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 …show more content…
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, providing regular leave and providing training. Precisely, each course of action has associated consequences; thus, the supervisor collects information related to each of the alternatives. Notably, the collected information allows the manager to assess and evaluate the alternatives, systematically, which leads to choosing the best alternative, thus, decision implementation (Beach, 2014). Finally, the manager evaluates the effectiveness of the decision, say provision of training and development avenues, and employs the appropriate control (Griffin, …show more content…
The choice depends on the time and preferred outcome of the decision. Satisficing gives a simple choice by choosing the initial alternative that meets the minimum requirements (Stuttgen, Boatwright and Monroe, 2011). I have used the satisficing model in a previous business that involved selling electronics. There were different target markets for the electronics depending on their disposable income. Some markets were approachable but offered little profit based on their range of prices for the electronics. On the other hand, there was a high-end market where customers could spend more on electronics as long as the devices met their desired qualities. There was little time required to restock the electronics, and the markets were located in different places with a high-end market being further than the low-end market. To beat the restocking deadline, I opted to sell the electronics to the low-end market to avoid losses. Despite getting profit, it was not as high as it would have been in the high-end
Turman, P. (October 13, 2000b). Group Decision Making & Problem Solving: Group Communication [Lecture] Cedar Falls, IA. University of Northern Iowa, Communication Studies Department.
As stated above, there are three antecedent conditions of groupthink: 1) group cohesiveness; 2) structural faults; and 3) provocative situational context. According to Janis, the most essential antecedent is group cohesiveness. This antecedent “implies a conventional understanding of the term as the ‘forces which are acting on members to stay in a group.’” (McQueen 55). Group Cohesiveness entails an assembly of decision makers, known as the “core group”.
The decision-making model not as simple as selfish or self-interest, it’s the “theory of human choice based on scientific principles of observation and experiment”, but not “postulation and deduction” (page 397). Observation reflects it has been learned or acknowledged from patient look or research about the cause and effect, experiment means it has been thought, be consider the pros and cons. Even though it might not be think over and think through, it must be different than “creating something out of nothing”. There are four princi...
Rational choice theory, also known simply as choice theory, is the assessment of a potential offender to commit a crime. Choice theory is the belief that committing a crime is a rational decision, based on cost benefit analysis. The would-be offender will weigh the costs of committing a particular crime: fines, jail time, and imprisonment versus the benefits: money, status, heightened adrenaline. Depending on which factors out-weigh the other, a criminal will decide to commit or forgo committing a crime. This decision making process makes committing a crime a rational choice. This theory can be used to explain why an offender will decide to commit burglary, robbery, aggravated assault, or murder.
Satisficing is a way of making decisions by looking at all available avenues until a threshold of acceptability is met (Simon, 1976). The term satisficing, created by Herbert Simon in 1956, was billed as a way for decision makers to find satisfactory answers in the real world. It is most useful in scenarios where an optimal solution cannot be determined and thus multiple solutions may need to be tested. One of the first keys to understanding satisficing is knowing that it works in, “bounded rationality” (Radner, 1975). Bounded rationality requires three things hold true in order for satisficing to work, which are, “1) existence of goals, (2) search for improvement, and (3) long-run success” (Radner, 1975).
In dealing with most complex problems in today’s work environment, there may be more than one good answer to a problem. The question then becomes one of picking the best answer; this is called decision-making. Weighing the consequences of th...
Group decision making has many benefits for the individuals involved and the organization itself. In order for group decision making to be efficient, it is important for a creative environment to exist. “Creativity is the mental and social process used to generate ideas, concepts and associations that lead to the exploration of new ideas (May, 2011, para.3). This allows each employee to explore ideas and feel comfortable to share them without fear of rejection.
Hitting roadblocks and problems while attempting to accomplish a task or while conducting business is a fact of life. Managers and leaders have numerous responsibilities and decisions that they face each day during the normal course of business. Some of these decisions are small, such as delegating a task to an appropriate subordinate. Other decisions are large, such as formulating a strategy that can affect the lives of thousands of employees within the organization and companies up and down the supply chain. Regardless of the size of the decision, in our increasingly complex and interconnected world, it is critical that managers have the necessary skills to recognize and identify what the problem is, as well as having command of the tools
An employee does an unsatisfactory job on an assigned project. Explain the attribution process that this person's manager will use to form judgments about this employee's job performance.
Baron, Robert S., Kerr, Norbert K., and Miller, Norman. Group process, Group Decision, Group Action. CA: Brooks/Cole, 1992. Pgs. 4, 61, 2, 140, 237, 140, 141, 7, 6
Working in groups is challenging at times. Other times it is very rewarding. We are so focused on life that we do not take time to reflect on things as much as we should. Being in a Groups class has opened my eyes to a whole new world. I have begun to question, explore, and even understand how things work. I even get how they work sometimes. Not only is there a process involved in making individual decisions, process is involved in group decisions as well. This paper attempts give insight into my reflection of my group decision process.
Therefore, to achieve this objective, managers have to make choices in decision-making, which is the process of selecting a course of action from two or more alternatives (Weihrich & Koontz; 1994, 199). A sound decision making requires extensive knowledge of economic theory and the tools of economic analysis, that are directly related in the process of decision-making. Since managerial economics is concerned with such economic theories and tools of analysis, it is very relevant to the managerial decision-making process.
Making decisions is an important part of our everyday life. Decisions define actions and lead to the achievement of goals. However, these depend on the effectiveness of the decision-making process. An effective decision is free from biases, uncertainties, and is deeply dependent on information and critical thinking. Poor decisions lead to the inability to achieve set objectives and could lead to losses, if finance is a factor. Therefore, it is important to contemplate about quality and ways to achieve it in decision-making, which is the focus of this paper. The purpose is to look into the needs of decision-making, including what one should do and what one should not do.
Rational decision making is one of the most common problem solving methods and can be used to solve almost all problems. Rational decision making and problem solving processes can be explained in a logical manner. Effective leaders use rational decision making processes to identify the problem, think up solutions, evaluate alternatives along with select a solution, implement and evaluate the final solution. In rational decision making leaders analyze the problem to achieve the most efficient choice through different possible alternatives from different scenarios before making a selection.
Effective decision making involves the ability to identify consistently and select the best choice among multiple options. This is true both personally and professionally. For the decision making process one may use a decision making model. A decision making mo...