...classic gut decisions: they involve risky, inherently ambiguous judgments between unclear alternatives”? However, even I do believe making decisions of most investment would have to face the uncertainty; it is comprehensive to notice some outlays of capital are not so hard to make. This article mainly focuses on illustrating this point of view along with the decision-making theory and some examples from industries. To get away from useless factors, suppose an ideal rational manager acting exactly in line with the decision-making theory, which means one would effectively following six steps(identify a problem, identify decision criteria, allocating weights, developing alternatives, analyze alternatives, and finally follow up and evaluate). It’s quite impossible for any investment to be successful with any of these steps in an ambiguous situation (although personally the third and fifth step reveals its complexity under most cases and is better been taken care of in particular). That’s the reason I believe this statement has its point under most cases, but with the idea of some outlays of capital can be successfully done through the six steps, some cases in industries remain as exceptions. The importance of decision making Proper understanding of the term, risk, is necessary in business decision making. To make it easier to understand, decision making is picking the best choice from various alternatives. As David W. Miller and Martin K. Starr wrote in their book, “Decision is a...
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...Decision-Making Process Paper Jackie Gonzalez MGT/230 June 9, 2014 Decision-Making Process Paper Making decisions is something most all do on a daily basis. How do you know if you make the correct decision? There are many factors to be taken in consideration while in the process for decisions. For example, when you make a personal decision to take on a new job role; knowing how to evaluate all aspects becomes crucial. About a year ago, I was offered a position within my organization as a Sales and Service Advisor. I knew from the beginning my current position as a Sr. Branch Associate was not where I wanted to stay at, so I began to evaluate my options. I brainstormed all the pros and cons of taking the new job role. I researched further as to how each pro and con would benefit and affect the organization, me directly, and my family. I came to analyze any potential risks, I would have based on my decision. Then, I had to determine what had more value and importance to me. From there on I made the choice to stay with my current job role. Even though from day one I knew I did not want to stay with the same position, I decided not to move because I would then be doing something that may have steered me away from my career goal. In comparison to the material on Ch. 3 of Management: Leading and Collaborating in a Competitive World, I believe the decision making process I took was quite similar because both had a root cause for decision making, made an evaluation of choices...
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...Ethical Decision Making Introduction Implementing a framework for ethical decision making within the Toy Company should be the first step to supporting overall company adoption of core ethical business approaches. So what exactly does ethical decision making address? From the base definition, it addresses the ability of an employee to make a decision when no apparent answer is obviously right or wrong. It addresses decisions based on differing perspectives, beliefs or bias. Ethical decisions may also incorporate ethics related to obedience, general care, or reason. In relation to obedience, decisions may not solely be based on legal concerns. Ethical decisions based on obedience may also address the moral implications of the decisions outcome. Moreover, ethical decisions made with care will introduce empathy or require the ability to see things from others perspectives. Finally, ethical decisions addressed with reason permit the company to base decisions on experience to predict the most likely outcome. Suggested Strategies for Implementation Following are two suggested strategies by which the Toy Company may ensure multi-level participation into ethical decision making models. 1. Implement a Code of Ethics and integrate that code into the company's mission statement and policies. By researching, reviewing, developing, and implementing a Code of Ethics into all facets of the company the employees will have a guideline detailing the base values governing ethical considerations...
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...Assignment front sheet | Learner name | ------------------------------------------------- Assessor name | Aye Chan Myat Phyo | Daw Nwe Nwe Yee | Date issued | Completion date | Submitted on | 16.07.14 | 26.08.14 | 26.08.14 | Qualification | Unit number and title | Edexcel BTEC Level 4 HNC Diploma in Business | Unit-10 Business Decision MakingD/601/0578 | A | | Assignment title | Business Decision Making | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. | Criteria reference | To achieve the criteria the evidence must show that the student is able to: | Task no. | Evidence | 1.1 | Create a plan for the collection of primary and secondary data for a given business problem | | | 1.2 | Present the survey methodology and sampling framed used | | | 1.3 | Design a questionnaire for a given business problem | | | 2.1 | Create information for decision making by summarising data using representative value | | | 2.2 | Analyse the results to draw valid conclusions in a business context | | | 2.3 | Analyze data using measures of dispersion to inform a given business scenario | | | 2.4 | Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context | | | 3.1 | Produce graphs using spread sheets and draw valid conclusions are based on the information derived...
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...Decision-Making of Health Care Information Systems HCI/500 Concepts of Health Care Informatics December 5th 2011 Decision-Making of Health Care Information Systems Today’s health care delivery model is undergoing an unprecedented evolution driven by industry-wide initiatives to improve patient safety, quality of care, and efficiency of delivery. At the heart of this evolution is Health care Information Technology. This paper discuss about the two types of health care information system are that includes an electronic medical record, known as the Veterans Health Information Systems and Technology Architecture (VistA) and PACS (picture archiving and communication systems): filmless radiology “A patient record system is a type of clinical information system, which is dedicated to collecting, storing, manipulating, and making available clinical information important to the delivery of patient care. The central focus of such systems is clinical data and not financial or billing information. Such systems may be limited in their scope to a single area of clinical information (e.g., dedicated to laboratory data), or they may be comprehensive and cover virtually every facet of clinical information pertinent to patient care for example it is computer-based patient record systems” (Institute of Medicine, 1997). As medical care gets more and more complex and new information is already overwhelming physician‘s capacity to treat patients with the latest information, physicians need...
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...1. Do you think it was important for Michael to stipulate his four criteria for the business, including the goal of generating a net income of at least $25,000 annually? Why or why not? Answer: Yes, it is important for Michael to stipulate the four criteria during planning for his new business. Michael is wise to set criteria other than simply making a profit. The first three goals are more of a mission statement while the fourth is an objective for the company. However, the reasons why Michael stipulating the four criteria for the business is important are as follows. First, Michael wants to do something he enjoys. Because he has prior experience in a related industry and he has envisioned having his own business he will be better prepared to handle the responsibilities of this new business. Second, Michael wants a business that would give back to the community. Michaels positive attitude will be reflected in the way he handles employees and customers. Michaels business will probably come from customers such as university groups, church groups, civic organizations, youth athletic clubs, and secondary school groups. Because Michael is offering quality shirts at a modest price, he will, in effect, be contributing to the community. Third, Michael wants a business that would grow and be more successful every year. This foresight (wanting to grow and be more successful every year) will encourage him to make decisions that will profit the business not just in the short run, but also...
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...of the team’s performance and results and a critical analysis of the team’s communication interactions. Upon taking part in both the simulations, it was discovered that the team score was dramatically improved, from 46% to 83%. This improvement was attributed to the team’s enhanced performance, due to progressing through the team development stages, as our performance was superior in the ‘norming’ and ‘performing’ stages rather than the ‘forming’ and ‘storming’ stages. Another factor which enhanced the team’s performance and thus, team score was the alterations in group structure. By assigning roles to each team member, a defined structure was associated with a distinct change in direction. In addition, changing from directive decision-making to analytic as well as collaborating instead of forcing and accommodating to resolve conflict revealed improved team dynamics leading to an overall better result. Finally, through effective communication and the sharing of all knowledge, a superior outcome was reached as well as an improved team environment. It was noted that without effective and efficient communication, results of such a high standard would not have been achieved. 1. INTRODUCTION The Everest group simulation was an exercise which encouraged five students to play a unique and...
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...for Chp 2 on white board and do short review -Tutorial Activity: * Answer past year exams question on Ch2(Quiz 10 minutes) * If planning is important, why do some managers choose not do it? Submit a short presentation about planning barriers and the benefit of the planning.-Blended Learning:Students are request to share their planning that they have prepare to study in UiTM | 14/12/14-20/12/14 | Week 3 | Chapter 3 (The Nature Of Decision Making)-Students need to draw mind map for Chp 3on white board and do short review -Tutorial Activity: * Answer past year exams question on Ch3 (Quiz 10 minutes) * Form a group of 4 persons. Students need to discuss their expereince in making decisons . * Eg: To choose study at UiTM or other colleges, choose to purchase mobile phone or computers. * Analyze whether the decison made is according to desicion making process or not. * Identify whether the decison that they have made is good or bad?-Blended Learning:Students are request to share their group decision making that thay have...
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...simple act of making decisions is an essential task leaders must perform effectively to succeed. Behavioral theories of leadership focus on how leaders approach a situation and whether they dictate orders or involve others to encourage support. Research into decision-making behavior has identified three broad categories of leaders: autocratic, democratic, and laissez-faire (Changing Minds, 2011). This paper will focus on these behavioral theories of leadership, primarily concentrating on participative leadership. An autocratic leader tells employees what to do and how to do it. On the opposite extreme, a laissez-faire leader allows employees to make their own decisions with little leader involvement. In the middle lies participative leadership where the leader includes employees in the decision-making process and lets them take part in determining what to do and how to do it (Big Dog & Little Dog's Performance Juxtaposition, 2010) . My preferred leadership style is participative leadership, confirmed by a 30-item leadership style self-assessment focused on leadership style beliefs (Big Dog & Little Dog's Performance Juxtaposition, 2010). I identify least with a laissez-faire leadership style as my organization expects leaders to be more intimately involved in most matters. In addition, I feel the need to be involved and am not comfortable completely relinquishing control, at least for important matters. I strongly believe in involving others in decision making but also understand...
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...Consumer Behavior Models in Tourism Analysis Study Muhannad M.A Abdallat, Ph.D. Assistant Professor Hesham El –Sayed El - Emam, Ph.D. Assistant Professor Department of Tourism and Hospitality, Faculty of Tourism and Archeology King Saud University ABSTRACT The theories of consumer decision-making process assume that the consumer’s purchase decision process consists of steps through which the buyer passes in purchasing a product or service. However, this might not be the case. Not every consumer passed through all these stages when making a decision to purchase and in fact, some of the stages can be skipped depending on the type of purchases. The reasons for the study of consumer’s helps firms and organizations improve their marketing strategies by understanding issues such as: • The psychology of how consumers think, feel, reason, and select between different alternatives (e.g., brands, products); • The psychology of how the consumer is influenced by his or her environment (e.g., culture, family, signs, media); • The behavior of consumers while shopping or making other marketing decisions; • Limitations in consumer knowledge or information processing abilities influence decisions and marketing outcome; • How consumers’ motivation and decision strategies differ between products, that differ in their level of importance or interest that they entail for the consumer; and • How marketers can adapt and improve their marketing campaigns and marketing strategies...
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...Kaiser in Kava Mgt/350 1-12-12 Yvonne Richardson Implementation of a decision is necessary for any organization to move in the direction of accomplishing its planned objective. Monitoring and evaluation of the decision is also needed to have an effective implementation. What improves the performance of an organization is evaluating decisions. Evaluating decisions will inform the organization if the solution that was implemented met the objectives of the organization. This paper will discuss the logic and strategy for implementing a solution to Kaiser Permanente establishing a presence on the Island of Kava. The paper will also discussed is the influence of implementing and evaluating the resources and procedures vital for decision-making, and evaluates the ethical implications of a solution from the perspective of stakeholders. The mission of Kaiser Permanente is to provide high quality, affordable healthcare services and to improve the health of our members and the communities we serve (Crane, 2002). Kaiser feels the essential components for an organization to be successful on the Island of Kava is the commitment to satisfying their customers, increase the value of their shareholder, and boosting initiatives of the community are. Kaiser’s top and mid level management team have approved the proposal to build a first-rate medical facility on Kava. Creating a greater presence on Kava is one of the main goals to the resolution that Kaiser will put into action. The success...
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...Assessment 2: Management and Organizational Structure issues Strayer University Situation To gain perspective of operating efficiencies within the Spectrum Brands organization, an examination of differing structures will be written. This paper will offer perspectives of the matrix and multidivisional structures, possible communication problems and ways to overcome them. A recommendation of effective centralization of organizations will be offered. Action 1. When David Jones joined Rayovac batteries were the main product line. For the company to utilize a matrix structure would prove effective in times of growth by branching out into other product lines. This requires existing management and employees having different backgrounds and focusing on different aspects of a project. Assuming Spectrum Brands intends to create a new vacuum cleaner, a team would be formed with each person being from different departments, and possibly specializations. This would exist as a person from design and engineering and another from marketing working to create the vacuum. The organization would exist as a team with the individuals still having to report to their functional management, but also reporting to project managers working on associated aspects of the vacuum cleaner product development. As the vacuum cleaner product develops, certain individuals would become more involved while others might drop out of the team completely. Action 2. The use of multidivisional structure...
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...promote pluralist democracy? A Pressure Group is an organised group that does not put up candidates for election, but seeks to influence government policy or legislation. The aim of all PGs is to influence the people who actually have the power to make decisions. There are many different types of PGs such as, Sectional which usually represent limited, specific interests. They usually aim to improve conditions for their members. Another type of PG is an Outsider group, these groups tend to be outside of policy making and government tends to regard these groups as less important. Pluralist democracy is a particular type of democracy, which operates with numerous organised groups who all have some political leverage in the decision making forum. Pressure groups improve the quality of government. Discussion with affected groups is the sensible way to make decisions in a free society. It makes government more efficient by enhancing the quality of the decision making process. The information and advice provided by groups helps to improve the quality of government policy and legislation. Pressure groups assist the scrutiny of the government by exposing information it would rather keep secret, thereby strengthening and complementing work of opposition through political parties. Pressure groups thereby improve the accountability of decision makers to voters. Although few people would deny that pressure groups play an important role in British politics. Pressure groups improve...
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... Some of the changes he made were change the flex schedule currently in place; reduce attorney’s travel, meals and entertainment budget. He also sent strongly worded letters to clients whose outstanding invoices exceeded 30 days. All these changes made the staff as well as clients unhappy. He also conducted weekly staff meeting in which only he spoke about management techniques that were successful in the insurance industry and never let the staff to voice their opinion. He was generous in his donations to the society but he did not pay attention to the concerns of the staff. The attorney’s instead of seeing an increase in the clients saw the number of clients declining because of the hard worded letters that they had received for not making payments on time. 1. Opinion on Brad’s suggestion to “sit tight and ride out the storm” No. I do not agree with Brad’s opinion to “sit tight and ride out the storm” instead the partners should take immediate action as neither the staff nor the clients were happy with the different operational changes made by Brad. It not only made the...
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...alternatives that Charles can pursue at this point. Firstly, Charles can lay off some of his workers in order to pay the rest of them a higher wage. Unfortunately, this would leave some workers out of work and unable to support themselves or their families. Secondly, Charles can lower wages in order to compete with the larger lumberyards. This would leave his workers and their families struggling to support themselves. Thirdly, Charles can keep his wages as they are and take the financial burden upon himself. Inevitably, this would push the lumberyard out of business, and leave Charles and his workers out of work. There are several ethical decision making processes that can help Charles to make his decision. The first among these is teleology. Teleology is defined as what a “virtuous” person would do in this situation. As such, the decision making process here would involve Charles considering the most virtuous solution to his dilemma. To this end, he would need to decide what solution would do best in pursuing his own well-being and flourishing life. Unfortunately, these concerns are placed before those of others, such as his workers. Thus, if Charles decides to follow teleology to make his decision,...
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