Axel Powalski
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Axel Powalski is still a little unclear on the following three different models of decision making and he would like you to provide some real-world examples of how the models have been implemented successfully:
* Rational choice
* Competing values
* Judgment heuristics
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Solution Summary
The response addresses the queries posted in 1273 words with references.
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The response addresses the queries posted in 1273 words with references.
//Before writing about the real world examples on the models of rational choice, competing values and judgment heuristics, it is essential to have knowledge about the decision making process. One should know about the key concept used in the process of decision making before discussing about the implementation of different decision making models//
To: Mr. Axel Powalski
From: XYZ
Subject: Decision Making Model
Date: 3 February 20xx
Introduction
Decision making process plays an important role for the organizations whether they are operating in the manufacturing, retail or any other sector. It is a pivotal process that involves various stages, which assist the management to arrive at a solution that best suits to the unmet needs of the organization for a particular project or plan. There are mainly five stages in the decision making process. First is the problem identification, second is generation of alternatives, assessment and analysis of alternatives, selection of best alternative and implementation of selected alternative to address the problem. All these stages of decision making process form a critical part for the organization to solve out a problem in a profound manner (Hitt, Ireland & Hoskisson, 2008).
//Above is the discussion of decision making process and its main concept. Now, moving to the next direction, explanation about the real world examples on the models of rational choice, competing values and judgment heuristics is to be discussed//
Rational Choice
Rational choice model of decision making is based on rationale approaches. There are mainly five steps involved in this model of decision making. Problem identification, selection of goals, alternatives identification and finally choose the appropriate. By following this model of decision making, various organizations have attained the heights of success that can be seen from their present position in the global arena. For example, Coca-cola is the finest example for this decision making model. Coca-Cola has implemented the rational choice decision making model for solving the problem generated as a result of economic ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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