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Describe rational decision making
Describe rational decision making
Importance of making decisions
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Rational in decision making is the method which means making the decisions according to the accurate reasons and facts. In the rational decision making process, the manager will come out a lot of analysis on those relevant facts and reasons before choosing the best ones of action. Through this rational in decision making, the manager can make the decision based on the correct information without following their intuition. There had some importance of rationality in decision making (Business Dictionary, 2017).
2.1 Achieve the objectives From the information which gathered by the employees, the manager can easily filter and get the useful information. Then evaluation and rating of the information will be carried out. By analysed all those
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Therefore, if the manager is able to make a rational decision making, he/ she can help to increase the efficiency of an organisation. The efficiency always had the relation between the outcome and the usage of the resources. If the manager was able to use the resources to contribute the high productivity, then the manager was efficient. In other words, it also means that when the outcome gained is high and the usage of resources is low, there can be known as efficiency. So, the rationality in decision making is gaining the high outcome and low cost of the resources(Akrani, …show more content…
In order to make a rational decision, the employees should be motivated by the organization in order to implement the rational decision making. Therefore, they will willing to work hard to search for the relevant information and lastly come out with the best result. Thus, the organization will make a higher profit when the rational decision making is implemented and the organization will able to provide more financial or non- financial advantages to its employees. The organisation also can give the awards to those employees who are taking part in the rational decision making (Akrani, 2011). As an example, for the employees who takes part in rational decision making is able to gain extra bonus and other benefits. The project manager should award the employees who very actively in rational decision making and also encourage others employees who haven’t taken part in implementing rational decision making.
2.4 Impart the decision-making process with discipline, dependability, and
The rational decision theory is a method for thoroughly selecting among possible choices that are built on reasoning and facts. With a decision, making process one may employ a series of logical steps to overview relevant facts, observations, and potential outcomes before choosing a specific course of action.
In this case study, Laura and Danny have had significant changes in their lives. Laura has now left with the children and planning on moving with them to El Paso, Texas in a month. She has also filed for divorce from Danny. While Laura is making positive improvements to her life she is still concerned for Danny. She goes to collect what’s left of her belongings when she finds Danny in a state of panic. Danny has let himself go at this point. He started consuming alcohol, has not found a job, and is living with no electricity. Kid decides to pay Danny and Laura a visit and he quickly realizes Danny is in trouble. Danny begs for Kid’s assistance in order to help him start a new life. Danny is worried that he will end up alone and homeless
Engaging workers in decision-making processes is an important part of HRM. This is because it provides the management and staff with an opportunity to collaborate for the advancement of the company and its stakeholders. Further, it gives the management an opportunity to make use of vital information that workers obtain as the actual persons on the ground (Business case studies, 2016c).
As humans, would like to think we are rational in our decisions, especially for major decisions that will affect our lives or the lives of others in the long run. Nonetheless all decisions form from the foundations of our attitudes where they can stem from internal or external factors.
The objective of this paper is to provide insight into Rational Choice Theory. This theory, highly relied upon by many disciplines, is also used to calculate and determine crime and criminal behavior. Through definition, example and techniques utilized by criminologists, the reader will have a better understanding of the subject.
Workplace ethics engages in judgements and collective agreements regarding a suitable guide of behaviour. The ethical decision making framework (EDM) presents, business decision is ethical or unethical.EDM provides an indication of traditional decision making process and issues that manipulate ethical decisions. Employees tend to fraud because they can experience the unfair treatments or situation that they face. Manages may ask employee to work long hours, and then they can take additional time off. Good performance leads to remunerations and appreciation managers than workers.
Rational organisation can and has reduced costs and gave management a greater control over the workforce. With bureaucratic methods workers can be monitored to make sure that they are achieving output targets and new methods to increase efficiency can be recorded and then implemented to the workforce. McDonalds undertakes a very strong rational...
Mangers should have his/her own analysis from employees perspective like what type of manager he is in the eyes of subordinates and that the actual picture of manager 's
Therefore it can be argued that it is important for individuals at this level to be able to react and make relevant and appropriate decisions efficiently in relation to the information they have available to them. They must be able to draw on their knowledge of the organisation and their HR knowledge and experience to provide the best advice/decision possible to ensure that the business needs are met in line with best practice where
Rational choice theory, also known simply as choice theory, is the assessment of a potential offender to commit a crime. Choice theory is the belief that committing a crime is a rational decision, based on cost benefit analysis. The would-be offender will weigh the costs of committing a particular crime: fines, jail time, and imprisonment versus the benefits: money, status, heightened adrenaline. Depending on which factors out-weigh the other, a criminal will decide to commit or forgo committing a crime. This decision making process makes committing a crime a rational choice. This theory can be used to explain why an offender will decide to commit burglary, robbery, aggravated assault, or murder.
Decision making is a task which needs utmost balance on the part of the leader. One sided decisions when team input is necessary or resources going into a lot of group decision making process when the decision itself is not so crucial can turn out to be big result influencing part of the outcomes of a leadership experience. Leadership demands a lot of adaptability where the style of leadership to be followed, a complete leader driven or group driven is to chosen based on the type of decision to be taken and the situation in which the decision is to be taken.
In the corporate environment critical decisions must be made, sometimes quickly, whether because of changes in market conditions, corporate profits, or corporate performances. The decision-making process is vital to good management in today’s work environment. This paper will examine the relationship between critical thinking and the decision making process, explain what the textbook authors believe, and relate how both apply to today’s workplace.
Managers should be ready to teach the importance of decision-making skills and reinforcing organizational policy. Avoiding hasty, careless decisions, which can have devastating results on the manager's unit or the entire organization. Decisions made with forethought, using the many managerial tools available will lead to better and more profitable operatio...
Management will continue to encounter new challenges that require problem solving and decision-making strategies. Some problems may be easily resolved while others could take much longer depending on the complexity of the problem. In order for management to make effective decisions and achieve success for their businesses, the decision makers need to have adequate knowledge of the situation, critical thinking and excellent communication skills, and a sophisticated approach for tackling problems. Every business should have a systematic approach for solving problems and making decisions. Without one, decision making would be insufficient and businesses would be unproductive.
Therefore, to achieve this objective, managers have to make choices in decision-making, which is the process of selecting a course of action from two or more alternatives (Weihrich & Koontz; 1994, 199). A sound decision making requires extensive knowledge of economic theory and the tools of economic analysis, that are directly related in the process of decision-making. Since managerial economics is concerned with such economic theories and tools of analysis, it is very relevant to the managerial decision-making process.