Rational Choice
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Today, your manager (Mr. Smith) reveals that you will be assigned to a team/group to assist the company with its quest to implement a new clothing line of women's swimsuits. He explains to you that the team/group should research the procedure for implementing a new clothing line and explain the models and heuristics that would help the company get the new clothing line of women's swimsuits running.
The first step in this project is to discuss which of the business procedures would work best for the company's implementation of the new line of women's swimsuits using the Small Group Discussion Board. Each member should submit his or her own ideas, but the business procedure should be chosen by consensus. The team/group should combine each member's contributions and decide on a particular strategic option.
The team/group should divide all the research up fairly, so each member of the group is doing the same amount of work. All business procedures, models, and heuristics must be covered. The team/group should also elect one member to be the group leader. The group leader will submit the final group portion of the project.
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Research a particular business procedure and explain the models and heuristics that would help the company get the new clothing line of women's swimsuits running.
Address the following:
â?¢Discuss the business procedure chosen.
â?¢Discuss, in your own words, the business procedure you recommended, and why.
â?¢Explain which decision-making model would work best for the implementation of your company's new clothing line.
â?¢Explain which heuristic(s) would work best for the implementation of your company's new clothing line.
â?¢Discuss your group's decision-making ideas.
â?¢Discuss awareness and the bounded process associated with the implementation of your company's new clothing line.
â?¢Give at least 3 recommendations to the team/group that would help the company get the new clothing line running.
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The response addresses the queries posted in 812 words.
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The response addresses the queries posted in 812 words.
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The response addresses the queries posted in 812 words.
// A women's apparels manufacturing company wants to launch a new clothing line that is swimsuits for women. For this purpose, different procedures, models and heuristics are discussed among a small discussion group. Here, we would discuss the one best decision-making model, which is chosen as per the group's consensus.//
There are a number of business procedures, decision-making models and heuristics, which are available for any business firm. The company is going to launch a new clothing line that is swimsuits for women. For this purpose, they need to do a market research to collect information regarding customer's preferences. During this research process, they need to make various decisions on issues like deciding the business procedure. These decisions can be made with the help of some decision-making models, which are as follow:
Rational Choice
Bounded Rational
CVF
System 1
System 2
In rational choice decision-making model, an individual evaluates each and every aspect of any issue like risk involved in it, all possible consequences, values involved, and expected utility of that decision (Glockner & Betsch, 2008). On the other hand, in bounded rational decision-making, rationality of a decision is bounded or limited because of the limitation of the availability of the information, cognitive limitation of one's mind, and limited time available for the decision-making process (Jones, 1999). Competing Values Framework or CVF is associated with the culture of an organization ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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