This report discusses the process of decision making by managers with the help of various theories. It includes the comparison between Rational Model and Incremental Model, advantages of decision making, and characteristics of decision making. The report also includes a case study of Henry Ford doubling the wages of workers in 1914.
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Running Head: Decision Making Decision Making By Managers: A Study on Henry Ford
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Decision Making1 Executive Summary Most of the time the managers comes across the phase where they have to take the decisions, which are needed for the efficient working of the company. The managers have to go through the decision making process preciously because one bad step can lead to wrong decision which can affect the working of the company in negative way. The most prominent example of making effective decision of Henry Ford in 1914 when he doubled the wages of workers out of nowhere so that he could tackle problem of absenteeism and low turnover. At that time the per capita income was $354 and the value of his first car was $500, so he raised the wages of his workers so that they can afford the car. It means he wants his workers to use the product they were manufacturing. The support of Rational Model and Incremental Model in making the decision is discussed thoroughly in the report. There are some disadvantages of these two theories, which are taken to into considerations while coming to conclusion. The final conclusion is pervasive in nature and it comes out after numerous inquiries and discussions. Whole procedure consists of small steps where each step is taken once and after completion of first step, the next is taken. It will have expansive consequences in a manner in which an organization grows. In actuality, they are prepared for taking fundamental decisions, which are one of the various characteristics that every director should have in each level of management.
Decision Making2 Table of Contents Executive Summary.........................................................................................................................1 Introduction......................................................................................................................................3 Concept of Decision of Making.......................................................................................................3 Steps of Decision Making............................................................................................................4 Characteristics of Decision Making.............................................................................................5 Advantages of Decision Making..................................................................................................6 Comparison between Rational Model and Incremental Model.......................................................6 Henry Ford Doubling the Wages.....................................................................................................8 Theories of Decision Making..........................................................................................................9 Rational Actor Model...................................................................................................................9 Process of Rational Decision Making....................................................................................10 Criticism of Rational Model Theory......................................................................................10 Incremental Model.....................................................................................................................11 Characteristics of Incremental Model........................................................................................12 Advantages of Incremental Model.........................................................................................12 Disadvantages of Incremental Model.....................................................................................13 Conclusion.....................................................................................................................................13 Bibliography..................................................................................................................................15
Decision Making3 Introduction Winston Churchill once said: The price of greatness is responsibility(Seland, 2018). Decision-making is fundamental part of present mechanism of the company. It is a basic capability of the board. Decisions decide both managerial and various leveled exercises. A decision may be described as “a procedure which is deliberately looked over a lot of choices to achieve an ideal result.” It addresses a particularly balanced judgment and a vow to action. (Anon., n.d.). The first important function of management is to take decisions on problems and circumstances. Decision-making overruns every single administrative activity. It is a consistent procedure. Basic leadership is a vital part of the administration procedure itself.In every organization, there is needfordecision-makingmanagersatsomepointoftimeforthebestinterestofthe organization. Decisions are future oriented which can helps in maximising the profits for the company in the long run. All the daily business operations take place on the basis of managerial decisions. Managers are given the responsibilities of making decisions, which will decide the growth of the company so managers bear the heavy task of making decisions.The process of making the final decision is very tricky. It can be done through expertise of various fields (Anon., n.d.).Small-scale organization incorporatesinto every dimension of directors, big scale organization mostly gets support of skilled persons who can give them variety of optionsbut a single person alone cannot take ultimate decision. The report aims to discuss the process of decision making with the help of various theories. Concept of Decision of Making A decision is the final act of a process in which managers have option to choose among two or more alternative options to accomplish the ultimate goal. This process is known as Decision Making(Anon., 2019).Decision making is an crucial cycle within an organisation as it aids – 1.Best resource utilization- An organisation can save lot of time and cost if it uses resources available like man, material, money, market and information in best way possible.
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Decision Making4 2.Opting for best alternate option- Decision-making is important because whenever there is a problem, it has various solutions so taking financial and various other tools into consideration to choose best alternative option to solve the problem. 3.Performance evaluation of managers- Decision- making is important to evaluate the performance of manager. The number of correct decision taken by the managers will rate him higher in performance appraisal. 4.Employees’ motivation- Decision- making is important for motivating employees as it provides framework of working of the company to the lowest levels of the staffs. It helps in transparency in the working and employees are motivated. 5.Pervasive function- Decision is to be taken at all level of the management such as organizing, directing, staffing, directing and controlling(Anon., n.d.). Henry Ford very well adopted this concept of decision- making. When he decided to raise the wages of his workers then he had taken into consideration all the possible outcomes of it. His decision is justified by the fact that his workers got motivated and started working more effectively and gave his company double profit. Steps of Decision Making Step 1: Identification of decision The first basic and most important step is to identify the nature of the decision, which a manager is going to take. In 1914, when there was shortage of workers due to World War I and most of the companies were on the verge of shutting down, Henry Ford knew what kind of decision he has to take to cement his position in the market(Kindig, 2008). Step 2: Collection of suitable information Gathering of some relevant data before settling on the choice is necessary, appropriate data is necessary and the source of data has been taken and the procedure of attaining it. This step includes interior and outer "work." Internal data; manager will evaluate himself. External data; managers have to see it on the internet, in journals, from other persons, and other various sources. Henry Ford collected all the available information regarding the reason of high turnover
Decision Making5 and absenteeism of workers in the company. According to the nature of problem, he took the appropriate decision. Step 3: Identification of alternatives When the information is collected then it can be perceived that there are several choices or alternatives through which the present problem can be solved. Opting for best alternative should be done by checking about pros and cons of every alternative. Step 4: Evaluate the evidence Draw on data and slants to envision what it would take after whenever did the majority of the decisions interestingly quite far. Study whether the need apparent in first step would meet or settled using every decision. As chiefs experience this inside technique, they will start to support some decisions: those that to have a higher potential for achieving objective. Step 5: Choosing of best alternatives After evaluation of evidence, managers are ready to select the best alternative. Managers can choose more than one alternative depending upon the type of problem. After going to various alternatives, Henry Ford came up with the idea of doubling the wages. He knew that this could gave him huge profit in the long run and that what exactly happened. Step 6: Taking action Now managers can take positive action by implementing the best alternative they have chosen. Henry Ford finally implemented and enforced the decision of raising the wages of his workers. No one even could think of giving five dollars per day to every worker but Henry Ford thought out of the line and came up with the decision. Step 7: Review and outcome of Decision In this last step,considering the eventual result of decision and check whether the result is accordance with the motives setup in first step. If the decisions are not according to the need of the company then there is need in the change of methods so that they can come to appropriate decision. In Henry Ford case, the decision resulted in loss in initial days but after two years, the
Decision Making6 result could be easily seen as his workers gave him double profits. This shows that his decision was correct(III, 2017). Characteristics of Decision Making Strategic decisions have the following attributes: ď‚·They are tricky issues that are hard to characterize exactly. ď‚·They require a comprehension of the issue to locate a reasonable arrangement. ď‚·Theyoccasionallyhaveonebestarrangement,yetfrequentlyaprogressionof conceivable arrangements. ď‚·Questions about exchange off and needs show up in the arrangements. ď‚·Solution benefits are hard to survey as to their adequacy, to some extent since they do not have an unmistakable end against which viability can be judged. ď‚·Other issues in the association are associated with answers for a central issue. ď‚·High dimensions of equivocalness and vulnerability are related with arrangements. ď‚·Realizing sought after advantages has impressive hazard. ď‚·Strategicchoiceshavecontendingchoicesthataspeedyvitalplayercanutilize governmental strain which guarantee that a decision lines up with their inclinations (Nutt & Wilson, 2010). Advantages of Decision Making ď‚·Diversity in Opinions- Diversified decisions can be helpful as they are suggestions and opinions of different individuals having expertise in different field. It is better to have more than one opinion or suggestion for a problem because it will give best way possible to solve the problem(Anon., n.d.). ď‚·Money and time saving-There is nothing as over the top as a horrible decision. A decision is said to be terrible when the objectives set are shrouded, the targets are lost and the effort notwithstanding imperativeness expended are wasted. A tolerable decision saves time, money, imperativeness and results in the achievement of masterminded focuses in the most functional way. ď‚·Feeling of individual accomplishment and satisfaction- At the point when a pioneer settles on a decent choice, which yields high positive outcomes, she/he can finally relax and encounters satisfaction and a feeling of accomplishment. The pioneer could pride
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Decision Making7 his/herself dependent on the increases of the choice especially when it has improved the fortunes of their groups and association. Avoiding Indiscretion-Other noteworthy pieces of fundamental authority systems that indiscreet choices dependent on off kilter data or an energized reaction are kept up an imperative detachment from. For the most part, these are the choices that are overseen or excessive than anticipated. Frameworks which need a methodology which fuses various people, particular system of data or reports most of the time works.(Anon., 2017). Comparison between Rational Model and Incremental Model The customary administrative way to deal with basic leadership, likewise called the rational comprehensive model, focuses on the requirement for soundness in decision making. It looks to present judiciousness by decreasing the quantity of choices and qualities that must be considered, guaranteeing that the director realizes how to settle on sane choices and giving adequate data to that procedure. The rational-comprehensive model tells to decide the destinations, think about the conceivable way to accomplish those goals, and pick the best option(Lombardo, 2019). One noteworthy issue with this methodology is that goals are not clear in every case—there is frequently nobody approach to characterize "evenhanded" or "the open intrigue." Thus, the levelheaded exhaustive model accepts a level of comprehensiveness that may not really exist. In addition, characterizing goals can be troublesome when the political help for a given program begins with an alliance of different interests. Further, it might be unlikely given time requirements for an open overseer to think about every single imaginable mean and gauge them as indicated by productivity, economy and viability. At last, one might say that the levelheaded complete methodology is excessively dynamic and produces implausible choices.(Anon., 2019). The incremental model of decision making, in light of a political way to deal with open organization, contends that the rational model is excessively unique and expects chairmen to practice a level of judiciousness and exhaustiveness that is implausible. It focuses on the requirement for open executives to be receptive to the political network, and its supporters guarantee that it fits the open area better because of the fact that the commonwealth works in a gradual way, not really a discerning or far reaching one. Goals in this model are frequently left
Decision Making8 dubiously characterized so they can direction the broadest political help, and ventures towards progress are made gradually and steadily. The three stages related with this model are to rethink the finishes, comes to an end conclusion, and settle on an acceptable choice. The incremental model’s essential impediment is that it is excessively moderate. Putting together choices essentially with respect to the help they create can prompt fixed status and gridlock, making it exceptionally hard to react to changes in the public eye. While it is constantly attractive to take responsiveness and political help into thought, it may not generally be astute to concentrate on these to the detriment of different variables(Chuchu, 2012).Steady alterations of arrangement can likewise prompt unfortunate and unintended results; when a later advance can be executed, conditions may have radically changed, influencing past strides to appear to be heartbreaking looking back. Maybe most genuinely, the steady model cannot immediate changes in the public arena or lead in extensive scale adventures; it advances idleness and can really be an obstruction when there is a need to act rapidly and definitively. One of the intrinsic disadvantages of the arbitration and the lawful methodology when all is said in done is that it is a type of incrementalism, and can be similarly as moderate and ineffectual in achieving real strategy objectives. Nobody is arranging the "master plan" so the consequences of gradual changes can be unfortunate and erratic. This methodology is additionally very tedious, and limits support in the basic leadership process.(Anon., 2019). Henry Ford Doubling the Wages In 1914, Henry Ford made a major declaration that stunned the nation. It caused the budgetary manager at The New York Times to lurch into the newsroom and ask his staff in a shocked murmur, "He's insane, would he say he isn't? Wouldn't you say he's insane?" That morning, Ford would start paying his workers $5.00 every day, over double the normal compensation for automakers in 1914(Anon., 2006). Likewise, he was decreasing theworkday from 9 hours to 8 hours, a critical drop from the 60-hour workweek that was the standard in American assembling. If the amount is adjusted according to inflation then it will come out approximately 118.67 dollars in 2015. It amount to 15 dollars per hour(Talton, 2016).This step led to motivation of workersandtheystartedworkingmoreactivelyandefficiently.Theproductionraised significantly and as a result the profit got doubled within first two years of decision of doubling
Decision Making9 the wages(Vitasek, 2017).In 1914, First World War broke out so there were lot of mass destruction of life and property. People were in need of employment as their source of income got destroyed due to war. He started paying more to people, which led to their motivation of working. It is assumed that the reason for increasing the wages by Henry Ford is to widen the market. At that, time workers did not managed up with the allotted hours and conditions of the workers in the factories. The problem became so big that in 1900s the turnover in Henry Ford’s factories went to 400 per-cent which means that he had to hire 50,448 men in a year to maintain a workforce of 13,623. Therefore, to reduce his expenses he doubled the wages. In 1913, the absenteeism in company reached to 10.5 per-cent because most of the workers in the factories were not satisfied with the working conditions. By 1913, the turnover raised to 370 per-cent. It was revealed that in March 1913 more than 7,300 workers left the factory. Ford had lost 1,820,000 dollars because of turnover in 1913. These conditions led to the commencement of 5 dollars a day wage system. This was one of the best cost-cutting decision ever made which lead to falling of turnover to 54 per-cent in 2014 and in 2015 it dropped to 16 per-cent(Perelman, 2016). Theories of Decision Making Rational Actor Model HerbertSimonpropoundedthistheory(Sambit,2019).Thefundamentalthoughtofthe discerning performing artist demonstrate is derived from monetary hypothesis and utilitarianism. The centre idea of the hypothesis depends on the possibility of "Financial man" who takes a wide range of choice based on levelheadedness and utility. The financial man chooses to seek after a specific procedure which thinks in his judgment reasonable and which will guarantee most extreme utility. Therefore, sanity and utility are the two vital criteria that lie at the core of basic leadership process(Nitisha, n.d.). Process of Rational Decision Making Set of steps in rational actor model(Cashman, 1993)are: 1.Identification of problem
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Decision Making10 2.Search and allocate goals 3.Collection of information 4.Finding of alternatives 5.Evaluation of cost and benefits arising out of each alternative 6.Opting of best alternative 7.Enforcing the decision 8.Monitor and check The rational model of decision- making expects that individuals will opt for the decision, which helps to maximise the profits for the company. The chances of discerning conclusions are anything but are intangible in monetary hypothesis. Overall, people will opt for those articles, which will give them best utility with minimum expense. The rational model assumes: Manager is having appropriate data by which decision can be taken. Quantifiable criteria are present through which information can be accumulated. Manager is having has limited time. (Anon., n.d.). Criticism of Rational Model Theory The rational model theory of decision- making initiative acknowledges that manager will make resources for evaluate each alternative against the others. The target fundamental authority show does not consider factors that cannot be assessed, for instance, moral concerns or the estimation of magnanimity. The rational model of decision making does not include the factors which cannot be assessed, for example, morality and unselfishness. It ignores the person’s personal traits. The objective of this theory makes an inclination to the tendency for substances, data and examination.(Anon., n.d.). When the decision is more unpredictable then there are more chances that the limits are unmistakable because they are settling on steady options. Apart from ceaselessly hoping for propelling focal points during costs constraining, people are possibly prepared to pick a commendable choice over the perfect choice. This happens because sometimes it is hard to measure exactly and overview the reasons for decision making.(Anon., 2019).
Decision Making11 The decision of Henry Ford is well supported by Rational Model theory. The basic meaning of this theory is to maximise the profit and Henry Ford’s decision of doubling the wages of the workers eventually resulted in maximising of profit twofold. He identified the problem of not getting enough profits and the reason leaving of his workers. He studied on various aspects and reasons of the fault and came across various alternative options. He finally opts for the best alternative to solve the issues of his company. He doubled the wages of his workers that resulted to decrease of absentees and it further motivated his employees to work hard and effectively. As a result, it leads to doubling of the profits within two years. It costs him lot of money initially as giving five dollars to every worker every day. Incremental Model Incremental model tells about instead of making one immense jump towards tackling an issue, the incremental model separates the basic leadership process into little advances. The procedure ofmovingbetweenandreliesupontheblendofparticipation,instant,theoretical,and implementation of different strategies.(Anon., 2019). CharlesLindblom propounded this model of decision- making(Anon., 2017). Distinctive focal points of the slow model are its ease and versatility. Since the difference between the same old thing and proposed course of action at each stage is close to nothing, it is consistentlymorestraightforwardtoaccomplishanunderstandingbetweendifferent accomplices, and battle is dodged. The progressive structure shows a procedure for programming headway where the model is presented and enforced. It includes both improvement and upkeep. The thing is complete when it resolves all the problems of the company.The thing is rooted into various parts, which are all organized and made openly. After finishing each segment then they are passed on the customer. These licenses divides the usage of thing and keep a key detachment from a long improvement time. This incremental model in like way supports the frightful impact of indicating new guidelines. There are some minor issues with incremental model like that each new structure must be made with past structures and any present frameworks. The undertaking of separating thing does not produce any results. Nevertheless, in the event that there are such a large number of assemble, at that point there is little included utility from each form(Anon., 2018).
Decision Making12 Characteristics of Incremental Model ď‚·Risks can be managed easily as they are identified and solved preciously. ď‚·Only some of the alternatives are considered. ď‚·Decisions are taken after negotiations. ď‚·As time passes by, the changes are made accordingly. ď‚·Political considerations are important in determining outcomes. Advantages of Incremental Model ď‚·Flexibility ď‚·Cost effective ď‚·Every step is easily managed. Disadvantages of Incremental Model ď‚·Fragmentation of decisions ď‚·Arbitrary exclusion ď‚·Best policies may be overlooked ď‚·Lacks appropriate response for large scale needs(Anon., 2009). The decision of Henry Ford is well supported by this theory. The basic concept incremental theory is using of small steps towards tackling the problem and overcome it. Henry Ford found out the reasons of more turnover and making of less profit. After finding out the reasons of it, he started planning the various alternatives through which the present problem can be solved and came up with the strategy of doubling the wages of workers. In any company the biggest asset are workers and to make them happy while they are working in the premises is a big task. If the workers of the company are motivated and satisfied in every field like working hours, wages and working conditions then they can produce positive results that can help company in attaining maximum profit. The decision of Henry Ford led to the motivation of workers as they were earning more than other workers were earning. The motivation of workers led to rise in the production and within two years, Ford Company achieved double profit.
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Decision Making13 Conclusion It can be concluded that there are lot of responsibilities on the shoulders of the managers. The process of taking correct decision is very complex because managers finds various solution for a specific problem and every alternative seems to be correct. The skill and technique of managers comes into actions when they have to opt for best available alternative after checking out all the positive aspects of the all the available alternative. It can be said that managers have to choose that option which will benefit the company in the long run out of all available correct options. The decision of Henry Ford is the best example for choosing of best alternative to solve a managerial problem. They have to go to the process of decision making very carefully because one wrong step or move can led to choosing of wrong alternative which can led to further downfall of the company. The decision by Henry Ford led to earning profits within two years and because of this it can be inferred that Henry Ford opt for the best solution which solved his multiple problems. The decision is well supported by Rational Actor Model Theory and Incremental Model Theory. Managers have to maximise their profits while dealing with the internal as well as external problem effectively and efficiently. Bibliography
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Decision Making16 Sambit, 2019.Simon’s Rational Decision-Making Process: Rationality and Its Limits. [Online] Available at:http://www.yourarticlelibrary.com/management/simons-rational-decision-making- process-rationality-and-its-limits/63424[Accessed 2019]. Seland, D., 2018.With great power comes great responsibility. [Online] Available at: https://www.qualitymag.com/articles/94643-with-great-power-comes-great-responsibility [Accessed April 2019]. Talton, J., 2016.Workers an wages: What Henry Ford understood. [Online] Available at: https://www.seattletimes.com/business/economy/workers-and-wages-what-henry-ford- understood/[Accessed 2019]. Vitasek, K., 2017.What Henry Ford Understood About Wages. [Online] Available at: http://www.vestedway.com/what-henry-ford-understood-about-wages/[Accessed 2019].