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How can managers blend the guidelines for making effective decisions in today world with the rationality and bounded rationality models of decision making?
Wiki User
∙ 10y ago
how can managers blend the guidelines for making effective decisions in today's world with the rationality and bounded rationality models of decision-making or can the
Wiki User
∙ 10y ago
Anonymous
A balanced is required. Under today's business conditions (such as intense time pressure higher degree of risk and uncertainty) managers must practice sounds decisions making approach
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How can managers blend the guidelines for making effective decisions in todays world with the rationality and bounded rationality models of decision making?
how can managers blend the guidelines for making effective decisions in today's world with the rationality and bounded rationality models of decision-making or can the
What is the difference between strategic decision administrative decision and operational decision?
Strategic decisions are made by executive level managers. Operational decisions are made by line managers. Operational decisions can change from day-to-day.
What are the basic financial decision in an organization?
The basic financial decisions include long term investment decisions, financing decisions and dividend decisions. Investment Decision relates to the selection of assets in which funds will be invested by a firm. These decisions are of two types Capital Budgeting Decisions and Working Capital Decisions. Financing Decision is broadly concerned with the asset-mix or the composition of the assets of a firm. The concern of the financing decision is with the financing-mix or capital structure or leverage. Dividend Policy Decision isrelated to the dividend policy.
Issues in strategic decision making?
§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.
What are the basic financial decisions?
basic financial decisions are three type: 1. Financial Decisions, 2.Investment Decisions, 3.Dividend Decision.
How can managers blend the guidelines for making effective decisions in todays world with the rationality and bounded rationality models of decision making?
how can managers blend the guidelines for making effective decisions in today's world with the rationality and bounded rationality models of decision-making or can the
How can managers blend the guideline for making effective decisions in today's world with the rationality and bounded rationality models of decision making?
how can managers blend the guidelines for making effective decisions in today's world with the rationality and bounded rationality models of decision-making or can the
What is bureaucratic rationality?
Bureaucratic rationality refers to a decision-making approach that focuses on following established rules, procedures, and protocols in an organization. It emphasizes efficiency, predictability, and consistency in carrying out tasks and making decisions. Bureaucratic rationality aims to minimize uncertainty and ensure that outcomes are in line with organizational goals.
How might an organization's culture influence the way managers make decision?
MANAGERS MAKING DECISIONSAt t his point in the study of Chapter 6, students will learn about the manager as a decision maker and how decisions are actually made in organizations. In this section, students examine how decisions are made, the types of problems and decisions faced by real-life managers, the conditions under which managers make decisions, and decision-making styles.A. Making Decisions: Rationality. Managerial decision making is assumed to be rational-that is, making choices that are consistent and value-maximizing within specified constraints. If a manager could be perfectly rational, he orshe would be completely logical and objective.1. Rational decision making assumes that the manager is making decisions in the best interests of the organization, not in his or her own interests.2. The assumptions of rationality can be met if the manager is faced with a simple problem in which (1) goals are clear and alternatives limited, (2) time pressures are minimal and the cost of finding and evaluating alternatives is low, (3) the organizational culture supports innovation and risk taking, and (4) outcomes are concrete and measurable.B. Making Decisions: Bounded Rationality. In spite of these limits to perfect rationality, managers are expected to be rational as they make decisions. Because the perfectly rational model of decision making isn't realistic, managers tend to operate under assumptions of bounded rationality, which is decision-making behavior that is rational, but limited (bounded) by an individual's ability to process information.1. Under bounded rationality, managers make satisficing decisions, in which they accept solutions that are "good enough."2. Managers' decision making may be strongly influenced by the organization's culture, internal politics, power considerations, and by a phenomenon called escalation of commitment-an increased commitment to a previous decision despite evidence that it may have been wrong.
What is the plural of decision?
decisions
What are the 4 effectiveness criteria of an MIS?
1. Rationality in decision-making. 2. Effective MIS produces timely, accurate, clear, non-redundant and valid information. 3. Quality in decisions. 4. Controls are properly assured. 5. Management is motivated to use MIS. 6. Management should be involved in design of MIS.
The process of implementing a systematic plan to make informed consumer decisions based upon specified needs and wants for maximizing personal satisfaction is what?
Rationality is the process of making wise consumer decisions to achieve desired results. This decision also fills specific needs and wants leading to satisfaction.
What makes decisions effective?
The best executives make decisions, even if the wrong one. Without making a decision an executive is useless. The key is to make more correct decisions than wrong ones. When a wrong decision is made and discovered wrong, it can than be corrected. The best executives are the ones that can make decisions fast with a high degree of correctness. The worst executives are the ones who can't make decisions or are slow, and when they finally do make a decision, they are mostly wrong.
How does database help make efficient and effective decision in regards to operation of a business?
Decision-making for the business is really important, and a database of information to draw from when making decisions is so valuable.
What is the plural of the word decision?
The plural form of the word "decision" is "decisions."
Why is decision making the primary task of the Managers?
Decision Making is the core of planning, managers must make choices of action among alternatives. Managers must make choices on the basis of limited or bounded rationality. That is, they must make decisions in light of everything they can learn about the situation, which may not be everything they should know.
What are the guidelines to use in making ethical and socially responsible decisions?
The guidelines for ethical and socially responsible decisions in accounting are as follows:Identify ethical and/or social issue[s]Analyze options, considering both good and bad consequences for all individuals affectedMake ethical/socially responsible decision in choosing the best option after weighing all consequences.
