thus, decision-making is an integral tool in human life, and one cannot avoid it. In view of this, experts report that individuals make use of varying decision-making models to arrive at a decision that suits them. Here, the writer presents four decision-making models, namely the classical, behavioral, satisficing, and optimizing models.
According to Schermerhorn, Osborn, Uhl-Bien and Hunt (2012), "it used to be that group work was confined in concept and practice to those circumstances in which members could meet face to face” (p.151). Rational Decision-Making is a five-step process that starts with recognition and definition of the problem or opportunity, and ends with evaluation of results and any needed follow-up. Group decisions help to combine individual strengths of the group members and hence has a set of varied skill sets applied in the decision-making process. It always means enhanced collective understanding of the course of action to be taken after the decision is made.
In the classical approach, one assumes that decision makers are rational; hence, they make a decision that optimizes their returns (Beach, 2014). Regarding this, one starts by identifying a problem such as increasing absenteeism/turnover rate or an opportunity such as the closure of a competing firm. The manager proceeds to set goals that aim at reducing the turnover rate and boosting the employees’ motivation (Griffin, 2015). Imaginatively, the manager generates a list of actions that might lead to the realization of the organizational strategic plans (Fishbein, 1967). Here, the list might be changing the pay, modifying the reward system, providi...

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...t was not as high as it would have been in the high-end market.
In making business decisions, optimizing chooses the alternative to give a business maximum return. The chosen option may give the maximum expected profit but also has ramifications on the organization. Organizations can decide to optimize variables such as time to make a product, the cost of processing, or the visual appeal of the product (Nate, 2011). However, the more variable one tries to optimize, the greater the problem becomes. In my expenditure, I have tried to cut the expenditure by shopping at places that allow bargains and have goods at lower prices but of the same quality. This increased the number of things my disposable income could buy, but it had implications since I had to go long distances to get the goods at lower prices. I, therefore, spent more time trying to lower my expenditure.

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