Business decision making - Assignment Example

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The factors that influence the decision making of the individuals in your group are satisfaction of the decision made, values of the decision maker and the group and heuristics approach to decision making.
It is very common in my group that when my peers are faced with a…
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Teacher What factors influence the decision making of the individuals in your group? The factors that influence the decision making of the individuals in your group are satisfaction of the decision made, values of the decision maker and the group and heuristics approach to decision making.
It is very common in my group that when my peers are faced with a dilemma that requires choices between variables of the options available, they would choose the one that they feel good about. The decision that they usually feel good about are those satisfies them. This kind of decision making is often used in choosing the kind of relationship that they would be in. For example, a guy in my group would go for a girl or select a girlfriend based on personal satisfaction that he likes or loves her. This decision is based solely on the personal satisfaction of the individual without consideration of outside factors such as parents, teachers or even friends. That even if such outside factor will discourage or disagree with such decision, individuals in my group would still decide based on their own personal satisfaction.
The individuals of my group also considers their values and the values of the group in decision making. Often, when they are not sure what to do or which option to decide upon, they would use their own value or ethical system as a moral guide to arrive at a “correct” decision. The decision process also involves the consideration of the value system of the larger group. This consideration of the value system of the larger group is to maintain the harmony and good relationship of individuals in the group. For example, when there are two members of the group who are involved in conflict, individuals in my group would do the “right thing” of not blaming who is wrong between the two. That instead of blaming or ostracizing the one who is wrong, individuals in my group would instead mediate so that the friendship and harmony of the group will remain intact. There will be people in my group who would talk to each conflicting party with the end of resolving the issue so that our friendship will remain strong and will not be affected by the conflict.
Individuals in my group are no different from the other groups when they approach decision making in complex situation where not all information are available. They tend to rely on proven solution based on their experience and knowledge and would ignore other options or alternative that could be feasible but not tested by their experience. This is called heuristics in decision making where individuals will just focus on an aspect of a problem which they know based on experience and knowledge while ignoring other options (Lewis 2008). This choice may not be logical or the most feasible but this is the choice or decision that the individuals in my group is most familiar with. This decision could also be wrong but individuals in my group would take it as part of learning process in making good decisions.
Lewis, Alan (17 April 2008). The Cambridge Handbook of Psychology and Economic Behaviour. Cambridge University Press. p. 43. ISBN 978-0-521-85665-2. Read More
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