Reference no: EM132388296 , Length: word count:2500
Decision Making Assignment - Rational Decision Making Model and Heuristics
Consider the following decision scenario: You are finishing your MBA at a well-known school. Your credentials are quite good and you have 5 job offers in the industry that you desire. How will you select the right job?
Since this is an open scenario, you are free to make assumptions and add necessary information (type of job, industry, location, etc). When making assumptions, clearly state your rational behind each assumption.
Q1) Apply the decision matrix
- Define the problem.
- Specify at least 5 criteria.
- Identify at least 5 alternatives.
- Assign weights to criteria and calculate scores based on research/data.
- Choose the alternative with the highest score.
Q2) Due to variety of reasons (time pressure, bounded rationality, etc), it is hard to perfectly apply the rational decision making model to decisions. Instead, the textbook talks about the four decision heuristics (decision shortcuts) people may use to make decisions: Availability, Representativeness, Confirmation and Affect heuristic.
For the same scenario in Question 1, discussion how the decision making might use each heuristic and the potential benefits/problems of using each heuristic. Support your answers from research.
Note: Since everyone would want to work in different jobs/industries, I would be very suspicious of plagiarism if I see two assignments with similar decision matrix and answers.
Requirements -
1. Format (follow the APA style)
a. Title page (include the word count)
b. Introduction (short introduction about the three questions)
c. Section 1: Question 1
d. Section 2: Question 2
e. Conclusion (shot conclusion that summarizes your main findings)
f. References.