How step have help you to make better or more sound decision

Assignment Help Business Management

Reference no: EM133702713

Discussion Post: Business Finance- Management

There are five steps in rational decision model:

I. Define the problem: Define important problems with clarity and precision.

1. In business, the problem can come in the form of customer complaints, supplier breakdowns, staff turnover, sales decline, and so on.

2. Organizations proactively seek opportunities to exceed goals, surpass industry expectations, and to expand and grow the business.

II. Analyze alternatives: Apply a careful and thoughtful approach to evaluating viable alternative solutions, considering the implications for all stakeholders.

1. Leaders should seek input from multiple sources to interpret and analyze the problem/opportunity to come up with as many options as possible to solve the issue.

III. Make Choice: Check that the choice reflects the best ends and uses the right means.

1. Is the action ethical?

2. Is it feasible? (Costs, technology availability.)

3. Is it effective? If your answer to this question is, the resolution is "good enough," you want to rethink this solution-it will cause more harm than good.

IV. Take Action: Check consistency and integrity of actual actions versus intended actions.

1. Ensuring everyone understands their role in executing the decision is vital.

V. Evaluate Results: Check actual ends and means versus desired ends and means.

1. You may use quantitative and/or qualitative data to evaluate results to support or refute decisions.

On the other hand, non-rational decisions are generally the result of either satisficing (going with the first available option without much research) or intuition (using your "gut" or just your own feelings to make decisions).

For this discussion, think about a time when you made a non-rational decision on the job or in your personal life.

Respond to the following:

1) Was it the result of satisficing or intuition?
2) How would your decision have been different using the four steps for rational decision-making?
3) How would the steps have helped you to make a better or more sound decision?

Reference no: EM133702713

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