Title of the Book: Rational Decision Making for Managers
Author: Michael Towler; Sarah Keast
Learning Summary Paper
Summarize your learning from Decision Making. Consider the following questions in your summary:
•What concepts were new to you?
•What concepts are applicable to you? Why?
•What concepts are not applicable to you? Why?
•What concepts were new to you?
Depending on the individual own perception towards new decision making methods within business to obtaining desired success, the new concepts can seem innovated or stagnated to a particular problem. Therefore, the self analysis of the individual must examine what new concepts on making good decisions warrants a new innovated method approach - that transcends stakeholders, audience (staff employees, work teams). Strategic management is key towards decipher proper decision making concepts that offers several approaches in reaching desired outcome with minimal risks. Basically, the plan of action that demonstrates effective decision making on project development or crisis management that leads to increasing profitability as well as brand identity and brand equity. Some key concepts in utilizing evaluation tools towards making decisions more efficient and proficient manner:
- Enterprise management systems: try and think of the vast database references allowing senior management to capturing the overall scheme of business operations. In doing so, the system in case cases of specification can allow the management team to monitor areas of concern prior to any major problems. Further, the management team can implement needed changes, such as, the following aspects:
a) Staffing Levels
b) Resources - try and think of the internal departments equipment, supplies, and any other source of requirement that facilitates the production of the product or service
c) Quality levels - try and think as the ...
The review into decision making that assists management in accomplishing targeted project goals.
Rational Choice Model for Business Decision Making
Our manager, Mr. Myers, wants to congratulate you on your decision to take the next step in your career choice. He knows that the procedure for the promotion is outrageous, but he knows you have what it takes to be a managerial consultant for Value Topics Inc. With that in mind, he tells you that the board of directors has given him the first assignment for you to complete and pass. He explains that the board wants you to prepare a report discussing the rational choice model for business decision making. He also explains that the report must outline the steps in bounded rationality and rational decision making.
Primary Task Response: Within the Discussion Board area, write up to 3 paragraphs that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
750-900 words in which you discuss the rational choice model for business decision making. In you posting, you must also outline the steps in bounded rationality and rational decision making. For full credit, you must address the following in your posting:
Discuss the rational choice model for business decision making.
Outline the steps in bounded rationality and rational decision making.
Discuss System 1 and System 2 thinking.
Discuss the judgmental heuristics of the idea of implementing a new line of clothing.
Discuss the availability heuristics of the idea of implementing a new line of clothing.
Discuss the representative heuristic of the idea of implementing a new line of clothing.