Decision-Making Style Summary. Snehapriya Bharatha. Mba
1167 WordsJan 30, 20175 Pages
Decision-making Style Summary
MBA 505: Foundations of Management
January, 23, 2017
Decision-making Style Summary:
Detailed understanding of the identified problems and collaborative determination of the solution is decision-making. Successful accomplishment of this task requires applying multiple steps which assist individuals to make exceptional decisions. One’s decision-making model might be different than others because there are four known decision-making styles: rational bounded rationality, intuitive, and creative.
Rational decision-making style is an organized and most preferred style that contains eight consecutive steps. Identifying the problems and establishing the initial criteria…show more content…
Individuals that are given unclear criteria use this style to make their decisions. Abundant amount of time is allocated towards gathering needless information regarding the problems and the decision is not made this is called analysis paralysis. Hence, resulting the decision-maker to make a choice by guessing or “going with his gut.”
Creative decision-making is a unique style of decision-making which involves five steps. Steps include: recognizing the problems, immersing, (deeply engaged in generating more ideas), incubation (developing ideas), evaluating them and finally applying them. Creative thinkers are more flexible, open minded, and are eager to tackle more obstacles.
Most of the business industry depends on rational decision-making. These involve making charts, graphs, strategies, performance assessments and much more. Figure 1. An integrative model of industrial buyer behavior is presented in the article, A Model of Industrial Buyer Behavior, shows two different models. First, conditions need to apply to make a distinction between the company’s products among the competitors. Secondly, to perform an experiment without ignoring the decision-making variables. The article specifies five different processes that can help an individual select a product: the background of the individual, information sources, active search, perceptual distortion, satisfaction with past purchases (Sheth,