Value Topics Inc,: Decision Making Models Memo
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Scenario:
For the past 5 years, you have been working as an Account Manager for a company named Value Topics Inc. Value Topics Inc., which is a medium-sized men's apparel manufacturer, has recently expanded their business services by implementing a new product line of men's business suits. Because of the expansion, your company, Value Topics Inc. is in need of superior managerial decision making and they are flirting with the idea of promoting you from within.
With that in mind, you explain to your manager, Mr. Myers, that you are ready and interested in the promotion. He explains to you that Value Topics Inc. requires all Account Managers' that wish to be promoted, to pass a series of assignments which are reviewed and graded by the Board of Directors. He also tells you that the assignments will test your knowledge and skills of managerial decision making in rational choices, alternative solutions, value models, judgment heuristics, and complex approaches.
Assignment:
Your manager, Mr. Myers, has just received an e-mail from the board of directors informing him that he has the responsibility of creating your next assignment for the promotion. Because Mr. Myers is behind on his work around the office, he gives you the assignment of preparing a memo for the next staff meeting. He explains to you that the memo should be sent out to all the employees prior to the staff meeting, and it should include a description of your experience using the 3 decision-making models (rational choice, competing values, and judgment heuristics). He also explains that the memo should outline the complexity of the 3 decision-making models.
The 3 decision-making models are as follows:
Rational choice
Competing values
Judgment heuristics
For this assignment, you must submit a memo consisting of 900-1,300 words in which you discuss your experience using the 3 decision-making models.
For full credit, you must address the following in your memo:
Discuss in detail the rational choice model.
Discuss in detail the competing values model.
Discuss in detail the judgment heuristics model.
Explain your experience using the rational choice model.
Explain your experience using the competing values model.
Explain your experience using the judgment heuristics model.
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Solution Preview
Rational Choice Model:
Rational choice model is a structured approach to decision making that relies on the assumption that all individuals have the capability or ability, knowledge, access to information and sufficient time to make the most rational decision that maximizes their benefit and minimizes negative impact of any decision. The main advantage of this model is that it follows a very structured, logical process of resolving a problem and identifying solution to the problem. It enabled extensive analysis of each alternative in a consistent manner and help in breaking down complex issues. However, I feel that the assumption itself that all humans possess an inherent capability to act rationally in all circumstances and have requisite capability, time and information to take prudent decisions is faulty because the ideal situation assumed in this model is actually not present in all the circumstances. Hence, this model is most effective when this assumption is being met. I have used rational decision making in making many important decisions, such as decisions pertaining to initiating a new capital budgeting project or major initiative in my department where complete facts about two distinct alternatives are given and decision has to be made by evaluating two mutually exclusive decisions. Rational decision making ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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