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There are several steps in the decision making process: recognize a problem or opportunity, diagnosis, develop alternatives, selection of desired alternative, implementation of chosen alternative, and evaluation. Of these, Don Anglos has currently recognized the opportunity, and the company has undertaken at least part of a diagnosis. There are only two alternatives on the table right now, partly because the diagnosis has not been fully constructed. There has been no selection of alternative nor any of the subsequent steps either.
The diagnosis should analyze the underlying causal factors of the opportunity. The opportunity is said to arise more because a competitor is seeking to acquire Hoilman, but there are other factors as well. Anglos is recognizing that his company is in a mature industry, and believes that the company needs a competitive advantage in order to have a pathway forward to growth, so the slow growth at Pinnacle…… [Read More]
Decision Making Process
The strategies used in making good decisions involve the use of a "step system" designed to maximize the efficacy of the process. Indeed, the very success or failure of any given decision largely rests upon the building blocks leading up to one's final conclusion. Although many people rely on so called "gut feelings" when they come to most of the decisions that govern their daily lives, by applying a more logical and systematic approach the reliability and quality of any decision can be greatly improved. This is especially true in high-stress work environments.
One excellent method that has impacted my personal and professional decision making strategy in a positive way includes four key points. Namely, these points consist of the stages known as "exploring," "assessing," "testing," and finally (and perhaps most importantly), "learning."
The first step in coming to a good decision involves exploring the situation or…… [Read More]
decision-making processes prevalent organization. As a Learning Team, collate, compare, contrast findings individual team members. Mary Kay Cosmetics
Decision-making at Mary Kay
Mary Kay is a cosmetics company that has always focused on using door-to-door and home-based salespersons to showcase its products to the public. These salespersons were once almost exclusively drawn from a pool of women, typically mothers with school-aged children seeking part-time work. The organization teaches sales consultants what types of motivational strategies can encourage sales, and also hosts conventions for salespersons wishing to sharpen their skills. The company offers highly-promoted rewards for top sellers and other types of bonuses as part of its public relations campaigns. The company, in contrast to some other sales-based organizations, tries to create a sense of community through its approach to educating, motivating, and rewarding its sales staff. The focus upon pink and ultra-feminine images, such as its famous pink rewards cars…… [Read More]
Dropping the Atomic Bomb on Hiroshima and Nagasaki is certainly one of the most controversial moments in the history of warfare. Many perceived that as an episode emphasizing the lengths that man is willing to go in order to achieve his goals. In contrast, others considered that it was the most effective action that the U.S. could take in order to demonstrate that warfare had reached a point where the stakes were too high for someone to continue to support it. Chapter 13 in James west Davidson and Mark Hamilton Lytle's "The Art of Historical Detention" provides an in-depth look at the steps leading up to the Hiroshima and Nagasaki bombings and the decision making involved in the event.
The expression "Truman dropped the atom bomb in order to win the war as quickly as possible" is, to many, sufficient reason for the act. On the one hand people are…… [Read More]
Consumer decision process leads to the embankment of marginal profits of any investment in a given market depending upon the level of awareness of a potential customer, brewing market trends and swirling expectations to meet certain demands. The phenomenon is also very important in hinging any level of comfort that a customer is seeking for and also in the rolling in of positive feedback. As a matter of fact, customers/consumers go through a spontaneous thought process to finally arrive at some narrowed down approach, making the choice worth taken, and at last taking it. There are numerous implications of consumer's behavior. Hence it's noticeably affirmative to a Marketer to identify the surging needs of the market and exercise the real repositioning with some level of satisfaction and criticality.
The uying Decision Process- Five Stage Model
Considering the general etiquette of a customer in leading to any final decision…… [Read More]
group decision-making process. Identify successful unsuccessful experience group decision making. Discuss factors affected group's effectiveness, drawing concepts readings. Please include headings sectional headings.
Group decision making
The decision making process is pivotal within any organized group and it influences the ultimate success of the overall entity. In modern day times, the organizational leaders no longer make and implement decisions top down, but engage their subalterns in the decision making process.
The group decision making process
The group decision making process is virtually understood as an organized effort in which various members of a group discuss a situation and make a mutually agreed upon decision. In a more professional formulation:
"Group decision making is a type of participatory process in which multiple individuals acting collectively, analyze problems or situations, consider and evaluate alternative courses of action, and select from among the alternatives a solution or solutions" (Barnett).
The primary advantage of…… [Read More]
Clinical Decision Making Process in Regards to Drug Therapy for the Elderly
The objective of this study is to examine how an undergraduate student nurse would use the clinical decision-making process in regards to drug therapy for the elderly. Included will be issues and considerations for clients from different cultural and indigenous groups. The nurse role is significantly involved in the preparation and administration of medications and therapeutic substances in elderly care.
Professional Legal and Ethical Implications of Medication Administration
It is reported that laws on administration of medication "vary from state to state." (Hauswirth, 2012) While doctors, physicians, physician assistants, nurse practitioners and nurses are "generally trained and authorized to administer medical, however, other medical disciplines are reported to be limited in administration of medications except in specific situations such as in residential care settings. It is also reported that the distribution of and access to medications that are…… [Read More]
Ethical Decision Making Process
The case study at hand involves a number of issues. The first and foremost is that of the treatment and counseling of an addict that refuses to admit that he has a problem that needs to be dealt with in order for him to not only lead a normal healthy life but also might have implications for his family life. Additionally, the patient involved refuses to keep up with AIDS clinic appointments, to which he had been declared HIV seropositive by the doctors at the hospital where he was initially admitted for alcohol-related trauma. In such a situation, counselors are faced with certain number of ethical dilemmas which present themselves during the psychological treatment of such patients. Although there are standards of practice and codes ethics defined by professional bodies such as the American Counseling Association (ACA) (ACA, 2005). Such professional bodies set forth a set…… [Read More]
Marketers should therefore be aware of the delicate balance between price and perceived value. The purchase decision and actual purchase also have interesting dynamics than can be used by marketers. Product availability may for example cause a discrepancy between the purchase and purchase decision.
The post-purchase evaluation is also an important stage, as this relates to consumer satisfaction or dissatisfaction and may once again lead to positive or negative word of mouth. The product or service provider should therefore ensure that marketing claims and actual customer experience correlate as closely as possible. Other elements that can influence post-purchase evaluation include post-purchase communication and warranties. If these are perceived to be of high quality and fulfill the expectations of promised value, the post-purchase evaluation will be positive.
Marketers should also take into account the various personal, psychological, and social factors that influence purchasing decisions. These integrate to influence purchasing decisions, and…… [Read More]
Ethical Decision Making Process
Underage Garment Workers Dodge Rules in Cambodia
The press has been waiting for three hours and Steve, the chief communications officer cannot wait any longer for fear of the press houses growing even larger. He knows keeping the press waiting long could be part of the story on top of the story already unfolding. He opens the door for Melanie and Cindy, both from Human Resources Management and they wait for Ben, the floor manager.
"We know the situation is not impressive, with the press right out there and the underage workers right behind us doing their jobs, this is a potential bomb on our reputation." Steve sighed. "I need to get words from you to communicate to the press right outside"
Melanie cuts him short as Ben walks in, "well we all know this happens in our company, we need to face it right away,…… [Read More]
Strategic Decision Making Process at Anheuser usch
This paper will take a look at the strategic decision-making process that made Anheuser usch "King of eers" and outline strategies needed to stay there. eer sales are under pressure, but Anheuser-usch executives are confident their products and marketing strategy will stimulate growth. A-, as the company is often called, has identified four critical marketing priorities: (1) although beer is America's favorite beverage with 58% of overall alcohol servings, Anheuser-usch will continue to improve the image and desirability of beer; (2) beer must be kept "fun and social;" (3) beer occasions must be grown and extended; (4) retail execution must continue to be improved. While the domestic beer company has increased tactical price promotions on a specific market, brand and package basis to reduce price premiums vs. competition, company executives confirmed that the company's long-term pricing strategy continues to target increases at or…… [Read More]
To respond to the newly emerged policies and become responsible entrepreneurs, corporate entities invest significant financial resources in replacing the older technologies and training their staff members how to be responsible employees and consumers. In this context then, a decision to purchase a cheaper technology would be replaced with a decision to purchase a more expensive technology, which eliminates less waste.
The International Monetary Fund promulgates numerous laws that regulate the international economics and politics of corporate action. Its primary aim is to set the currency exchange rates and offer a correlation between financial policies as to ease the international operations between partners and countries. "The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. It thus strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global…… [Read More]
The reasons for keeping top talent: Mission and vision of the company
"Delivering winning solutions that inspire worklife" is the stated mission of Office Depot. The centrality of acting as a facilitator of the success of others in the company's mission statement is why it is so critical that Office Depot employees understand the needs of customers. Inspiration and winning are important values of the company, not simply making work 'happen.' The company stresses the need to take the everyday nature of the customer's workday to the 'next level' of success and excellence.
Growth of the company and succession
At present, Office Depot an international purveyor of office supply products: its outreach extends as far as the Czech epublic and Japan. The company was incorporated in 1986 and it sells its products through retail stores, as well as online and directly to other enterprises. In 2009, Office Depot sold $12.1…… [Read More]
Consumer Decision-Making Processes
The holiday season is upon us again, and it is the biggest season of the year for retailers. American consumers will buy an average of around $700 on goods and services related to the holidays, which equates to the range of $224 billion. Analysts further break down the market between those who are of relatively limited financial means and just try to survive the holidays, and those who spend $978 on average (PWC, 2014). But how do consumers go about making their purchase decisions? Whether rich or poor, or what holidays a person might celebrate, there are some basic fundamental principles in the consumer buying decision making process that can help marketers to make the best decisions possible.
The Consumer Decision-Making Process
There are five basic elements to the consumer decision-making process: problem recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior (Consumer Factor, 2015). Each…… [Read More]
There are a number of environmental factors that go into the decision of not only what wireless provider a customer uses, but what type of plan they will buy. The major external factor is the technology at the heart of wireless. apid new product cycles are driving wireless sales, and they can also encourage consumers to buy for specific time frames. Further, the development of technology is such that it will dictate the data needs in particular of customers -- the smartphone has created a tremendous shift in demand for wireless companies. The regulatory environment is also a factor. Telecommunications is heavily regulated, and this will dictate things like the packages and pricing, bandwidth availability and mergers, all factors that contribute to the ways that the company can package products for consumers and influence their decision-making.
Consumers are also influenced by their friends and their families.…… [Read More]
ehavioral Finance and Human Interaction a Study of the Decision-Making
Processes Impacting Financial Markets
Understanding the Stock Market
Contrasting Financial Theories
Flaws of the Efficient Market Hypothesis
Financial ubbles and Chaos
The stock market's dominant theory, the efficient market hypothesis (EMH) has been greatly criticized recently for its failure to account for human errors, heuristic bias, use of misinformation, psychological tendencies, in determining future expected performance and obtainable profits.
Existing evidence indicates that past confidence in the EMH may have been misdirected, as the theory's models do not show a thorough understanding of trading operations in a realistic light.
Researchers have suggested that a variety of anomalies and inconsistent historical results demand that traditional financial theories, namely the EMH, be reconstructed to include human interaction as a key decision-making process that directly affects the performance of financial markets.
This research paper aims to determine whether or not there is a…… [Read More]
Barnes and Noble Inc. is one of the most successful bookstores in the world. The company operates throughout the United States and boasts roomy inviting stores. In addition to books, the company also sells DVDs and music. The company operates both brick and mortar stores and it is also the largest internet bookstore. Furthermore, Barnes & Noble, Inc. is a Fortune 500 company and the largest bookseller in the world. In addition, "The company is a leading content, commerce and technology company that provides customers easy and convenient access to books, magazines, newspapers and other content across its multi-channel distribution platform. As of January 29, 2011, the company operates 705 retail bookstores in regional shopping malls, major strip centers and freestanding locations in 50 states, and 636 college bookstores serving nearly 4 million students and faculty members at colleges and universities across the United States (For Investors)." The…… [Read More]
Not even the most brilliant, ethical, and rational person has the ability to research every conceivable implication and alternative before making every decision in life.
Group decision-making is another method of decision-making, where the decision is often arrived at by consensus or committee, such as coming to a decision as to where to take a family vacation. The decision is often time-consuming, because ideally it must please everyone, although quite often no one is fully pleased (Petress, 2002). Multiple levels of irrationality are injected into the process, even if the 'team leader' (the parents who are paying for the vacation) have the final veto. To make the group decision-making process more efficient, often a vote is taken at the end of the discussion if the effort is supposed to be democratic. It can be superior to individual decision-making in that individuals can point out when group members are being irrational,…… [Read More]
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.
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…… [Read More]
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…… [Read More]
he managers should also develop plans that refer to the human resources that must be included in their projects. his is because these projects usually require that certain experts are hired and involved in the project team. he effects of the projects must be carefully evaluated and presented to Childs.
3. hese projects are likely to provide important effects for the company, but they also require important resources. herefore, it is recommended that Childs takes these projects into consideration by allocating different levels of financial resources to their managers. However, the most important sum should be allocated to yler's project. his is because increasing the efficiency of the company's production flow is able to provide important effects on medium term and on long-term. his could help the company significantly improve its position on the market.
he project developed by Julie should also benefit from certain resources. his is because the…… [Read More]
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…… [Read More]
The brainstorming approach: The Grubb & Ellis Company
In contrast to the City of Miami, the Grubb & Ellis Company, a commercial real estate advisory firm, uses the 'brainstorming' method of decision-making. A creative business such as Grubb & Ellis clearly believes it benefits from a decision-making model that encourages a 'free for all' of information. In this model, individuals write down, collectively or individually, every idea that comes to mind, good or bad. No censorship is allowed. Quite often, unique and off-beat solutions are generated through this method, and sometimes even the 'craziest' ideas can germinate practical solutions.
The only problem with the brainstorming model is that because it is so democratic, the organization can get bogged down debating an array of available alternatives, when a quick decision is required. Eventually, a solution must be arrived at, and the organization may find itself forced to shift to a more…… [Read More]
The most general critical thinking strategy involves the following steps, outlined by Cohen et al. (2000). First, we propose certain statements or hypotheses. For example, I have written down my thoughts at this stage in the decision-making process if I have too many ideas. Second, we need to think of or actively solicit counter-arguments. We need alternative explanations for our observations. So in my situation, I need to brainstorm all the possibilities for a discrepancy in pharmaceutical inventory. My hunch might seem outlandish to another person and vice-versa. Only when all ideas are on the table can the project proceed in a rational, systematic manner. The third step in the Cohen et al. (2000) model is to modify the original hypotheses to take the additional information into account.
According to Paul & Elder (2002), irrational decision-making is simply a "bad habit" (146). We can unlearn this bad habit by practicing…… [Read More]
Approaches in decision making
Decision-making forms a very significant component of success at work, at the same time it can be the cause of failure if the conditions are wrong and if those involved are not on the same page. Confusion with regard to decision-making can cause conflict to teams, supervisors, managers, and team leaders. There are various decision-making approaches that can be adopted depending on the situations, these include: consensus, majority vote, minority (subcommittee), expert, authority with discussion, and authority without discussion (Eisenfuhr, 2011). This will describe the 'consensus' and 'expert' approaches of decision-making with respect to the scenario selected.
In the consensus or group decision-making approach, the manager becomes part of the team and involves everyone who is willing and ready to contribute in the decision-making process. The fact that the word consensus is used does not signify that all those involved fully agree with whatever decision…… [Read More]
As in any merger, the organization would have to deal with human resource issues (because the verification process was double-performed, one of the two teams needs to be reapplied within the organization), financial issues, etc.
The third option would be to create a sole compartment to deal with the verification process, a compartment that would employ human resource from both the ECFMG and the EICS. This compartment would deal only with the verification and would have several advantages. First of all, it would eliminate the original problem we had to deal with and, second of all, it would probably increase the efficiency of the compartment, with more employees and a better coordination.
In making the decision, we need to choose between deciding by majority rule and consensus building. In my opinion, in this particular case, it is best to build the appropriate consensus with all party involved. For additional information…… [Read More]
Facilitators Team, 12-06-02. Decision Making Model, The Team Handbook, pp.4-20 -- 4-25. Retrieved 9-16-05, from Facilitators Team. http://www.lib.umd.edu/groups/learning/Decision-MakingModel.pdf
Roberts, Rick, unknown. 7-Step Decision-Making Model. Retrieved 9-16-05, from University of North Florida.… [Read More]
402). Moreover, Daly and ee (2006) suggest that the probability proportionate to size method is particularly useful for sampling educational institutions for ensuring that a representative sampling is achieved. Therefore, Ms. Smith would assign larger colleges with higher enrollment rates a greater chance of being selected for her visits and correspondingly lower chances to smaller colleges with lower enrollments. In order to reduce the uncertainty involved and maximize the chances of each student having an equal opportunity of being selected for interview, this step is achieved by adjusting the probability of selecting a college during the initial stages of college selection based on the proportion of all students in the general population who are enrolled at the college. As a result, a college that had 40,000 students enrolled in its computer science program would be 100 times more likely to be selected by Ms. Smith than a smaller college with…… [Read More]
Collaborative Decision Making Through Share Governance
I attended a committee meeting at a local school. The committee was formed in order to come up with a proposal on how they could improve the performance of the school. Those who attended the meeting were supposed to see to it that they come up with a proposal on how the performance of the students could be improved. I was quite keen on how the committee members interacted and the process the committee used to arrive at their decisions.
I observed that the committee used both managerial level and group levels in the decision making process. First of all I observe that there were proposals from the management that were forwarded to the committee members. The management of the school had come up with their own measures that would be taken to ensure that the performance of the school would be improved. This…… [Read More]
Administrative model is defined as "a decision-making model that describes how managers actually make decisions in situations characterized by nonprogrammed decisions, uncertainty, and ambiguity" (Daft 1999, p. 284). This approach to decision-making recognizes that not all decisions are able to be considered and judged based on quantitative methods. While it may be preferred that decisions be made by a process where the outcomes are known and can be compared, it is not always possible to know the outcomes. For these types of decisions, a new kind of model is needed that takes into account the uncertainty. This model is the administrative model.
Herbert A. Simon is the founder of the administrative model. He considered the economic model of decision-making and noted that one major element was missing. This element was the human element. Taking the human element into consideration, Simon rejected the idea that people make decisions based on rational…… [Read More]
eview of Making a Business Decision
Decision making is an unavoidable part of business. Smaller decisions where there is a lower perceived cost associated with making the wrong decision are psychologically easer compared to important decisions where a wrong choice could incur high costs. A recent example of a decision involved selecting an employee for an internal promotion. The position of team leader had become available for one of following the resignation of the incumbent team leader. The position was important for the team, and the department, as the team leader is key in managing the team from a practical perspective and ensuring that targets for the team would be met, as well as playing an important motivational role. The performance of the department was reliant on performance of each team, so the appointment was also important for the department I managed. The decision was important from the perspective…… [Read More]
As the general contractor of a medium size, one of the most important decision points in construction is a go no-go decision. Go no-go decisions have become common in the modern construction industry because of the changing marketplace that has in turn generated complex procurement choices. In light of the changing marketplace in the construction industry, construction companies face new challenges in identifying the most suitable project proposals to adopt and develop vetting measures that help in making the appropriate go no-go decision (Illia & ubin, 2014). Despite the complexities of such decisions, go no-go decisions remain very crucial choices in this sector because of their significance in weighing costs for the most appropriate project fit.
Contractors need to conduct a go no-go analysis in order to determine the best project fit depending on project specifications and needs. The analysis helps in several aspects including serving as a process…… [Read More]
Memo on a Ethical Analysis
____ (due date)
Decision making by a Healthcare Leader in case of an Ethical Dilemma
in an interview of my health care administrator of the long care health facility where I work, I asked, "How do you make a wise decision in a situation relating to an ethical dilemma?"
Description of the Answer
It seemed like my question took the administrator by surprise perhaps he did not expect such a question when I requested for an interview. However, he looked composed and amused by my question. Confidently and leaning a little bit forward and supporting his hands on his desk, he responded. He first pointed out the numerous occasions when ethical dilemmas were evident in his health care administration career at the health facility. He said that he learnt over time through many experiences and a little consultation and…… [Read More]
MAU Models, explain the similarities and differences between the concepts you learned in multiple-criteria decisions and using a MAU model.
The similarities and differences are that multiple-criteria decisions and MAU model allow for criteria to be examined an analyzed by assessing their impact on a decision. But with MAU model, the impact of "Pareto dominance" becomes a factor and specific criteria can be selected or dismissed based on the needs analysis of the particular decision that needs to be made. What is obtained becomes the "Pareto efficient," which makes the possibility of analysis that much simpler (Lecture Notes, 2016). The subjective process is also involved in this decision making process and therefore needs to be examined in as objective a manner as possible.
The lecture discusses four reasons why decisions are hard. For each of the reasons, explain a personal experience you have had making a decision related to the…… [Read More]
Assessing a Decision Based on Edward de Bono's Six Thinking Hats Technique
In the book Six Thinking Hats Edward de Bono describes the process of parallel thinking. This process means looking at problems from all angles at once. Edward de Bono uses the example of four people all looking at the same house. One person is looking at the front. Another is looking at the back. The other is looking at the left side. The final person is looking at the right side. These people are all arguing about what the house looks like, while each has a different view of the house. The fact is that what everyone is seeing is part of what the house looks like. But as long as they are all only seeing one side, they will never agree. They will also never really understand what the entire house looks like. The four people…… [Read More]
Decision Making with Providers
The scenario facing Mike, the lab technician, is that of lateness, which attracted a reprimand from his supervisor. Seemingly, lateness had become a trend to Mike while reporting to work and that is why the supervisor had questioned him. He had made a promise that he would be punctual, the last time his supervisor questioned him. Mike's promise pegged on the importance he attached to his job because he was the sole breadwinner for his wife and newborn baby. Mike was overwhelmed by the thought that his job would be terminated in the possible reoccurrence of his tendencies to come to the workplace while late. He had received the assurance his supervisor (Grand Canyon University, n.d.).
On this day, Mike tries his best to reach work on time. Therefore, he leaves home twenty minutes before time but unfortunately, there was an accident on his commute. Although…… [Read More]
In the case of Kava island issue, we shall reach the decision in the following manner.
White Hat / Hat #1:
This is where a person needs to consider all the available data on the issue at hand. For example we know that Kava is a land of richness. It is a place with multiple possibilities because it has a sizeable young population, is rich in petroleum, coffee, sugar and other such important items. It has people from diverse backgrounds who add to the richness of its culture and almost 15 languages are spoken in this area. But at the same time, the country is plagued with numerous problems including ever-increasing cases of HIV.
Red Hat / Hat #2:
This is where a person needs to focus on intuition. Intuitively for example we can say that Kava can be seen as a great tourist destination if developed properly. Nik's firm…… [Read More]
Decision Making Model
Decision making is defined as the cognitive process of selecting a course of action from among multiple alternatives (Wikipedia, 2004). Effective decision making, however, is contingent on an individual or group's ability to select the course of action, which is most likely to result in goal or task accomplishment. In the business world, this is easier said than done since most decisions involve taking into consideration a myriad number of variables such as environmental factors, competitive activities, customer needs, internal goals and organizational constraints. Therefore, most organizations deem it advisable to use decision making support systems or models, which have been developed specifically to assist in the through analysis and evaluation of various alternative courses of action.
One such model is the Force Field Analysis. It is the objective of this paper to describe how the Force Field Analysis model helps weigh the pros and cons of…… [Read More]
decision making tool.
Forced Field Analysis: a decision making tool
In business applications, health care, or private life there arise many occasions when one is faced with making a major decision. Although many individuals face such instances with their wits alone, relying on his or her "gut feelings" to assist them in their quandary, many find that such an unscientific approach can lead them to the wrong action. Indeed, when one lacks a basic "tool" approach to decision making, the odds of coming to the correct or workable solution is significantly reduced in most circumstances. Having a method such as the "Forced Field Analysis" tool is extremely useful.
In simple terms, Forced Field Analysis involves identifying, compiling a list concerning, discussing and evaluating the possible "forces" in favor of as well as against a possible change or decision. In essence, the technique helps the decision maker see the true context…… [Read More]
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. hile 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,…… [Read More]
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…… [Read More]
For each cell, decide which of the two options is more important. Write down the letter of the more important option in the cell, and score the difference in importance from 0 (no difference) to 3 (major difference).
5. Finally, consolidate and sum the results by adding up the total of all the values for each of the options; and then convert these values into a percentage of the total score.
As a simple example, a business is looking at several ways to expand its market share. In doing so, it comes with the following options as shown below:
1. Use electronic commerce for serving customers
Expand business in home markets
3. Improve customer satisfaction
4. Improve the quality of service
Firstly the manager draws up the Paired Comparison Analysis table in Figure 1:
Figure 1: Example Paired Comparison Analysis Table (not filled in):
Use electronic commerce (a)
Expand into…… [Read More]
Organizational Design and Development
In the criminal justice organization, the decision making process is very important. It is also extremely hierarchical in nature, because it requires that people in all levels follow the chain of command for their particular department or other entity. In other words, a police cadet who is on the lowest rung of the advancement ladder would have a number of people above him or her, from which he or she would be required to take orders. Additionally, if there are organizations that have jurisdiction over the criminal justice organization in which that cadet works, he or she would also be required and expected to take orders from those individuals, as well. That is highly significant, and well worth noting, because a failure to understand how the organizational design and development of a criminal justice organization actually works can mean a lack of true respect for a…… [Read More]
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…… [Read More]
The recency effect: most manager at times have an overreliance on the most readily available information to make decisions, it commonly occurs when carrying out annual performance evaluations of employees where recent performance of the employees plays a major role than accomplishments that have taken place in the earlier periods of review, this has an adverse effect has it may lead to the deviation of the set desired goals. (John k.bochardt 2010)
Anchoring bias: in most cases the price tags on products often if not always affect the purchasing negations between consumers and retailers, and most of the time consumer's end up paying higher prices for the product than necessary. This notion that sometimes leads us to allow initial reference point to distort our estimates is what professor oberto refers to anchoring bias.
From a marketing point-of-view anchoring bias can come about when negotiating the renewal of a contract with…… [Read More]
" (Kinnunen, 2004) the work of Kaplan and Schroar (2003) states findings that the past performance is highly relative to capitals flows to private equity funds.
The work of Mishra, Kemmerer, and Shenoy entitled: "Managing Venture Capital Investment Decisions: A Knowledge-ased Approach" relates the building of a causal map of the investment decision through use of interviewing venture capitalists and then converting this information into a "causal ayes net" which are stated to be "especially suited for domains characterized by a high degree of uncertainty." (Mishra, Kemmerer, and Shenoy, 2001) This technique has also been utilized in developing artificial intelligence and even used "in medical diagnosis, modeling portfolio risk and return, and new product development..." And are based on "probability theory." (Mishra, Kemmerer, and Shenoy, 2001) This method is reported to be one that increases the likelihood of gaining an understanding of the decision-making process of Venture Capitalists (VCs) and…… [Read More]
To batter understand the mechanisms of decision making and purchase behavior within an adoptive family take the case of a nuclear family, formed from a 48 years old mother, a 51 years old father and an adopted 15 years old son. The mother is a clinical psychologist and the father is currently an out of work electrician. In this particular case:
big ticket purchases are generally decided by the mother, since she is the sole provider of the family; the father is charged with the family vacations food and toiletries are purchased on individual preference basically because the mother does not have enough time to cook group decisions are made in regard to the places where to dine out or electronic appliances to be purchased for the home the child's power of influence is revealed by his capability to research certain products and provide his mother with the required information…… [Read More]
Moreover, the simulation also made available several branching and interdependent decision pathways. The simulations presented in the beginning pertinent background information and then subsequent screens presented at least three decision choices. Based on the selection, a new screen presented the client's response. The process ended when the students reached the end of a decision pathway. The simulation also took into account that many counseling situations do not have right or correct answers, and may be ambiguous. The realistic choices offered, were meant to encourage students to engage in critical thinking. Moreover, situations were also designed so that more than one ethical code would apply to each situation. But when students chose a decision pathway, the responses were true to life. After making the decision, the students had to confront with the typical consequences of their decisions. Ethical decisions required that students determined the relevant sections of the various ethical codes…… [Read More]
Decision making and problem solving in companies are probably the most important processes in any business. These processes ensure that companies run smoothly and effectively. There are a variety of decision-making and problem-solving processes that ensure the effectiveness of business processes. Often, these are chosen on the basis of their effectiveness in the particular business setting involved. The automotive industry, for example, would not function on the same decision-making process as a childcare business. Particularly, problem identification relate to various problem-solving styles, including the morphological approach, the Kepner-Tregoe approach, inventive problem solving, constraints thinking, the collective-participative style, and the fairness approach. These will be related to five types of businesses, including an automotive business, a restaurant, an electronics business, a DVD store, and a preschool,
The first important step in problem solving is problem identification (Reference for Business, 2010). All five businesses investigated have a problem identification process in…… [Read More]
Decision Making in the Face of Downsizing and Acquisitions
In the period of financial instability that has defined the last decade, labor realities have been unpredictable at best and downright cruel at worst. Downsizing and Acquisitions have become two of the watchwords for employee insecurity, signaling the often shifting needs of corporations either struggling for survival or seizing growth opportunities. For those with the unenviable task of decision-making in the face of these realities, an array of data, factors and approaches will enter into the ultimate process of laying off employees and bolstering the morale of those who will be retained. The discussion hereafter considers many of the conditions that drive this decision-making process and that shape its consequences.
It should universally be the case that financial imperatives provide the information from which decisions will be made. Downsizing is rarely engaged without an economic pressure or…… [Read More]
Organization Decision Making
Within an organization, there have to be many changes taking place at all times, without which the organization may stagnate and start to decline. These changes would have to be organization-wide, rather than small changes like changing the program, adding a new person, and so on. Some examples of organization-wide change are a change in the mission of the company, or a restructuring of operations, or maybe an addition of a new technology, or a merger, etc. In general organizational change is provoked by a need for accomplishing some preconceived goal, or it is caused by some outside force like for example, a need for cutting costs within the organization, or a need to increase declining productivity. Although it is a fact that organization wide change is difficult to accomplish, primarily for the reason that many people are afraid of change of any kind, even though it…… [Read More]
hen searching for ideas use imagination and stimulate that imagination by brain-storming with others and reading the latest publications on the topic -- remember that approaches for difficult issue are always changing. Ten years ago, antidepressants were prescribed almost automatically for depression, now the use of such medication and their side effects, especially in teens, is under scrutiny.
Step 6: Evaluate the evidence
Sometimes writing things down can be helpful. hen contemplating different strategies of approaching the topic, charting and rating evaluations of the tentative solutions provides clarity. Viewing any data and studies side-by-side can be useful as well. Compare and test these solutions in a series of hypothetical scenarios before trying them out in the real world.
Step 7: Make the educated guess (hypothesis)
After reviewing the evidence, boil down the client's situation into a general statement. Make an educated guess about what is the core problem; choose the…… [Read More]
consumer behavior models: decision making model, Maslow's hierarchy, Freudian Theory, Non- Freudian theory, Trait theory, learning process.
eflect individually on how your understanding and interpretation of the consumer decision-making process might influence your thinking when applying marketing principles in future business roles.
According to Maslow's hierarchy of needs, all human beings are driven to fulfill certain needs and desires, but some needs are perceived as having priority over other needs. Until basic needs such as food and shelter are met, the individual cannot think about higher-level needs like social approval and self-actualization (Simmons et al. 1997). When consumers are making choices about what to buy and what not to buy, Maslow's hierarchy often seems to be operating in a clear and logical fashion. During a recession, most consumers cut back on luxury items designed to impress others, like restaurant meals and name-brand clothing. Consumers who are struggling with their budget…… [Read More]
Healthcare Budgetary Decision Making
With resources becoming increasingly limited in the healthcare industry, managers are continually challenged with devising effective strategies for dealing with budgetary concerns. The most prominent challenge comes in the form of decision making that results in striking a balance between cost reduction and the maintenance of high quality care and safety for patients. The following discussion outlines approaches that can be utilized by managers to effectively deal with budgetary concerns in healthcare settings, with an emphasis on the advantages of group decision making strategies.
It is evident that there is often a struggle in the healthcare industry for managers to continually and effectively manage depleting resources, address the ever-changing needs of patients, and all the while provide a high level of patient care (Sibbald et al., 2010). This struggle has at its core a need for improvement in regards to the processes in which priorities are…… [Read More]
Decision-making is a key part of what pilots have to do on a regular basis. It is paramount not only that pilots have the ability to make sound decisions, it is also important that they have the skills available to determine which choices are the most sound for any given situation. This essay is an attempt at explaining the process of decision making in pilots, as well as what can be done to make the process more fluid. In a hope to give clarity to the decision making process, how these skills are acquired as well as what can possibly improve one's ability to make better more sound decision making, was researched through the compilation of various writings of research concerning pilot's and the decision making process. It is important to be able to understand what facts play a key role in a pilot's ability to make sound decisions;…… [Read More]
Biases in Decision-Making
Biases refer to prejudices or favors of or against an object, group, or individual in comparison to another (Moule, 2009). This aspect is normally unfair in relation to making critical as well as effective judgment or decisions. On the other hand, unconscious biases refer to our natural people preferences. Unconscious biases also relate to the concept of hidden biases in the process of making unfair decision. Unconscious biases have massive influence on the underpinnings with reference to the decision-making process. It is critical for individuals to overcome unconscious biases in order to make valuable and fair decisions in accordance with relevant activities.
Discuss how biases can affect our decision-making during the hiring process
Biases have massive influence on our decision-making in the process of hiring new employees in the context of an organization. Biases influence our decision-making when hiring new employees in several ways. One of the…… [Read More]
Decision making in institutes have been depicted as a progression of conduct with the full amount of level-headedness at individual excessive, as well as absolute illogicality at the other excessive. The depiction entails that no more than illogical decision making brings about individual morals priority in excess of economic principles. There must be a way of finding some focal point amid these ends, as it is obvious that any of this set of values can be overlooked. Many a times, managers have been brazen out with the responsibility coming up with stern, objectionable, as well as obnoxious slashes of workers along with services in a speedy approach, for the reason that, in a way, they botched to pay attention to the earlier decisions as per economic values. In the same way, institutions have also been pushed to decision retracting as well as acting in a more confusing way…… [Read More]
What decision making model would you use to make this decision?
The rational decision making model would be the best choice in this instance. This model is particularly useful as it provides a systematic method of processing information. Many of the steps involved within the overall process involve judgment and foresight. In question 4 of the self test, the primary problem is centered on working an additional shift. The decision to work the additional shift lends itself well to the rational decision making model. First the model allows the development of alternatives, which can better aid management in its overall decision. Alternatives to working an additional shift would be to outsource labor, improve productivity through technology and so forth. Through the rational decision making model, these alternatives can be properly addressed while also outlining a means to arrive at the best possible decision. Management however, must guard itself on…… [Read More]
In the former approach, tradable goods, money or services are exchanged between buyers and sellers at a rate that is agreeable to all parties. This approach assumes both the buyers and sellers have enough money, services or goods to have their needs met. The latter approach, public provision, is when all is available to those on an as-needed basis.
The Pharmaceutical and Manufacturing Association warns that whenever there is government control of prices it only has a negative impact on those who are in need of being helped: 1) When funding for new medical technology, cures for diseases and research and development are diverted to more lucrative economic areas; 2) Incentives to enter the pharmaceutical industry decline; 3) More restrictions are placed on providers; 4) the quality of medical care suffers and 5) This leads to a rationing of care. Instead, the association says there has to be a healthcare…… [Read More]
Entrepreneurial Decision Making
Every human being makes decisions constantly, almost every waking minute of his or her day. The difference between decision making for one's own business enterprise, and the typical human decisions to be made, in general, is in the purpose and the process of decision-making in the former scope, especially in regards to meeting the goals that a said business entrepreneur has set out for himself or herself.
A perfect example of decision-making in a well-known company is that of Steve Jobs in creating the first iPod, a drastic new direction for the under-represented Apple Corporation. After losing a significant share of the market in the PC arena in the 1990s, Apple CEO Steve Jobs radically reshaped the future image of the Apple brand. His platform was not to compete in a technical battle, which was already flooded with competitors from all over the world, but rather decided…… [Read More]