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

Business Decision Making - Research Paper Example

Comments (0) Cite this document
- Psychologist Barry Schwartz describes decision makers of main two types Maximizers and Satisficers. (2005) Maximizers try to make the perfect decisions. They research, scrutinize reports, discuss alternatives , look for new options and generally agonize over making exactly the right or the best possible decision…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.1% of users find it useful
Business Decision Making Research Paper
Read TextPreview

Extract of sample "Business Decision Making"

Download file to see previous pages they make their decision and do not wait for more options or alternatives. Thus they generally look for answers which are good enough and may not be the best.
Although leadership and management functions vary widely from organization to organization, the function of decision making is common to all. Managers are always taking a decision , small or big and all these are important in the sense that they affect the individual, team or overall performance of an organization. All people have their own style of decision making and they also differ in the amount of information they use in decision making. Some reach conclusions from just a few facts while some take their own time by gathering and studying and analyzing large amounts of information. The Figure below shows the difference between the low and high information users. It shows that early in the process, the knowledge is going from zero to something greater and this information is most likely to be important. Thus Satisficers, make the decision at point B, when they have learned enough while Maximizers, keep evaluating information until they simply are learning nothing new about the problem.
Simon (1955, 1956, 1957) introduced an important distinction between maximizing and satisficing as choice-making strategies. In maximizing decision making - the idea is to find the best possible solution and requires an exhaustive search of all possibilities. To satisfice is to look for good enough possibility and stopping when this good enough solution is found. In decision-making, satisficing explains the tendency to select the first option that meets a given need or select the option that seems to address most needs rather than the "optimal" solution. Generally managers go for Satisficing decisions when the decisions are of small significance. Moreover, in daya to day functioning, many situations arise where they have take a decision quickly. In such acses also. A satificing decision making is made. A manager cannot wait for all alternatives or study each and every report to when he is facing time constraints. It is extremely cost - ineffective to take lots of information into consideration for day - to-day decisions. It is not that Satisficers have low expectations, rather they accept that there is more than one option that will satisfy them. And Once they are able to find an option that meets their initial criteria they are content to conclude their search.
On the other hand, senior mangers who need to take into account the objectives and the goals of the company, need lots of information and analysis before they can take decisions. At senior levels, it is required and essential to act as a maximizer and try to review each and every alternative before arriving at a decision. This is because a decision at this level has far reaching consequences on the company's policies and direction. They are the ones taking the high stakes decision and thus keep on looking for the best of all the options, establishing new criteria as they go. Maximizers may do better objectively, but they do worse subjectively. They feel worse about their decisions and are less happy with the results than the satisficers.
Therefore , in the long run, that is for maximizing profits and building strategies foe overall business performance, managers generally act cautious and ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Business Decision Making Research Paper Example | Topics and Well Written Essays - 1500 words”, n.d.)
Business Decision Making Research Paper Example | Topics and Well Written Essays - 1500 words. Retrieved from
(Business Decision Making Research Paper Example | Topics and Well Written Essays - 1500 Words)
Business Decision Making Research Paper Example | Topics and Well Written Essays - 1500 Words.
“Business Decision Making Research Paper Example | Topics and Well Written Essays - 1500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Business Decision Making Research Paper

Decision making

...? This paper examines two fundamental approaches to decision making: the rational theory and the prospective theory and how they relate to decision making in making demands during international mediation in inter-state conflicts. In the rational theory, the players identify the best results for the highest number of people before taking decision. The prospect theory on the other hand involves a situation where parties in negotiations seek the best results for themselves by consolidating their strengths and taking risk where they have weaknesses. This aims at maximizing self-interest goals of each party. The paper uses the two concepts to analyze three mediation efforts in the Arab - Israeli conflict: the Camp David Accords I, Oslo Accords...
12 Pages(3000 words)Research Paper

Support/Decision Making Systems Business Scenario in a Graduate level Informatics and Application Systems in Healtcare Course

...? Clinical Decision: Support/Decision-Making Systems Business Scenario in a Graduate Level Informatics and Application Systems in Healthcare Name Course Instructor’s Name Date Abstract The business challenge of this essay is the application of information technology in the healthcare system, particularly the delivery of health care services in the critical care setting. Major issues circulating the essay is the legal and ethical dilemmas and the problems relating to the appropriateness of applying information technology in the complex critical care setting as well as the management problems. One of the technological advancements made in the field of health care is telemedicine, Virtual Critical Care Unit and the eICU and have successfully...
15 Pages(3750 words)Research Paper

Business Decision Making: How the Concerned Authorities Can Improve the Working Conditions of the Restaurant

...? Business Decision Making Contents Business Decision Making Introduction 3 Research Methodology 3 Primary research methodology 4 Analysis 5 Recommendations 6 Conclusion 7 Appendix 7 References 12 Introduction The assignment deals with the working of a restaurant in a certain university. The scope of the research is to provide recommendation on how the concerned authorities can improve the working conditions of the restaurant. Primary data has been collected from the students as well as the staffs of the restaurant so as to reflect the clear picture of the current scenario. The recommendations made by the respondents will also be considered along with the recommendations of the final report. Research Methodology The research methodology...
6 Pages(1500 words)Research Paper

Ethical Decision Making in Business

...Ethical decision making in Business Abstract Ethical decision making in business is a vital ingredient in the success of any business or organizations. It builds an outstanding brand name and company or business reputation attracting more customers into the business boosting profitability hence success. It is therefore paramount for companies to instill in their employees good business ethics. Employees in the company often make decisions on behalf of or for the company. These decisions are often based on certain framework, model or set standards upon which clearly laid down guiding principles that employees are required to adhere to are stipulated. “These principles give a direction on the accepted behavior form workers while undertaking...
6 Pages(1500 words)Research Paper

Decision Making

... Introduction Decision-making is the cognitive process where an individual is presented with a dilemma, which requires him to select one alternative among the available options and implement it. Decision-making can also be defined as the problem-solving activity that is terminated when a satisfactory solution is made, it can be arrived at either rationally or irrationally using tacit or explicit assumptions (Malakooti, 739). This paper will discuss the process of decision making citing relevant examples, in addition, it will discuss how the decisions made can directly affect legal and regulatory issues, cultural perceptions and financial resources. The process of decision-making Decision-making involves several steps that can begin before...
3 Pages(750 words)Research Paper

Business Decision Making

...Business Decision Making Conducting Credible Research 18 June, 2009 It is essential for every organization to conduct market research when making decisions about their products and services. Research provides a better understanding of what the consumers want, where the products and services currently stand and what product decision should be made in order to make sound business decisions. We can take the example of Thermasilk, a range of hair care products from Unilever and using hypothetical data demonstrate how research and evaluation techniques can be applied to assist in making business decisions about whether the product should be marketed or not. The market research plan needs to clearly state the objectives of the research...
4 Pages(1000 words)Research Paper

Can Professional Code of Ethics Be the Backbone of Management and Leadership's Decision Making in Business

...Can Professional of Ethics Be the Backbone of Management and Leaderships Decision Making in Business? and Section # of course> INTRODUCTION The concept of ethics till date remains a rather elusive one, for who would define what is right or wrong, and thus acting in accordance with the business ethics, i.e. doing the right thing, is not nearly as simple and straightforward as put forth in many volumes of literature pertaining to business ethics. Most of the dilemmas regarding ethics at workplace are not merely crystal clear or simply a matter of ‘whether A should lie to B’ or ‘C should steal from D’. There exist diametrically opposite opinions with regards to the question at hand, with one side of ethicists arguing...
20 Pages(5000 words)Research Paper

Workplace Stress & Its Effect on Business Productivity

... functions and yet still required to meet other statutory and business targets. Short term levels of absenteeism were also on the rise and this simply added to the spiral of under achieving in some offices. Operational staff fall into two distinct roles, that of the rent officer and that of administration staff. Rent officers are professionals who have autonomy when it comes to the valuation process. They are independent statutory officers applying a quasi-judicial function, are uninfluenced by political pressures and required to make decisions binding in law. The administration staff provide the traditional ancillary functions associated with processing applications, dealing with general enquiries, and in some cases assisting...
86 Pages(21500 words)Research Paper

How Does Branding Affect Buyers Purchase Decision

The scope of the study covers all kinds of buyers with different behaviours making buying decisions with regard to different brands. There is also a detailed study of the Consumer Decision Process. There is a good enough introduction on consumer buying process besides an extended and detailed introduction on Branding and Marketing emphasizing the difference between the two and how the concepts are different from each and in what way there can be a delineation between the two. There is an explanation on the different stages of Consumer Buying Behaviour, namely Need Awareness, Information Search, Checking Options, Purchase Decision, and Post Purchase Behaviour. There is also a detailed explanation on Types of Consumer Buying Behavio...
44 Pages(11000 words)Research Paper

IT Management Overview of Open Source Software and Business Research

It has provided a very positive impact as an enabler for the creation of new markets and business opportunities. But depending upon the person some people still think that it is a temporary fashion in the software industry another, on the contrary, believes that changes caused by open source will be deep enough and will shape the software industry of the first decade of the 21st century.

What is Open Source Software? : One can not define the Open Source Software in a few words, because of many categories and variants that exist for Open Source Software. But it is not complicated and the term ‘Open Source Software’ itself gives an idea about it. Now before giving definition from various people about Open Sour...
12 Pages(3000 words)Research Paper

Consumer Decision Making

Rare is the individual who never delays making decisions and taking actions. Delay and procrastination can improve decision making (Janis and Mann, 1977, 17) and be an adaptive reaction to a decision (Taylor, 1979, 43), hut excessive delay can become maladaptive, prolonging a decision so long that it is finally made at the last minute in a slipshod fashion (Lay, 1986, 475, 1988, 203; Solomon and Rothblum, 1984, 505), perhaps so late that the situation requiring the decision becomes moot (Simmons, Klein, and Thornton, 1974, 89). The causes and effects of decision delay should be of interest whenever decision making and actions are studied. To quote Hogarth, Michaud, and Mery (1980): "whereas understanding how people make decisions...
7 Pages(1750 words)Research Paper

Effect of Taxation on the Investment Decision in Firms

...Running Head: Effect of Taxation on the Investment Decision in Firms Effect of Taxation on the Investment Decision in Firms This paper will examine the effects of taxation on the high risk investment decisions that are taken by the firms. AS risk is an important factor in every business decision, this paper explains the various aspects that need to be considered in high risk decision making and then explains the effect of taxation on investment decisions. Introduction Taxes are one of the important instruments by which governments collect money to fund public facilities. Taxes though important have to be used tactfully by the government as both personal and corporate taxes have far reaching effects. A realistic tax policy in a developing...
6 Pages(1500 words)Research Paper

Business Plan for T & F Global Corporation

... assets 45 48 58 Liabilities Accounts payable 10 12 13 Notes payable 5 6 6 Total current liabilities 15 18 19 Long term debt 26 26 30 Additional paid in capital Nil 4 8 Retained earnings 4 0 1 Total liabilities 45 48 58 APPENDIX – III REFERENCES 1. David R. Fred, (2007), Strategic Management – Concept and cases, New Delhi, Prentice Hall. 2. Rarick Charles and Vitton John, (1995), “Mission statements Make cents,” Journal of Business Strategy, 16: 11...
8 Pages(2000 words)Research Paper

Constraints of Small Business Development in South Africa

... of employees can be difficult not because of the number of the employees but mostly because of the operational structure of the organization; in accordance with Longenecker et al. (2009) employees in small firms are most likely ‘to work slow and take unjustified sick’ (39); the fact that the operational activities of small businesses are not particularly demanding – compared to large firms – is commonly used for justifying such phenomena. The problem appears also in small firms in South Africa; the lack of skilled HR staff makes the resolution of the problem more difficult. 5. Recommendations The development of business activities by small firms in South Africa faces a series of constraints. The limitation of these constraints could...
7 Pages(1750 words)Research Paper

E-Commerce and Advertisement in Napster Business

Napster is an inspiration of Shawn supporter, has been launched on June 1st, 1999 as a peer-to-peer online music downloading framework intended for college students. Napster has turned out to be one of the majority well-liked websites over the internet, maintaining almost 15 million online clients in slightly more than a year. Ever since the commencement of this business, there are lots of difficulties and issues from the RIAA as well as music business players. Afterward, this business was stopped and after that restarted with a new and latest business tactic. In this scenario Napster is far behind from its market contestants, the major reasons are the permissible problems of Napster and then a new and fresh set up of business. In...
9 Pages(2250 words)Research Paper

Selective Perception and Decision Making

...Selective perception & decision making Table of Contents page 3 2. Introduction page 4 3. Selective perception and decisionmaking : page 5 4. Conclusions : page 8 5. References : page 10 Abstract We are taking hundreds of decisions in our daily life. Some of these decisions might be sound whereas some others may have detrimental effects on our life. Some people make take sound and quick decisions while they are facing severe problems whereas some others fail to take good decisions while they face even smaller problems. Various parameters can control our decision making abilities. Our attitudes, intelligence, cultural backgrounds, emotional control, perceptions etc can affect our decision making abilities. According...
7 Pages(1750 words)Research Paper

Business Process Management Reflective Analysis

Several definitions of ‘strategy’ are available in both academic as well as a business arena. According to Chandler’s opinion, strategy refers to “the determination of the basic, long-term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary for those goals” (Mazzucato, 2002). Michael Porter, on the other hand, has defined strategy as the “broad formula for how a business is going to compete, what its goals should be and what policies will be needed to carry out these goals” (Harmon, 2007). It is quite clear that there are three different phases that form the strategy. In the first phase, management identifies what the compan...
6 Pages(1500 words)Research Paper

Clinical decision support/decision-making systems business scenario in a graduate level informatics and application systems in healthcare course

...Clinical Decision: Support/Decision-Making Systems Business Scenario in a Graduate Level Informatics and Application Systems in Healthcare Course Instructor’s Name Date Abstract The business challenge of this essay is the application of information technology in the healthcare system, particularly the delivery of health care services in the critical care setting. Major issues circulating the essay is the legal and ethical dilemmas and the problems relating to the appropriateness of applying information technology in the complex critical care setting as well as the management problems. One of the technological advancements made in the field of health care is telemedicine, Virtual Critical Care Unit and the eICU and have successfully...
15 Pages(3750 words)Research Paper

Business Ethics: Ethical Decision Making

...Business Ethics: Ethical Decision Making Abstract Moral values develop and retain the basic bedrock of society. For me, it is essential to understand those values which determine and influence on the moral practices and discourage immoral and amoral acts as well. Consequently, understanding of those systems, the approaches of heroes, their commitment to ethical and moral values, the practical demonstration of ethical values that are relevant to personal moral integrity and social moral integrity as well, must be fully contemplated. Right and Wrong Determination I believe that moral values, legal system and related policies mainly provide basis for determining ‘right’ and ‘wrong’ decision; and this has been my life’s central thinking...
7 Pages(1750 words)Research Paper

Personal, Business, and Economic Applications of Technology

Businesses vary in terms of size, market position, target customers, and market share. However, in order for companies to grow, they outsource resources such as investment funds from investors. Through the sale of stocks, companies raise funds to invest in a variety of operational opportunities. However, it is the duty of the respective companies to invest in useful technologies. Due to the nature of contemporary business environments, businesses must invest in technologies such as big data analysists, information systems, and inventory management systems to ensure that they create value to shareholders and other stakeholders such as employees and the society in general (Decherney, 2007). Through the responsible application of tec...
12 Pages(3000 words)Research Paper
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 Research Paper on topic Business Decision Making Research Paper for FREE!

Contact Us