An analysis of the shortcomings of various business decisions undertaken by the writer in a small business.
Written in 2007; 728 words; 1 sources; APA; $ 25.95
Paper Summary:
This paper examines a business decision undertaken by the writer within the past year. The paper expressly looks at the rational decision-making process and the six steps Max Bazerman identifies in "Judgment in Managerial Decision-making." It then illustrates the shortcomings of a computational approach and the errors of the writer in his business approach. In the end, the paper effectively argues that computational models to business decisions rarely work when human beings are involved because human beings are fairly unpredictable, dynamic company assets with emotions and feelings.
From the Paper:
"In the end, it is clear that there are certain problems with the "fully rational" model of decision-making. Most of all, it assumes that all variables and eventualities can be accurately weighted - and this is simply not possible when unpredictable, volatile human beings are cast into the equation. Secondly, the process requires that managers have a thorough understanding of the problem before them before they begin the step-by-step march towards a rational solution (Bazerman 2006). Because it places so much emphasis upon mathematical calculations weighting different alternatives and criteria, the rational decision-making approach can easily lead to the wrong things being "added up" - with the predictably disastrous results. In the end, the process places too much emphasis upon quantifying things without appreciating the dynamics of their environment."
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