Decision-Making
Decision-making is an important feature of leadership and management in any sector. Various approaches to effective decision-making have been developed and discussed by researchers over the years. This paper will discuss the rational decision-making model, how individuals can deal with biases and errors in decision making, how individual differences and organizational constraints affect decision making, and what ethical considerations should be made in decision making.
The Rational decision-making model consists of a number of steps designed to enable the individual to make an efficient and effective decision based on evidence and logic. The first step in the model is to define the situation and the decision that has to be made. This means that individual must understand the issue and what is at stake by being able to answer what is the problem and what is the decision that has to be made? The second step consists of identifying the most important criteria for judging the outcome of the decision and whether it is right or not—i.e., the individual must be able to tell if the decision will be effective in terms of addressing the issue. The third step consists of identifying all possible solutions and options for addressing the problem. The fourth step is to make the actual calculations with respect to each option in order to see whether it would actually satisfy the criteria. The fifth step is to choose the option that is found by calculation to be likely...
References
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Decision Making The strategic decision for Microsoft that will be discussed in the decision to proceed with Windows 8. Launching a new version of a flagship product is always a big decision, and this was no exception. Windows 8 represented a major overhaul of the company's signature product, redesigning the interface in particular with the objective of having it work across multiple technologies (i.e. tablets, laptops) rather than segregating different versions
This analysis points to the need to make some merchandise changes, and get our branding allowed with a high level. This takes us away from the major competitors who are beating us, something of a blue ocean strategy (Investopedia, 2014) that allows us to carve out a niche for our business that plays to our strengths. We are good at selling clothes to women at premium prices, and that is
The concept of bounded ethicality raises the possibility that Madoff in fact did not understand that what he was doing was unethical. As an experience hedge fund manager, a rational-thinking Madoff had all the tools to understand the ethics of what he was doing, but bounded ethicality suggests that he may have not fully been able to process the situation. One bound could be a myopic vision of his own
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The two scenarios are likely to sway employees to provide false information if they are encouraged. However, the relationship had much strength in the positive. Therefore, in this study, there were clear choices. The participants were required to either tell the truth or lie. If things were easy for individuals in the world, lines of making moral decisions tend to be much fuzzier, however, the bottom line remains the same
Decision Making and Accounting Theories Business owners find that they always have to put on business hats when they are starting up or managing their businesses. However in business it is not the owners who are meant to make decisions only, decisions can also be made by employees. When classification of business decisions is done it is on the basis of how predictable that particular decision is. Programmed decisions are those
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