Nobody downloaded yet

Business Decision Making - Research Paper Example

Comments (0) Cite this document
Summary
- 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 PAPER93.7% 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
  • CHICAGO
(“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 https://studentshare.org/miscellaneous/1532294-business-decision-making-research-paper
(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. https://studentshare.org/miscellaneous/1532294-business-decision-making-research-paper.
“Business Decision Making Research Paper Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/miscellaneous/1532294-business-decision-making-research-paper.
  • 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...
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...
15 Pages(3750 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...
6 Pages(1500 words)Research Paper

Decision making module 6

...the degree and extent of the advanced care plan/palliative care provided? Although the Advanced Care Plan (ACP) makes provision for the patient to choose those to make decisions on his or her behalf when incapacitated, this also has the possibility of raising some legal dust. This is particularly true of a case where the patient is either a homeless, stateless or even an immigrant person who does not have a next of kin who can be easily tracked or called to fill in the gap. This is not always an easy question to answer (Taylor, 2011). (Provide reference to legal documents, guidelines or other articles/texts that discuss legal issues in regards to end-of-life decisions)....
4 Pages(1000 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...
3 Pages(750 words)Research Paper

Operational Decision Making

... Operational Decision making within a Company in the UAE: The DP World in dubai Company The DP World is located in Dubai and majorly deals in the sub sector of industrial activities and transportation. It is one of the sites for the Dubai Trade (DP World, 2013). Its main flagship is the Jebel Ali port, which is the largest man-made harbor in the world. As such, it majorly deals in container handling that generates around 80% of its revenues. The main purpose of the company is customer-centric and involves the desire to provide exemplary and committed services to all their customers and other people. This is expected to be achieved through the company, mission, vision and values. The values at DP world involve its quest to create... in the...
4 Pages(1000 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...
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... to the...
20 Pages(5000 words)Research Paper

DECISION MAKING PROCESS

...Decisions making process in military Decision Making Process in Military Decision making process is a routine activity in everybody’s life. We are making lot of decisions daily in our social, family and professional lives; some of them could be intelligent decisions while the rest could be foolish decisions. The decision making process in military is entirely different from the decision making process in other originations. This paper compares and contrasts the problem identification and formulation...
2 Pages(500 words)Research Paper

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 clear sequential...
1 Pages(250 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