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Decision Sciences Essay

Words: 1403 Length: 4 Pages Document Type: Essay Paper #: 15077045

Decision Sciences

Decision-making is an important activity for top management in any enterprise. Strategic thinking is required for making useful decisions. For example, business executives plan strategies to access market share, to deal with employees, to react to competition and to decide on career growth. Decision Sciences is a discipline on its own that provides techniques and methods to take decisions in any practical situations. In this paper, a list of journals and websites that provides information on Decision Sciences is provided. This list is expected to be useful to top management. (America's Investment in the Future: Decision Sciences-How the Game Is being played)

Decision Sciences" is a quarterly, professional journal published by Decision Sciences Institute. This journal utilizes the current methods of mathematics and statistics along with computer technology and behavior science. This journal is read by business professionals and teaching professionals. From 2003, Blackwell Publishing is publishing this journal. (Decision Sciences Journal: (www.decisionsciences.org/dsj/)A list of publications from Decision Sciences Institute is given in the web site: http://www.decisionsciences.org/dsj/archives.htm

Decision Line" is a news publication of Decision Sciences Institute. This is published five times a year. Each issue is about 48 pages and contains information on international studies, academic research, placement activities, etc. (DSI Advertising) A list of articles from Decision Line is available in the Website: http://www.decisionsciences.org/DecisionLine/Vol35/35_5/index.htm

Decision Analysis Society" has a website "DAWeb." The activity of this society includes development of logical methods for making better decisions in private and public organizations. The methods used are: "models for decision-making under conditions of uncertainty or multiple objectives; techniques of risk analysis and risk assessment; experimental and descriptive studies of decision-making behavior; economic analysis of competitive and strategic decisions; techniques for facilitating decision-making by groups; and computer modeling software and expert systems for decision support." The society's members are from various backgrounds like business,…… [Read More]

Resources:
America's Investment in the Future: Decision Sciences-How the Game Is being played" Retrieved at  http://www.nsf.gov/about/history/nsf0050/decision/decisionsx2.htm . Accessed on 21 February 2005

Asia Pacific Decision Sciences Institute: Theme - Collaborative Decision Making in the Internet Era" retrieved at http://www.calpoly.edu/~eli/apdsi/apdsi2005/. Accessed on 22 February 2005
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Decision Making Decision-Making Scenario Anderson Children's Hospital Essay

Words: 1171 Length: 4 Pages Document Type: Essay Paper #: 34289468

Decision Making

Decision-making

Scenario

Anderson Children's Hospital (ACH) is an internationally known and recognized pediatric hospital that provides the full range of services from primary to critical care units, located in San Francisco, CA with affiliated care centers throughout the Bay Area. The board of directors at ACH would like to create a mobile-crisis program to be piloted in the City of San Francisco and eventually grow to service the entire Bay Area. The following sections present the process through which the Board of Directors is trying to navigate towards its final decision.

Core question

At the core of the following proposal is this 2-part question: Should ACH create a mobile crisis program to be piloted in the City of San Francisco for (up to) one year with the intent of expanding its funding, personnel, and service area over the next 3-5 years throughout the entire Bay Area and if so, what does the process look like?

Within this core question arise several questions to be addressed by the decision-making process, and those questions are listed as follows:

(1) What services will be offered by this program? Who will benefit from its services? Who will be involved with the provision of these services?

(2) Who will be in charge?

(3) What are the risks of these services? Who is liable should such risks be realized? What risk management procedures will be employed?

(4) How much funding is necessary for up to one year of a pilot program? (a) How many personnel and what levels of credentials are necessary for those implementing the program? (b) What resources are needed to ensure that personnel are more than prepared for any situation and what are the proposed hours of operation?

(5) How will contracts be created to incorporate this role into the existing contractual agreements for personnel? Or should entirely separate contracts be designed?

(6) What are the regular intervals for evaluation of the program up to one year? What is the plan…… [Read More]

Bibliography:
Liese, Friedrich and Miescke, Klaus-J. (2008). Statistical Decision Theory: Estimation, Testing, and Selection. Springer.

Bernardo, JE & Smith, Adrian (2000). Bayesian theory. New York: Wiley.
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Decision Making and Accounting Theories Business Owners Essay

Words: 1802 Length: 5 Pages Document Type: Essay Paper #: 84061437

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 that are straightforward, routine and repetitive. They can easily be dealt with by the creation of procedures and routines. On the other hand there are decisions that are unstructured and valid which do not require systems that are clear cut so as to be made. Those in business are often faced with various decisions which they have to make some of which are particularly important when it comes to the profitable existence of any business. Decisions result to success there is no successes that can be realized until a decision is made (Wicks, 2013).

People in business make so many decisions each day which include financial decisions, structure, strategic decisions, manpower decisions, operational decisions and many more. However, it is only once in a while that a leader makes a decision that is game changing which shifts not just a strategy of a single business but brings in a new perspective of how everyone else operates their business. Some of these business ideas are very powerful and have great impacts which are far reaching. Most of these big decisions are normally counterintuitive in that they go against the conventional wisdom. Therefore smart leaders end up being wise leaders when they have a foresight or are courageous enough to make decisions that are counterintuitive and unpopular. The paper will look at some important business decisions that have been made in recent times.it will look at some of the factors that…… [Read More]

Sources:
Kaipa, P. & Radjou, N. (2013). 7 Business Decisions That Looked Bad but Turned Good. Retrieved August 27, 2013 from http://www.cnbc.com/id/100634625

Wicks, D. (2013). Top 5 Biggest Decisions Business Owners Make. Retrieved August 27, 2013 from  http://smallbusiness.chron.com/top-5-biggest-decisions-business-owners-make-10131.html 
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Theory vs Creativity in Design Leaders Have Essay

Words: 2363 Length: 7 Pages Document Type: Essay Paper #: 863919

Theory vs. Creativity in Design

Leaders have a task of moving the organization forward in a fashion that is supported by all stakeholders. After allocating resources to bolster organizational success, leaders must primarily assess and accept the risks related innovation. Innovation includes accepting new management theories to replace the outdated philosophies widely incorporated into an organization's procedures and policies over time (American Evaluation Association, 2004). This study aims to identify, discuss, and recommend strategies to create tension between existing management theories and management's ability to create new business paradigms. The study will also identify and discuss stakeholder attitudes towards innovation, ethics, and inclusion as primary drivers of a successful organization. While focusing on innovation and ethics, the study will suggest ways in which organizational leadership can prepare a company for the future and current environmental changes.

How leaders integrate innovative principles while adhering to industry and market mandates

Integrity and honesty: Organizations must always reconsider the use of theories to keep up with the realities of the business environment. The management must be prepared for change and handle changes appropriately in the rapidly evolving world. Some of the relevant theories include situational, relationship, participative and transactional. Organizations have varied goals relating to the return of investment in innovation. For a company to thrive in any field, the organizational structure must be organic and not mechanistic. Philosophers in theory vs. design include Peter Drucker, Frank and Lillian Gilbreth and Frederick Taylor. According to Taylor, organizations can scientifically analyze employees' tasks in order to discover appropriate procedures for adoption (O'Reilly & Pfeffer, 2010). Frank and Lillian Gilbreth humanistic approach to management issues employed the principles of management. Drucker offers smart solutions and argues that people must rethink theories and stay abreast with the realities of the environment. Organizational leaders are required to integrate transactional and transformative leadership styles. Integrating the best components of transformational and transactional leadership styles is recommendable.

When they invest in innovations, organizations have the goal of generating a satisfactory return on investment. This varies from one organization to another.…… [Read More]

Works Cited:
American Evaluation Association. (2004). American evaluators association guiding principles for evaluators. American Evaluation Association. Retrieved from  http://www.eval.org/p/cm/ld/fid=51 

Bogan, C.E., & English, M.J. (2010). Benchmarking for best practices: Winning through innovative adaptation. New York [u.a.: McGraw-Hill.
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Decision Support System Executive Presentation Paper for Essay

Words: 2856 Length: 9 Pages Document Type: Essay Paper #: 50589443

Decision Support System

Executive Presentation Paper for Decision Support System (DSS)

Communication remains a crucial element for the success of any organization, relationship or industry. The factor that makes it so crucial is the aspect of decision making in the practice. Communication and decision-making are simply inseparable. It is impossible to make a conclusive and quality design that concerns and affects more than one person. This is especially so for the business and corporate organizations in the world those operate in the lines of consultations and collective decision-making. A conclusive and active model and methodology of making a decision in such organization is the use of effective decision-making system. A decision-making system should facilitate proper and intensive analysis of the information available to make a decision for the future.

Executive summery

The decision support systems are a class of the computerized systems of information that support the business and organizational process of decision-making (Burstein & Holsapple, 2008). A decision support system that has the proper design is an interactive software; that intends to help the makers of the decisions in organizations to compile information that is useful; from the raw data, personal knowledge, business models and other documents to identify and solve the problems of the organization as well as make decisions. The decision support system has various aims, the key aspects being to access all the current information about the assets of the organization, including the legal and relational data sources, warehouses and marts. Additionally, the decision support system provides for the comparison of figures between various components in the business or organization. This comparative analysis ability of the system is useful in identifying areas of weakness of the organization; hence making analytical propositions for the decision making process. Moreover, the decision support system helps in analyzing projected figures concerning the introduction of new ideas or departments in the organization. This is useful in preparing for the future, which leads the organization to have effective and strategic planning culture for the future.

The support system also facilitates the analysis of the consequences of the decision made in the past, experiences and the context of those experiences (Mainardi, Maggioni, Dainese & Zanchin, 2005). This process facilitates the working of the organization towards providing better services to…… [Read More]

Bibliography:
Burstein, F., & Holsapple, C.W. (2008). Handbook on decision support systems. Berlin:

Springer.
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Decisions in Paradise Given the Essay

Words: 1305 Length: 5 Pages Document Type: Essay Paper #: 17978691

Best of all, any initiative in these areas, priced fairly for the island natives, delivers significant social value, or economic good for the nation and abodes by Mr. Morale's belief that in the long run, economics drives everything needs to be added to that by doing these core processes well, his company is doing good. The social conscience of Mr. Morales is also clear, and the ability to take the company's respected process-centric approach to problem-solving and apply it to the needs of Kava while at the same time earning a profit is a win/win for both the company and the nation. The concentration on healthcare especially and the development of a pediatrics clinic, potentially even underwritten by the local government for the citizens would also be significant in its contribution and revenue potential.

What Alex and Nik need to do is find broken processes in key areas and set about to find strategies that their company can excel in while delivering excellent service. This is the basis of Business Process Re-engineering. Business Process Re-engineering is described Michael Hammer in his many books on this topic including the Agenda (2003) illustrate through examples, financial analysis, and intensive analysis of how companies can improve their financial performance through examining their many processes and re-defining them for greater competitive performance. The bottom line is that Nik and Alex need to find the vision that will propel the company into the greatest social contribution, and in fulfilling that goal, gain profitability and a permanent place in the economy of Kava.… [Read More]

References:
Alstyne, Marshall van, Erik Brynjolfsson, and Stuart Madnick (1997). "The Matrix of Change: A Tool for Business Process Reengineering." MIT Sloan School Working Papers available on the Internet, accessed on February 5, 2007:

 http://ccs.mit.edu/papers/CCSWP189/ccswp189.html 
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Decision Whether to Internationalize or Essay

Words: 6941 Length: 22 Pages Document Type: Essay Paper #: 98517610

46). Likewise, Gillispie suggests that an incremental approach can be used to "test the waters" for even very small companies seeking to project an internationalized presence. In this regard, Gillespie recommends that companies, "Craft a scaleable master design that represents the major aspects of your business worldwide and anticipates the degree of localization that will be required in each market. The degree of localization can have a real impact on budgets and timelines" (2008, p. 45). These are important factors for companies in general where limited resources and a lack of experience may preclude more aggressive internationalization initiatives, and these issues are directly related to a company's internal resources as discussed further below.

Internal resources

The company has a wide range of specialized internal resources which are described in Table 2 below.

Table 2

Internal resources of RBG Limited

Business Unit

Description

Specialist Cleaning

RBG's Specialist Cleaning division offers a comprehensive range of services designed to restore production processes to optimal operating conditions. RBG is fully equipped to provide safe, effective and environmentally friendly solutions for a wide range of specialist cleaning applications.

Fabric Maintenance

RBG is a recognised market leader in the provision of fabric maintenance services, typically supplied as part of integrated services contracts. The company has an extensive capability, delivered by experienced, multi-disciplined deck and service crews.

Rope Access

The division has been a member of the Industrial Rope Access Trade Association (IRATA) since 1990 as an operator and trainer providing specialist multi-disciplined access solutions to the oil, gas and petrochemical industries. The company provides a variety of access solutions, either as part of integrated maintenance contracts, or on a stand-alone project specific basis, including offering clients a full project managed service, incorporating planning, integrated management, engineering, inspection and maintenance and execution.

Mechanical Services

RBG assists clients in achieving their business objective of a safe and leak free work environment by providing appropriate management and control techniques.

Electrical & HVACR Division

This division provides a broad scope of…… [Read More]

Sources:
Angola. 2011 CIA World Factbook. [online] available: https://www.cia.gov/library/publications / the-world-factbook/geos/ao.html.

Black's Law Dictionary. 1999 St. Paul, MN: West Publishing Co.
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Decision-Making What Are the Newest Essay

Words: 689 Length: 2 Pages Document Type: Essay Paper #: 96315243

The dominant, goal-oriented person can focus on the ultimate objective, the influence-based person can examine the interpersonal dynamics of the decisions that must be made, the steady person can foster harmony and a positive atmosphere, and the conscientious person can stay on task in a reliable fashion. While clashing personalities can thwart reaching positive and goal-directed solutions, they can create a better solution and check the excesses of one another, like the selfishness and refusal to consider the human element in the dominant personality, the disorganization of the influence-based person, the risk-adverse views of the steady person, and the rule-bound contentious type. Communication can be facilitated through email and other constant types of technological contact on a daily basis -- this can create better group bonding, although there is always a risk that the brevity and informality of the format can create rather than break down barriers.

Modern decision-making theory, faced with a newly globalized world with multifaceted components that are still interdependent upon one another, stresses a participative management approach, an approach that acknowledges a subordinate may have just as much of an ability to arrive at a solution about a knotty organizational problem as someone with an official leadership title. 'Micro' level information is important in arriving at 'macro' solutions. In fact, to be a true leader is to know when to listen to others. It means to know that leading is not just being right, but how to convince others that you are right, and to implement solutions so that everyone is 'on board.' Finally, regarding the subjective components of leadership based upon personality types, perhaps it is most important to remember that leadership and solution-focused leadership means knowing one's self, and knowing one's weaknesses, as well as the personal weaknesses of subordinates.

Works… [Read More]

Bibliography:
DISC: Explanations and preferences. (2005). Changing minds. Retrieved August 20, 2009.

 http://changingminds.org/explanations/preferences/disc.htm 
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Decisions in Paradise Implementation and Essay

Words: 1991 Length: 4 Pages Document Type: Essay Paper #: 55003124

The partnership strategy will bring capital investment to the island in the form of clinics while at the same time creating jobs for graduates. The same model needs to be applied to the banking industry as well. Creating an alliance strategy that will attract banking partners to Kava to create micro-lending programs and open branches will in turn create jobs for the Kava Educational Network. It will also serve as a source of funding to pay for vocational school tuitions as well. Throughout the strategic planning process, the potential to both enrich the island from a socio-economic basis through CSR programs (Estes, 2008) while also building out key industries to ensure their profitable growth (Rehme, 2007) is key. The strategic plan will need to balance the defining of the educational business as the foundation and the definition of healthcare and banking as the immediate industries of interest.

Evaluating the Ethical Considerations

As this business model concentrates on CSR-based programs including the development of public television courseware to enrich all Kava residents, and seeks to fund trade schools in addition to these activities, it is critical Nik and his teams have a Governance, Risk & Compliance (GRC) board of directors created. In addition to the board of directors, Nik and his team will need to have a fiscal oversight, human resources, banking and industry marketing oversight directors whose job it will be is to evaluate how the funding received is spent. These directors will concentrate on auditing how the public funding is spent. It is also a good idea to have a member of the Kava government on these boards so they can see how the funds are being spent and also audit them as well (Malloy, Agarwal, 2003). For this entire business model to work in fact there must be a very high level of accountability and transparency of how the public funds are being dispersed, what the Rate of Return (ROR) is on the funds, and how effective they are being in promote public television. Likewise, the alliances with key partners for healthcare and banking…… [Read More]

Works Cited:
Estes, P. (2008, September). Value Add for the Community. Mergers and Acquisitions, 43(9), 77.

David Cruise Malloy, James Agarwal. (2003). Factors influencing ethical climate in a nonprofit organisation: An empirical investigation. International Journal of Nonprofit and Voluntary Sector Marketing, 8(3), 224-250.
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Decisions Are an Important Part of Everyday Essay

Words: 687 Length: 2 Pages Document Type: Essay Paper #: 28357555

Decisions are an important part of everyday life, organizations, and particular of leadership goals and behaviors. We know that managers and leaders are not the same, and true leadership roles are often expressed by the mastery of being able to overcome some of the basic issues of poor decision making.

Failing to remember goals -- The old maxim of measure for success fits with the idea of goal setting. If one sets goals, keeps monitoring those goals, and then reassesses the goals, one will have an easier chance of success. Goals should always be in place and everyone in the organization should, in theory, have combined tactical goals that fit the organization's strategic goals.

Overconfidence -- There is a fine line between overconfidence and being confident. Overconfidence often implies a degree of arrogance that causes one to be egotistical and self-centered and not listen to others or see the reality of the project. Fearlessness is a far cry from being confident on one's ability to overcome adversity. Overconfidence is an exaggeration of confidence and usually manifests itself in inflexibility and poor planning.

Complexity of the Issues -- Oftentimes there are so many multiple horizontal priorities that it is seemingly impossible to understand all the issues present in a project or task. Keeping strategic and tactical goals, honing the problem into its most basic form, then adding more and more material, is the best way to success in complex tasks.

Part 2 -- There are many ways to resist the urge to act unethically in an organizational setting.

Find Win-Win solutions -- In most situations, one can find a way to make the outcome win-win for all. This requires giving up on both sides, of compromise, and above all, of communication and empathy.

Buying Time -- Often, unethical decisions are made at the heat…… [Read More]

References:
Howell, J. And Costley, D. (2000). Understanding Behaviors for Effective Leadership.

New York: Prentice Hall.
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Theory Z Is a Paradigm Essay

Words: 592 Length: 2 Pages Document Type: Essay Paper #: 48392064



Long-Term Employment -- Japanese organizations tend to have longer employee cycles than U.S. companies. Many U.S. companies treat employees as replaceable parts. It is far more cost-effective and efficient to retain expertise than continually retrain. This keeps the knowledge base inside the company. Providing incentives for long-term employment, then, is an essential component of Theory Z

Consensual Decision Making -- When employees feel that they have input into decisions that affect them, their jobs, and their daily processes, they are more likely to buy into those decisions and support change management.

Individual responsibility -- Moving away from 'the union mentality' and accepting measurement based on individual performance is tough for many Americans, but the balance between the group and the individual's participation actually empowers both.

Slow Evaluation and Promotion -- Rather than taking the short-term approach, as many American company's do, it is about the long-term strategy, not the monthly ROI. This encourages employees and managers to think strategically and anticipate the market rather than simply react to it.

Research as to the efficacy of Theory Z has mixed results. The processes involved can be time consuming, and certain types of organizations resistant to such change (e.g. large, multi-generational factory environments, etc.) (Daft, 2004). But in organizations in which American workers realize that the globalism brings competitiveness and require a new way of thinking, Theory Z is a powerful tool for bringing management and workers together for the overall health of the business.

WORKS CITED

Barney, J. (2004). "An Interview with William Ouchi." Academy of Management

Executives.18 (4): 108-117.

Daft, R. (2004). "Theory Z: Opening the Corporate Door for Participative Management."

Academy of Management Executives. 18 (4): 117-22.

Ouchi, W.G. (1993). Theory Z: How American Business Can Meet…… [Read More]

Sources:
Ouchi, W.G. (1993). Theory Z: How American Business Can Meet the Japanese

Challenge. Avon Books.
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Decision Making in Business Recommendations Essay

Words: 2592 Length: 9 Pages Document Type: Essay Paper #: 9306311



In other words, throughout the transition period, Onetech would create efficiencies and would consolidate its position. In the future however, it is recommended that the company moved towards a strategy of diversification, as this would better satisfy customers' needs, attract them and as such create market power for the firm (Markides, 2007).

The decision making process at Onetech

The decision making process at Onetech is quite intricate, revealing both strengths, as well as weaknesses. Decisions are for instance made at the level of the board and are based on the expertise gathered by the various major players in the firm. Still, the decisions are made by the executives, with little emphasis on the input which could be provided by the employees.

In order to better assess the decision making process at Onetech, it is appropriate to analyze it through the lenses of the rational decision making model. This model consists of a series of stages which have to be undertaken in order to achieve the proper decision. These steps refer to the following:

The identification of the problem or the opportunity

The collection of information relevant to the problem or opportunity

The analysis of the situation

The development of options

The selection of the preferred alternative, and last

The acting upon the decision made (The Happy Manager, 2011).

At each of the steps just mentioned, specific issues are addressed. For instance, in terms of identifying the problem or opportunity, emphasis is placed on the identification of the problem. Does a problem in fact exist and does it need solution? Is the company presented with an opportunity it can seize? At this level, it is crucial to select those issues which raise real problems and opportunities and to distinguish them from other issues which do not need a solution and a decision.

In the current scenario of moving from a publicly funded company to a self-funded one, Onetech has proved well able to identify the existent opportunity and it is striving to seize it.

At the level of the second phase -- the collection of information -- the emphasis falls on three specific sets of information: those which are relevant for the decision to be made; those which are needed before making the…… [Read More]

References:
Cologon, D.R., Cohen, D.R., 2008, FileMaker Pro 9 Bible, John Wiley and Sons

Hage, M., 2007, A stakeholder concern towards an economix theory on stakeholder governance, Uitgeverij Van Gorcum
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Decision-Making Methodologies Essay

Words: 662 Length: 2 Pages Document Type: Essay Paper #: 81273721

Decision-Making

My taxonomy of decision-making approaches will be based, somewhat loosely, on brain dominance theory combined with what I have seen in my experience. The underlying principle is that people are either analytical or emotional in their decision making. These are the two basic types, but within these there are differences as well. For example, rational decision-making can be purely statistical -- using the numbers to guide the process, or it can be more qualitative-rational. On the emotional side, decision making can be "gut," which is fairly reactive, or it can be based on past performance, so more of a "what has worked before."

In the middle is a hybrid, which relies on a heavy amount of analysis, before the final decision is based more on feel. There might not be a much academic support for this one, but I do it myself all the time. The use of gut is really to break analysis paralysis, to which some analytical/rational decision-makers are prone. There is also a moderating influence on decision-making, which is the degree of consultation. Many decisions are made by an individual. Even in a situation that is nominally collective decision-making, there is usually somebody pushing and politicking for the ultimate decision -- someone has to take the lead on making that decision. But the degree to which decision-making is collective or individual is another critical dimension in the decision-making paradigm that cannot be ignored.

Thus my decision-making taxonomy would take the powerpoint's community participation element, and overlay that on a brain dominance concept of decision making, forming basically a matrix. I have seen that this is pretty much how decisions are made -- and that people do seem to have preferences for the decision-making methodologies that best suit their own tastes. It is worth noting that I feel the rational/emotional type is not cultural but individual, whereas collective/individual is definitely more cultural in nature. So my taxonomy looks at things through a lens of a matrix with cultural…… [Read More]

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Decision Making and Organizational Change and Development Essay

Words: 2237 Length: 7 Pages Document Type: Essay Paper #: 69286277

Decision making is a term that can be described as the process of choosing between alternatives and entails identification, development, and selection. Based on academic literature decision making and analysis can be widely divided into two schools of thoughts i.e. analytic and experiential or incremental decision making processes (Sipp & Carayannis, 2013, p.18). The analytic school of thought on decision making and analysis primarily focuses on problem definition and identification, assessment and selection of alternatives. In this school of thought, implementation in the decision making process basically entails simple execution of the cautiously selected alternative. On the contrary, even though experiential or incremental school of thought incorporates the two major steps in decision making just like the other school of thought, it focuses more on the execution of the alternative. This school of thought on decision making also utilize feedback to make necessary adjustments to the selected alternative in order to enhance the effectiveness of the decision or alternative.

Generally, while there are two major perspectives or schools of thought regarding decision making and analysis, academic literature on this issue demonstrates that the decision making process is based on three major steps. These steps include the definition of the problem to be addressed, identification, analysis and selection of alternatives, and implementation or execution of the selected alternative. These steps are utilized in the two varying aspects of decision making and analysis though they differ with regards to their main focus in the decision making process. These three major steps in decision making and analysis are used in defining the process since decision making and analysis simply entails choosing between alternatives based on their efficacy and effectiveness in addressing the identified problem or issue.

Practitioner literature of decision making and analysis concurs with academic literature on the premise that the process is centered on making appropriate choices between alternatives. Practitioner literature supports academic literature by suggesting that the process of decision making and analysis comprises three major stages i.e. identification, development, and selection. Therefore, the main focus of this process is to determine the most suitable alternative to solve a problem or issue (Mykkanen & Vos, 2015, p.2). From an organizational context, decision making and analysis is a social process that involves and/or is influenced by all organizational stakeholders. Unlike in the past…… [Read More]

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Decision-Making Is One of the Essay

Words: 4930 Length: 17 Pages Document Type: Essay Paper #: 7272903

" To that end, the Treasury Department would limit executive compensation for institutions receiving "exceptional assistance" (Geithner and Summers, 2009).

Troubles continued in the financial sector -- both Citigroup and the Bank of America needed second rounds of capital infusions, and federal guarantees against losses totaling tens of billions more -- while Ben S. Bernanke, the Federal Reserve chairman, warned that more capital injections might be needed to further stabilize the financial system. On Jan. 16, the Senate voted 52-42 to release the second round of funds (Gerth, 2009).

THE GEITHNER PLANS -on Feb. 10, Mr. Geither presented the rough outlines of the Obama administration's plan. A central piece of the proposal would create one or more so-called bad banks that would rely on taxpayer and private money to purchase and hold banks' bad assets. Another centerpiece of the plan would stretch the last $350 billion that the Treasury has for the bailout by relying on the Federal Reserve's ability to create money, in effect, out of thin air. The Fed's money will enable the government to become involved in the management of markets and banks in ways not seen since the Great Depression. In the credit markets, for instance, the administration and the Fed are proposing to expand a lending program that would spend as much as $1 trillion to make up for the $1.2 trillion decline between 2006 and last year in the issuance of securities backed primarily by consumer loans. The plan's third major component would give banks new helpings of capital with which to lend. Banks that receive new government assistance will have to cut the salaries and perks of their executives and sharply limit dividends and corporate acquisitions. They will also have to make public more information about their lending practices. A Treasury fact sheet said that banks would have to state monthly how many new loans they make, but stopped short of ordering banks to issue new loans or requiring them to account in detail for the federal money.

In addition, Obama officials were preparing a $50 billion initiative to enable millions of homeowners facing imminent foreclosure to renegotiate the terms of their mortgages (England, 2009).

The initial assessment of Mr. Geithner's plan from the markets, lawmakers and economists was brutally…… [Read More]

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Management and Decision Sciences From Essay

Words: 25680 Length: 90 Pages Document Type: Essay Paper #: 55501983

76). As automation increasingly assumes the more mundane and routine aspects of work of all types, Drucker was visionary in his assessment of how decisions would be made in the years to come. "In the future," said Drucker, "it was possible that all employment would be managerial in nature, and we would then have progressed from a society of labor to a society of management" (Witzel, p. 76). The first tasks of the manager, then, are to coordinate an organization's resources and provide a viable framework in which they can be used to produce goods and services effectively and efficiently. The second set of tasks concern guidance and control. In Drucker's view, this role is almost entirely proactive: "Economic forces set limits to what a manager can do. They create opportunities for management's action. But they do not by themselves dictate what a business is or what it does" (Drucker, 1974, p. 88).

In a well-known statement, Drucker added that assigns to managers the primary role not only for creating the enterprise but also for creating its markets: "There is only one valid definition of business purpose: to create a customer. Markets are not created by God, nature or economic forces, but by the people who manage a business. The want a business satisfies may have been felt by customers & #8230;but it remained a potential want until business people converted it into effective action. Only then are there customers and a market" (Drucker, 1974, p. 89).

Drucker established that management is legitimate field of endeavor that had not existed previously. It is neither an art nor a science, but a profession, akin to medicine or law, and one that is even more complicated. What is management? As he said again and again, it is about people: "Management's task is to make people capable of joint performance, to make their strengths effective and weaknesses irrelevant." Management defines and communicates common goals and values, by creating the right organizational structure and providing…… [Read More]

References:
Alvir, H.P. (1975). Planning modules through matrix analysis. Albany, NY: New York State

Education Department.
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Planning Decision Making Planning and Decision Making Essay

Words: 2591 Length: 8 Pages Document Type: Essay Paper #: 42952579

Planning Decision Making

Planning and decision making are two main and fundamental processes of an organization. Planning is one of the main factors with the help of which an organization can determine where it wants to be in the future. It is planning with the help of which an organization can determine as to what can be done in order to accomplish the mission and aims that an organization has. One of the basics that are followed during planning includes achievement of the objectives that the organization has. In order to have better planning, there are four main facts that are needed to be kept in mind by the planners in the organizations. These include mission, values, resources, as well as the environment of the organization as these are the four main facts that help in having better planning within the organization.

Decision making is the second important foundation of success for an organization. Previously it was thought that planning was the only fundamental part involved in the success of an organization. In the case of decision making, it was thought that it was just related to the managerial functions being run in the organizations. However, these days, when the importance of decision making has been realized, it has been given the same importance as that of planning. Decision making is an important function and responsibility of being a manager within the organization. There are many decisions that are made by the managers on the daily basis. The decisions may be smaller and they may be bigger. The success of the organization in the end depends on the effectiveness with which the managers make the decisions. Decision making is a process itself. Thereby, it is important that the processes, problems and issues are identified and a decision is made based on these problems. There are two main components of the decision making process and these include a judgment. It is defined as a process that is used for evaluation of all alternatives. The second important component of decision making is known as a choice. In these cases, the choice has been defined as the process that helps in the selection of an alternative for implementation and decision making (Sinofsky, and Iansiti, 2009, p. 56).

There are a number of studies that have been conducted in order to study the importance of planning and…… [Read More]

Bibliography:
Beecher, J.A. (1996). Avoided cost: an essential concept for integrated resource planning. Water resources update (104).

Boutilier, C., Dean, T., and Hanks, S. (1999). Decision-Theoretic Planning: Structural Assumption and Computational Leverage. Journal of Articial Intelligence Research 11 (1999)1-94.
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Game Theory Is a Separate Essay

Words: 1953 Length: 6 Pages Document Type: Essay Paper #: 80796955



An infinite number of Nash equilibria exist. Given any request, the corresponding strategy of the equilibrium pair simply requests the remainder of the cake. If the first person did not request the entire cake for him or herself, there is a strict Nash equilibrium. If the first player did request the whole cake, the equilibrium is not a strict Nash equilibrium. However, if player 2 makes any nonzero demand, he or she will still receive the same amount, nothing, because any nonzero demand will push the total sum of demands greater than the amount of cake available. If both players act to maximize expected utility, each should demand half. Intuitively, this appears not only as the rational thing to do but also as the "fair" thing to do.

Lastly, a game can be devised where there is cooperation with incomplete information. This entails considering how different players should compromise and how a single player should compromise between the goals of his or her true type and the goals of his or her other possible types, to maintain an inscrutable facade in negotiations.

The above noted the actual examples of types of games. A more important question is how they can be used to an advantage. Business, for example, are using it to determine how competitors will act. Managers frequently play games both within and outside the firm with competitors as well as customers and regulators. Learning more about game theory can enhance an individual's ability to think strategically in complex, interactive environments.

It is hoped that with such models of social interactions will further not detract from communication and that successful players learn to synchronize their moves with the actions of others. People caught up in conflict can reconceptualize the situation to relieve tension. Anxious participants mentally alter the numbers so that they are in effect responding to a matrix different from the one they were given. In the prisoner's dilemma, for example, there could…… [Read More]

References:
Kuhn, H.W. (1997) Classics in Game Theory. Princeton: Princeton University Press.

Myerson, R.B. (1991) Game Theory.