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Your assignment is to prepare and submit a paper on issues on decision making process.
Your assignment is to prepare and submit a paper on issues on decision making process. Emotions act on a wide range of situations causing biases and errors (Rabin 1998). In short, this means that in certain circumstances the complex, human logical apparatus ceases to process rationality, which establishes grounds for the emergence of bounded rationality. “The other is that in interactive situations of complication, agents cannot rely upon other agents they are dealing with to behave under perfect rationality, and so they are forced to guess their behavior. This lands them in a world of subjective beliefs, and subjective beliefs about subjective beliefs" (Arthur 402).
Bounded rationality plays on suggestion. It could affect managers because there is not enough information for the manager to make the rational decision. In such occasions, he has to rely on suggestive guesses and interpretations. This may create errors and mistakes in the strategic course that the organization is taking.
Beach (1996) describes the implicit favorite model of decision making. First, the need for taking a decision is determined. Then, alternatives are identified and a selection for the implicit favorite alternative is chosen. Afterwards, criteria must be established to match the implicit favorite and alternatives are compared with the implicit favorite criteria. At the end, the implicit favorite is confirmed and finally selected. This type of model can be best utilized by people who know what they strive for and what their goals are. In situations, when for example the individual is looking for a job and he hasn’t set his aims yet, the implicit favorite can affect the selection of a job. The selection can be influenced by the salary, proximity of the office, extra working hours, business trips and job position.
The business world is a dynamic one and recently is has become less structured too. Thus, managers are forced to use their intuition in essential situations especially when there is lack of information. Intuition is often mistaken for emotions, though. .Although intuition is formed in subconscious level, the intuitive decision making is a combination of quick qualitative and quantitative analyses (Quinn 1980).
