Decision Making : An Integral Tool Essay

Decision Making : An Integral Tool Essay

Length: 722 words (2.1 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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...


... middle of paper ...


...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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Strategic Decision Making Process Management

- Sivakumar (2004) describes a strategic decision, a decision that significantly affects the scope of a company, requiring a high degree of commitment. Strategic decisions are interconnected with a company’s long-term goals. For example, a company’s decision to focus its expansion within their domestic market or enter a new geographical market. Strategic decisions are increasingly difficult for managers to make because of ever increasing uncertainty and lack of reliable information. When it comes to making decisions managers tend to rely on past experiences and their gut feeling when coming to a decision (Soll, Milkman & Payne, 2015)....   [tags: Decision making, Risk, Cognition, Decision theory]

Better Essays
935 words (2.7 pages)

Multiculturalism Is An Integral Part Of Canada Essay

- Multiculturalism has been an integral part of Canada since its adoption by the Trudeau government in 1971 and its formal implementation through The Canadian Multiculturalism Act in 1988 (Burnett and Dreidger, 2014). Multiculturalism has allowed for Canada to engage in a complex social, political, and economic experiment that has heavily informed policy and decision making. In this essay I shall argue that multiculturalism in it’s current form is a failed project. The noble goals of positive social, economic, and educational development as well as the preservation of culture and identity have shifted....   [tags: Multiculturalism, Canada, Identity politics]

Better Essays
1126 words (3.2 pages)

Research and Decision Making Essay

- Research and Decision Making The ability to craft devices to acquire data and to be able to understand, organize and extract useful information from that data, is critical in today’s business world. Companies must be able to ask the right questions, in the right way, to get the most relevant information to their situations. Knowing the limitations of research is an integral part of understanding acquired information and making sound decisions based upon it. In the Managing Research Design Simulation, Coffee Time must do just that; acquired data, analyze it for information and determine the validity and limitations of that information to make important business judgments....   [tags: Business Analysis Strategy Management]

Free Essays
1907 words (5.4 pages)

Essay on Values Based Decision-Making

- An individual's personal, organizational, and cultural values are the foundation of their personal and professional decision-making cycle. These values form the core of that individual's moral fabric, and his actions and decisions are predicated on those beliefs. Shalom H. Schwartz defined values as "conceptions of the desirable that guide the way social actors (e.g. organizational leaders, policy-makers, individual persons) select actions, evaluate people and events, and explain their actions and evaluations" (Schwartz, 1999, pp....   [tags: Ethics Values Management]

Better Essays
1379 words (3.9 pages)

Health Information Management : An Integral Part Of The Health Services Essay

- Health Information Management (HIM) is an integral part of the health services. Health Informational Services (HIS) are highly dynamic and they are in a constant change. Digitalization of these services and removing the paper as the main tool is a significant step forward. Optimization of the workflow and improving the performance of these departments is a must. Many internal or external reasons can require additional changes in the tasks performed by the personnel in the company goals and in the department 's duties....   [tags: Management, Goal, Better, Performance]

Better Essays
877 words (2.5 pages)

The Responsibility Of Executives And The Board Of Directors Essay

- ‘The responsibility of executives and the board of directors; consists of the leadership, organizational structures and processes that ensure that the enterprise’s IT sustains and extends the enterprise’s strategies and objectives’; what ISACA defines as IT governance. IT governance is something that should be executed in every business and even within decision-making within groups of individuals. As being apart of the United States Air Force, IT governance has definitely been adopted into my organization....   [tags: Decision making, Information technology]

Better Essays
1295 words (3.7 pages)

Mindfulness Is Defined As A State Of Psychological Freedom Essay

- Mindfulness is defined as “a state of psychological freedom that occurs when attention remains quiet and limber, without attachment to any particular point of view” (Martin 1997, p. 291). A mindful approach can be used to resolve conflict and also can provide a better solution to this conflict situation. Mindfulness of the manager has a direct impact on his employees. It will improve the social relationships, communication, and empathy toward the co-workers. However, the absence of mindfulness will affect the effectiveness of the organization and its goals....   [tags: Management, Decision making]

Better Essays
1436 words (4.1 pages)

Public Administration And Public Policy Essay

- Public Administration “Public administration is the management of affairs of the government at all levels-national, state, and local. It is the branch of the wide field of administration” (Basu, 2004 p. 3). There are many scopes and areas of focus that public administration overlaps and are involved in. The areas that public administration is prominent in are politics, managerial, and judicial structures. Public administration plays a significant role in the impact of decisions that are made in politics....   [tags: Management, Sociology, Decision making]

Better Essays
1071 words (3.1 pages)

Decision Making An Integral Part Of Modern Management Essay

- A plan is a determined course of action for achieving a specific objective. An individual may prepare a plan for his journey or tour or for a family function. Similarly, a business unit may prepare a plan to achieve a particular objective. It is called a business plan which includes production plan, sales plan, and so on. A business unit prepares a master plan for the whole unit. Such master plan is again divided into departmental plans for actual execution. Planning is a process of thanking to action....   [tags: Management, Planning, Decision making]

Better Essays
741 words (2.1 pages)

Examining an Effective Decision Making Tool Essay

- Examining an Effective Decision Making Tool What tools are available to assist teams in making a decision. In addition to creating an environment for effective decision making and reaching consensus on methods for making decisions as a team, there are tools that can assist teams in formulating and reaching decisions. Many of these tools were developed in the 1990s as companies working on improving quality and introducing self-managed team into the workplace. In decision-making there are many different decision-making models to assist us along the way....   [tags: Decision Making Process]

Better Essays
1108 words (3.2 pages)