Write a 700- to 1,050-word paper on decision making. In your paper, include the following: Explain the rational decision-making model. Discuss dealing with biases and errors in decision making.
Write a 700- to 1,050-word paper on decision making
Write a 700- to 1,050-word paper on decision making. In your paper, include the following:
Explain the rational decision-making model.
Discuss dealing with biases and errors in decision making.
Analyze how individual differences and organizational constraints affect decision making.
Identify ethical considerations in decision making.
Provide examples to support your points in the paper.
Include at least two peer-reviewed references from the University Library.
Format your paper consistent with APA guidelines.
Business people are faced with decision making every day. Intuitive and rational decision making are the two ways that an individual can approach problem solving. Some people are very aware of feelings or instincts and use them as guides to decision making. These types of feelings are instinctive and rely on intuition and not facts. In fact, intuition is the ability to have a grasp on a situation or information without the need for reasoning. In business, people use this type of decision making when facts are unavailable or when decisions are difficult in nature.
The second, opposing type of decision making is called rational decision making, which is when individuals use analysis, facts and a step-by-step process to come to a decision. Rational decision making is a precise, analytical process that companies use to come up with a fact-based decision. Let’s take a look at how the rational decision-making process can work in an organizational environment.
Violet Jones is a manager at the Intestinal Distress Tacos fast food restaurant. She is under enormous pressure from headquarters to increase her monthly profits. Violet is not sure what the solution is for her financial dilemma. She has to decide to use the rational decision-making model to determine the best path for a solution. To do this, Violet must follow these six steps:
- Firstly, Define the problem.
- Secondly, Identify the decision criteria.
- Thirdly, Allocate weights to the criteria.
- Fourthly, Develop the alternatives.
- Further, Evaluate the alternatives.
- Additionally, Select the best alternative.
Let’s take a look at the process Violet used to determine how to increase company profits for her store…..