Reference no: EM133256169

In this discussion, focus on the decision-making models at the upper levels of management, as covered in Chapter 10 of your text. Management and leadership are two different things, but the roles are often performed by the same person. However, it is important to understand the difference between the two and how each concept helps the organization succeed.

Read What Is the Difference Between Management and Leadership? As you read this article, think about the following questions, which may apply to the leader of the companies you have chosen to study for your final project (you do not need to answer these questions in the discussion thread; they are provided only for reading guidance):

How do management and leadership complement each other within the organization?
Who are more likely to be the primary decision-makers, managers or leaders?
In today's business world, do management and leadership go hand in hand?
Is it feasible that these roles are separate within an organization?

Now, think about a past decision that you made that did not work out the way you intended. In your initial discussion post, address the following:

Identify the decision-making model that you used at the time the decision was made, and explain why this was model was used.
Looking back at the decision, describe which two decision-making challenges may have led to the faulty decision and describe how that contributed to the results of your decision. Be specific and include two decision-making challenges addressed in Chapter 10.

CHAPTER 10

DECISION-MAKING MODELS:

- rational decision-making model 

- bounded rationality model

- intuitive decision-making model 

- creative decision making

DECISION-MAKING CHALLENGES:

-Anchoring and adjustment bias

-Availability bias

-Escalation of commitment bias

-Fundamental attribution error

-Hindsight bias

-judgments about correlation and causality bias

-Sampling misunderstanding bias

-Overconfidence bias

-Framing bias

-Satisficing