StudentShare solutions
Triangle menu

Business Decision Making - Research Paper Example

Nobody downloaded yet

Extract of sample
Business Decision Making

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 ...Show more

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…
Author : cleveland42
Business Decision Making Research Paper essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Business Decision Making Research Paper"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Ethical Problems and Managerial Decision Making
Ethical dilemmas arise when two sets of values are in conflict, requiring individuals to choose between them. At some point in their careers, some managers will make or support decisions that are not in alignment with their own values (Elizer, 2000).
10 pages (2500 words) Research Paper
Technology and Decision Making Paper
Based on the information retrieved from the information system the office clerk will tell the client whether their medical plans covers the medical visit and related procedures. The work of the doctor has also been computerized in the 21st century. A new practice that doctors must follow deals with the preparation of medical prescriptions.
3 pages (750 words) Research Paper
Managerial Decision Making
While outsourcing is viewed as one of the ways that associations employ for intensifying their main competencies to allot their assets competently, the question of the extent to which human resource purposes might be outsourced elaborates the consequence of managerial culture allowing outsourcing on managerial performance.
5 pages (1250 words) Research Paper
Group decision making
Groups involved in decision making will have to think in various perspectives to come up with good decisions. Unlike personal decisions that may affect only one person, i.e., the decision-maker and some others, decisions made by groups will have positive as well as negative impact on whole lot of people including everyone in the group, the organization, customers, etc.
6 pages (1500 words) Research Paper
Ethical Decision Making
The process of decision making mostly involves allocation of resources among different sectors of an organization and the management is faced by the ethical dilemma of proper allocation of resources. The following paper would analyze the ethical concerns involved in the decision making in higher education industry.
4 pages (1000 words) Research Paper
Ethical Decision Making in Business
Employees in the company often make decisions on behalf of or for the company. These decisions are often based on a certain framework, model or set standards upon which clearly laid down guiding principles that employees are required to adhere to are stipulated. Ethical decisions in business are unique to different companies.
6 pages (1500 words) Research Paper
Decision Making Research Paper
A sales person from that company came out with some new services available for that machine. The sales person brought the details regarding the additional items. The presentation clearly explained the features and its advantages of including the additional piece of that equipment.
3 pages (750 words) Research Paper
Thinking and decision making paper
Higher abstraction leads to obsession. The individual tends to forget the context and places complete emphasis upon the task at hand. This may prove detrimental. For example, when a lady wants to cook fancy meals in order to impress the expected guests, she
2 pages (500 words) Research Paper
Interesting Topic on Decision making
The decision making task is one that every workforce should be capable of making, either as a group, or individually. However, whether it is done individually or as a group, the impact of decision made must affect the performance of the
4 pages (1000 words) Research Paper
Managerial Decision Making Research and Analysis
With an intensive course on business development and expansion, Starbucks has become a corporation in 1987, and in the same year opened its first international location in Chicago (MarketLine Advantage, 2014). In 1992, the company completed
8 pages (2000 words) Research Paper
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Click to create a comment
Contact Us