Understanding Business Behavior in a Changing World
'The ideal decision-making process is unrealistic." Explain this statement with reference to the classical rational model and the approaches that deviate from this model as defined in Chapters 1 - 6 of the Decision Making module. Illustrate your answer with examples, particularly from the hotel and hospitality industry.
The ideal decision-making process is unrealistic
Introduction:
Businesses of all sizes have to make many decisions; some are fairly simple and routine, whilst others are more complex and require important management time and effort. The largest effort of organizations is making decisions and solving problems. It is work of choosing issues that require attention, setting goals, finding or designing suitable courses of action, these are called problem solving and evaluating and choosing among alternative actions is usually called decision making.
Understanding decision making is crucial, the one can be in wonder; why the successful intelligent managers who genuinely and seriously want to make the right decision, so often make the wrong one and may cause disastrous consequences?
This essay will illustrate why the ideal decision-making process is unrealistic through mentioning the classical rational model and the approaches that deviate from this model such as groupthink and behavioral perspective with suitable examples.
Example of Markov Decision Process (MDP) transitio...
Decision Making Chart
English: Flowchart of Rational Planning and Decisi...Rational Decision making process critique
Decision-making is the act or process of choosing one course of action from among several alternatives. Decision-making is the process of sufficiently reducing uncertainty and doubt about alternatives to allow a reasonable choice to be made along with them. This definition stresses the information gathering function of decision-making. It should be noted here that uncertainty is reduced rather than eliminated. Very few decisions are made with absolute certainty because complete knowledge about all the alternatives is seldom possible. Thus, every decision involves a certain amount of risk.
The classical...