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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
How can a managers blend the guidelines for making effective decisions in today's society with the rationality of decision making?
Managers can blend effective decision-making guidelines with rationality by incorporating data-driven analysis while also considering broader societal impacts and ethical implications. This involves utilizing analytical tools and frameworks to evaluate options systematically while engaging stakeholders to gather diverse perspectives. By fostering a culture of collaboration and transparency, managers can ensure decisions are not only rational but also socially responsible. Ultimately, this approach enhances decision quality and aligns organizational goals with societal values.
How do logic and rationality play a role in decision-making processes?
Logic and rationality are important in decision-making because they help us think critically, weigh evidence, and make choices based on reason rather than emotions or biases. By using logic and rationality, we can make more informed and effective decisions that are based on sound reasoning and evidence.
What is the difference between making a decision based on rationality versus making a decision based on logic?
Making a decision based on rationality involves considering emotions, beliefs, and values, while making a decision based on logic involves using reasoning and evidence to reach a conclusion. Rational decisions may take into account personal feelings and experiences, while logical decisions rely on facts and sound arguments.
What is the difference between logic and rationality in decision-making processes?
Logic refers to the formal rules and principles of reasoning, while rationality involves making decisions based on sound judgment and reasoning. In decision-making processes, logic is used to ensure consistency and validity in arguments, while rationality involves making choices that are logical and in line with one's goals and values.
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 informal rationality?
Informal rationality refers to the process of making decisions and reasoning without adhering strictly to formal logical rules. It involves using heuristics, intuition, and subjective judgment to reach practical conclusions, rather than relying solely on systematic reasoning. Informal rationality recognizes the importance of emotions, context, and preferences in decision-making.
What role does rationality play in ethical decision-making?
Rationality plays a crucial role in ethical decision-making by helping individuals weigh different options, consider consequences, and make choices based on logical reasoning rather than emotions or biases. It allows people to evaluate ethical dilemmas objectively and make decisions that are morally sound and justifiable.
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.
