logo

Decision-Making in the Real World Assignment PDF

16 Pages3897 Words46 Views
   

Added on  2021-06-17

Decision-Making in the Real World Assignment PDF

   Added on 2021-06-17

ShareRelated Documents
Running head: DECISION-MAKING IN THE REAL WORLDDECISION-MAKING IN THE REAL WORLD Name of the StudentName of the UniversityAuthor note
Decision-Making in the Real World Assignment PDF_1
1DECISION-MAKING IN THE REAL WORLDExecutive summaryThe chief purpose of this report was to analyze the quote by Herbert Simon from his work titledModels of Man: Social and Rational. The report presented an explanation of the quote thatrevealed the three concepts related to decision-making bias. Divided into two parts – Part 1 asessay and Part 2 as Case Study report – the report analyzed and implemented the explanationsfound in Simon’s quote. Volkswagen was chosen as the case company for providing analysis ofthe decision-making biases. The report concluded with an overall summary of the paperproviding suggestions and recommendations for further research.
Decision-Making in the Real World Assignment PDF_2
2DECISION-MAKING IN THE REAL WORLDTable of ContentsPart 1: Essay – Examining critically, the three concepts elucidating bias.......................................3Part 2: Report – Case Study.............................................................................................................8Introduction......................................................................................................................................8The scenario.....................................................................................................................................8Recognizing the bias....................................................................................................................9Methods that measure biases.....................................................................................................10Strategies to overcome bias.......................................................................................................11Conclusion.....................................................................................................................................12References:....................................................................................................................................13
Decision-Making in the Real World Assignment PDF_3
3DECISION-MAKING IN THE REAL WORLDPart 1: Essay – Examining critically, the three concepts elucidating biasIn business, managers are responsible for making decisions on an array of issues on adaily basis. The decisions made by humans in general are influenced by certain factors eitherdirectly or indirectly (Wood, Cogin & Beckmann, 2009). Most factors result from the biases thataffect the decision-making ability of humans. First, it is important to understand the process ofdecision-making. Ahmed et al. (2014) defined decision making as the process that involves thechoice of a course of action between two or more than two probable alternatives to find asolution for a given problem. In this essay, the three biases as discussed by Herbert Simon in his book Models of Man,Social and Rational shall be discussed. The quote by Simon will be explained in the essay toexplore and understand the three concepts that explain bias in decision-making. In addition, theessay will also focus on Simon’s ideas about rational human choices and external forces’influence on these choices. “The capacity of the human mind for formulating and solving complex problems is verysmall compared with the size of the problems whose solution is required for objective rationalbehavior in the real world – or even for a reasonable approximation to such objective rationality”(Simon, 1957 p. 198).While reading the quote, one can comprehend that here Simon is talking about thecapability of human mind to resolve complex problems. According to Simon, the problemsencountered by the humans are much bigger than their mind’s capability to solve those.However, the author states that the solutions that are beyond the capability of the human mindare important for defining the rational behavior. In addition, the solutions provide a solid ground
Decision-Making in the Real World Assignment PDF_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Explaining Biases in Decision Making (Doc)
|16
|4788
|76

Biases of Decision Making Process
|12
|2861
|272

Assignment Concepts of Decision Making
|8
|2037
|49

Master of Business Administration: Decision Making Process and Heuristics
|16
|4948
|404

Managerial Decision Making - Essay
|8
|2197
|15

Managerial Decision Making: Critical Examination of Simon’s Quote
|11
|2192
|174