Managerial Decision Making - Essay
Added on 2022-08-20
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Running head: MANAGERIAL DECISION MAKING
MANAGERIAL DECISION MAKING
Name of the Student:
Name of the University:
Author Note:
MANAGERIAL DECISION MAKING
Name of the Student:
Name of the University:
Author Note:
MANAGERIAL DECISION MAKING1
Part One:
Introduction
The essay will be structured on part one; it will be focused on an essential quote and
implementing strategies along with the desired solutions. In part one, the famous quote “The
capacity of the human mind for formulating and solving complex problems is very small
compared with the size of the problems whose solution is required for objectively rational
behavior in the real world- or even for a reasonable approximation to such objective rationality”
of Herbert A. Simon will be examined by applying specific theories such as framing, bounded
awareness and emotion theory in the field of management. Simon has stated about the size of the
problem, which is quite small compared to the quantity of the mind of human beings that intends
to solve the problem (Simon, 1990). Therefore, the capacity of dissolving those complicated
problems as well as achieving the solutions through one’s rational behavior in the present
generation is quite tricky and hard to achieve appropriately (Simon, 1972). The main objective of
the essay is to analyze Simon’s quote which is based on bounded rational theory as well as
decision making. The essay is going to be discussed under various aspects such as Simon’s
principles and theories along with the three discrete theories in order to develop a better
understanding among readers so that they can stimulate their ideas appropriately.
Part One:
Introduction
The essay will be structured on part one; it will be focused on an essential quote and
implementing strategies along with the desired solutions. In part one, the famous quote “The
capacity of the human mind for formulating and solving complex problems is very small
compared with the size of the problems whose solution is required for objectively rational
behavior in the real world- or even for a reasonable approximation to such objective rationality”
of Herbert A. Simon will be examined by applying specific theories such as framing, bounded
awareness and emotion theory in the field of management. Simon has stated about the size of the
problem, which is quite small compared to the quantity of the mind of human beings that intends
to solve the problem (Simon, 1990). Therefore, the capacity of dissolving those complicated
problems as well as achieving the solutions through one’s rational behavior in the present
generation is quite tricky and hard to achieve appropriately (Simon, 1972). The main objective of
the essay is to analyze Simon’s quote which is based on bounded rational theory as well as
decision making. The essay is going to be discussed under various aspects such as Simon’s
principles and theories along with the three discrete theories in order to develop a better
understanding among readers so that they can stimulate their ideas appropriately.
MANAGERIAL DECISION MAKING2
Discussion
In this previous section, the quote of Simon is focused on his principle of bounded
rationality, and therefore, it is essential to understand the principle and then discuss the three
discrete theories including framing, bounded awareness and emotion theory. The principle of
bounded rationality is defined as the idea that is instigated on the method of decision-making, the
concept of rationality among several individuals that is restricted by the information they have
been provided (Simon, 1972). The concept was proposed by Herbert A. Simon, which throws
challenges of the notion of human rationality and the theory of homo economicus implemented
it. Therefore, the quotation has various boundaries to showcase and that there are certain
limitations to an individual’s thinking ability or capability along with the gathered information
and time (Simon, 1990). This process actually accounts the effective behavior, which is
separated from the conjecture of absolute rationality. Its main objective is to highlight the
essential features of contributions such as decision-sciences, cognitive as well as
neuropsychology, economics, computer science, biology, and philosophy that are attached to the
recent development of understanding related to the principle of bounded rationality.
Therefore, the set of principles addresses the correct assumptions and sets the aim of
classical economic theory, which helps to foresee the desired behavior of the rational man. It
does not directly focus on an individual’s behavior without building an empirical investigation
on an individual’s psychological elements (Simon, 1972). An individual needs to accomplish a
simplified model of that actual situation so that he or she can deal with it appropriately and
accordingly. Nevertheless, in order to foresee the actual behavior of an individual, one must
comprehend in such a way so that the simplified model can be constructed effectively (Simon,
1957). Thus, the building up of the simplified model will definitely address their respective
psychological elements such as the thought process, observing, along with learning animal.
Therefore, it can be justified by utilizing the three concrete theories including framing, bounded
awareness and emotion theory.
Framing:
Framing is defined as the concept where the main focus is always upon the attention of an
individual in the range of meanings (Guo, Trueblood & Diederich, 2017). The approach is linked
with the rational choice theory which is based on rational choices and is focused on precise
Discussion
In this previous section, the quote of Simon is focused on his principle of bounded
rationality, and therefore, it is essential to understand the principle and then discuss the three
discrete theories including framing, bounded awareness and emotion theory. The principle of
bounded rationality is defined as the idea that is instigated on the method of decision-making, the
concept of rationality among several individuals that is restricted by the information they have
been provided (Simon, 1972). The concept was proposed by Herbert A. Simon, which throws
challenges of the notion of human rationality and the theory of homo economicus implemented
it. Therefore, the quotation has various boundaries to showcase and that there are certain
limitations to an individual’s thinking ability or capability along with the gathered information
and time (Simon, 1990). This process actually accounts the effective behavior, which is
separated from the conjecture of absolute rationality. Its main objective is to highlight the
essential features of contributions such as decision-sciences, cognitive as well as
neuropsychology, economics, computer science, biology, and philosophy that are attached to the
recent development of understanding related to the principle of bounded rationality.
Therefore, the set of principles addresses the correct assumptions and sets the aim of
classical economic theory, which helps to foresee the desired behavior of the rational man. It
does not directly focus on an individual’s behavior without building an empirical investigation
on an individual’s psychological elements (Simon, 1972). An individual needs to accomplish a
simplified model of that actual situation so that he or she can deal with it appropriately and
accordingly. Nevertheless, in order to foresee the actual behavior of an individual, one must
comprehend in such a way so that the simplified model can be constructed effectively (Simon,
1957). Thus, the building up of the simplified model will definitely address their respective
psychological elements such as the thought process, observing, along with learning animal.
Therefore, it can be justified by utilizing the three concrete theories including framing, bounded
awareness and emotion theory.
Framing:
Framing is defined as the concept where the main focus is always upon the attention of an
individual in the range of meanings (Guo, Trueblood & Diederich, 2017). The approach is linked
with the rational choice theory which is based on rational choices and is focused on precise
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