Rational Decision Making Essay

Problem solving is defined as the managerial process of identifying possible actions that can be taken in order to fix a problem. Problems most often occur when new opportunities arise and therefore managers must ensure they seize opportunities and work to eliminate possible problems.

Decision making revolves around evaluating, narrowing, and selecting alternative solutions. The three decision making environments are certainty, uncertainty, and risk. Another category of decision making is programmed and non-programed. There are also two approaches to decision making; intuitive approach and rational approach. Under the category of rational approach there are three strategies to go about it. These strategies include; optimizing, satisficing, and bounded rationality.

If I learn to tackle programmed problems I will be able to solve routine problems that occur at my workplace. Understanding how to make non-programmed decisions will allow me to solve judgment issues that occur.

Another way this topic can improve my work life is through practicing rational decision making. I need to be able to evaluate the best options to my decisions. Knowing how to make rational decisions is a key factor to me being a good leader. For example, at work if we tap out of a certain beer I have to run through my possible options and be able to mentally decide which one would be the best for the company.

A third was my work life can benefit from learning about rational decision making is recognizing the benefits and drawbacks of group decision making. By having the knowledge of the possible pros and cons of utilizing collaborative decisions, I can know when to utilize this action or not. I have personally dealt with a benefit of group decision making when I worked with my peers to make the correct decisions on how to deal with an unexpected