StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Decision Modeling (Management Decision Models) 2 - Assignment Example

Comments (0) Cite this document
Summary
According to Munger, mental models are framed as latticework that individuals must come up with in order to solve some of the challenges that come up regularly (Munger & Kaufman, 2008). People who try to remember things they learnt and apply them directly are doomed to fail…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.3% of users find it useful
Decision Modeling (Management Decision Models) 2
Read TextPreview

Extract of sample "Decision Modeling (Management Decision Models) 2"

Decision Modeling (Management Decision Models) 2 Decision Modeling (Management Decision Models) 2 What Munger means by mental models
According to Munger, mental models are framed as latticework that individuals must come up with in order to solve some of the challenges that come up regularly (Munger & Kaufman, 2008). People who try to remember things they learnt and apply them directly are doomed to fail. Munger suggests that people should try and base their challenges on the different experiences/disciplines, and apply them depending on what the situation demands (Labitan, 2008).
Other key points discussed by Munger
The different techniques of handling situations and problems/challenges should be derived from the different disciplines that are present in the education system. Looking or preferring to deal or accept only one discipline may be detrimental to an individual’s worldly-wisdom (Munger & Kaufman, 2008). This is why he is against poetry professors who look at life from an unrealistic point of view. He considers them to be unwise, from a worldly point of view, which is a disastrous way to operate in the real world.
Why psychology is an ungodly important subject
Psychology may be the guide to understanding the manner in which things operate and function. According to Munger, it is impossible to be worldly-wise without psychology. When things happen around individuals, it is the role of psychology to help the individual identify this, and identify with the situation (Munger & Kaufman, 2008). If things are not happening, psychology also assists in enabling them to realize this, and adapt. Miscalculation can arise without the presence of psychology and this is why it is crucial to have it as a discipline in one’s arsenal (Mauboussin, 2013).
References
Labitan, B. (2008). The four filters invention of Warren Buffett and Charlie Munger. New York: Oxford University Press.
Mauboussin, M. J. (2013). More than you know: Finding financial wisdom in unconventional places. Columbia: Columbia University Press.
Munger, C. T., & Kaufman, P. D. (2008). Poor Charlie’s Almanack: The wit and wisdom of Charles T. Munger. New York: American Printing Press. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Decision Modeling (Management Decision Models) 2 Assignment”, n.d.)
Decision Modeling (Management Decision Models) 2 Assignment. Retrieved from https://studentshare.org/management/1622908-decision-modeling-management-decision-models-2
(Decision Modeling (Management Decision Models) 2 Assignment)
Decision Modeling (Management Decision Models) 2 Assignment. https://studentshare.org/management/1622908-decision-modeling-management-decision-models-2.
“Decision Modeling (Management Decision Models) 2 Assignment”, n.d. https://studentshare.org/management/1622908-decision-modeling-management-decision-models-2.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Decision Modeling (Management Decision Models) 2

Decision making models

.... These models have strengths and weaknesses, and they contrast in their mode of approaching issues and problems. They also differ in their application. According to the five step decision making model, managers make decisions on a daily basis, which impact on the company. Some of the decisions have straightforwardness such as the determination of subordinates to delegate duties. Though such a decision may seem straightforward, it requires the manager to have a satisfactory knowledge of his/her subordinates for effective and efficient delegation (Milkman, Chugh, & Bazerman, 2008). Other...
5 Pages(1250 words)Research Paper

Decision-Making Models

...is $36.70 2. The average labor cost per unit is $24.50 3. The average utilities cost per unit is $4.40 4. The average total cost per unit is $65.60 Part B The selling price that should be established, assuming the company wants an average markup of $20 on each unit sold is calculated as follows. $ Average total cost 65.60 Add: Markup 20.00 85.60 The results of the calculations indicate that in order to obtain an average markup on the cost of the product the company has to sell it for an average price of $85.60. Inventory Management Part A The amount of inventory that Company A needs to order can be determined with the use of economic order quantity (EOQ) model. According to...
22 Pages(5500 words)Math Problem

Decision making models

...?Decision making is one of the most- if not the most important of all managerial activities (Schultz et al 2004:163). However, decision making is notonly restricted to managers but is one of the primary responsibilities of all employees since the quality of decisions made directly affect their day to day operations, rewards and job satisfaction as well as the viability of the organisation as a whole. Against this background, this essay seeks to critically describe two models of decision making namely: Vroom-Yetton- Jago normative decision making model as well as De Bono’s thinking hats...
4 Pages(1000 words)Outline

Modeling strategic decision resit assignment

...Modelling Strategic Decisions Resit Assignment Modeling Strategic Decisions Resit Assignment Titus Rock Manickam Order No. 236282 16 August 2008 Table of Contents Terms of Reference.3 Introduction3 The contents of a health questionnaire.5 Mental ailments.5 What is Depression...6 Discriminant Analysis Model7 Large scale application.8 Conclusion..9 Sources..10 Health Format in Excel (Sent separately) Modeling Strategic Decisions Resit Assignment Terms of Reference Health issues arising from factors as diverse as emotions, illness and debilitating habits have been classified and...
8 Pages(2000 words)Essay

Models of Decision Making

...kind of reasoning is applied, a different answer emerges-an answer that is somewhat different from what was earlier generalized, based only on simple mathematical analyses. 3. From each activity arise different principles that demonstrated how, in decision- making, detailed and methodical reasoning is imperative. Take as an example the first activity shown, wherein at first analysis, most individuals would answer Option 1 rather than Option 2. However, upon a closer analysis of the question and the relationship between the given information in the problem, the response did make sense-that Option 2 is the sounder choice rather than Option 1. What this activity also shows is that in...
2 Pages(500 words)Essay

Models of Decision Making

...Decision Making Models From time to time, there is always a need to innovate, in order to increase profitability in the organization that one works with. This was exactly the idea I had in mind when I decided to outsource the services of an Indian firm in revising the structure of one of our database. I have heard and read a good amount of news, extolling the virtues of outsourcing and the decision was easy to make. It appeared promising from the outset: the cost is a fraction of what we would have to spend and the programmers seemed capable. The problem came when the project was finished and the quality was not what we expected it to be. Although, the offshore firm was willing to do revisions, there were issues of quality control... have...
2 Pages(500 words)Essay

The role of process modeling for Knowledge Management

...decay); population dynamics (birth/death, predator/prey, epidemics); and, intelligent agents (systems of independent entities which interact among themselves and with the environment with a certain degree of decision making capabilities). The models used would depend on the process that is being defined. Real processes are complex and often include non-linear behavior, stochastic components and feedback loops over space and time scales. Therefore, models can represent the process in a simplified way in order to represent complex systems. This extensive discussion of process modeling prepares the way for explaining its application in knowledge...
14 Pages(3500 words)Essay

Cognitive Decision Models

.... (1968). Scientific explanation. London: Cambridge University Press. Busemeyer, J. R., & Stout, J. C. (2002). A contribution of cognitive decision models to clinical assessment: Decomposing performance on the Bechara gambling task. Psychological Assessment, 14, 253–272. Chechile, R. A. (1987). Trace susceptibility theory. Journal of Experimental Psychology, 116, 203–222. Chechile, R. A. (1998). A new method for estimating model parameters for multinomial data. Journal of Mathematical Psychology, 42, 432–471. Flanagan, O. (1991). Science of the mind (2nd ed.). Cambridge, MA: MIT Press. Maher, B. A. (2002). An afterword: The utility of cognitive models for the field...
6 Pages(1500 words)Essay

Models of Decision-Making

...business decisions (Li 1). This is a prescriptive method of decision making and assumes that managers are rational and logical in their decision making process and their decision will be governed by the best interests of the organization. My organization recently purchased new manufacturing equipments. The main problem was increasing costs of servicing the old machine, low output and raw materials wastage during the manufacturing process. The management made the decision by following the classical model since the purchase decision was rational. The management followed a...
1 Pages(250 words)Research Paper

Consumer Decision-Making Models

... Consumer Decision-Making Models Introduction Consumer behaviour is the emotional and psychological processes as well as the observable actions of buyers during the process of searching for information, purchasing and reacting after consumption of a particular product. It involves the manner consumers decide on how to use their resources like time, money and energy on the purchase and use of interrelated products. The aspects of consumer behaviour involves the overall purchasing action that is very clear to the marketer and the process of arriving at the decision to buy that involves the interaction of various complicated variables that are difficult for the marketer to see....
12 Pages(3000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Decision Modeling (Management Decision Models) 2 for FREE!

Contact Us