Apply the RATIONAL DECISION MAKING MODEL and step by step elaborate how will you make sure to optimize your decision with maximum outcome. In other words, elaborate in 6 steps how will you make sure to take a rational decision with maximum outcome.
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- GATEWAY CHIEF MAKES DARING DECISIONS Read the case and answer the questions that follow. Studying this case will help you better understand how decision- making concepts can be applied in a company such as Gateway. Bill Gates, Michael Dell, and . . . Ted Waitt? Like Gates and Dell, Waitt left college to form a computer company, Gateway. He and Mike Hammond, now senior vice president of manufacturing, started the firm in a farmhouse with a loan secured by a $10,000 CD owned by Waitt’s grandmother. Initially, they sold hardware peripherals and software to owners of PCs made by Texas Instruments; later they expanded into designing and assembling their own fully configured PC systems for direct sale to consumers and businesses. As his company grew, Waitt used his Midwestern roots to differentiate the South Dakota–based company from competitors such as Dell and Hewlett-Packard. For example, he used eyecatching cow spots to establish a brand image, which can be quite difficult…GATEWAY CHIEF MAKES DARING DECISIONS Read the case and answer the questions that follow. Studying this case will help you better understand how decision- making concepts can be applied in a company such as Gateway. Bill Gates, Michael Dell, and . . . Ted Waitt? Like Gates and Dell, Waitt left college to form a computer company, Gateway. He and Mike Hammond, now senior vice president of manufacturing, started the firm in a farmhouse with a loan secured by a $10,000 CD owned by Waitt’s grandmother. Initially, they sold hardware peripherals and software to owners of PCs made by Texas Instruments; later they expanded into designing and assembling their own fully configured PC systems for direct sale to consumers and businesses. As his company grew, Waitt used his Midwestern roots to differentiate the South Dakota–based company from competitors such as Dell and Hewlett-Packard. For example, he used eyecatching cow spots to establish a brand image, which can be quite difficult…“Statistically we expect that good decisions will lead to favorable outcomes more often than will either poor decisions, or decisions reached by default. In a sense, this is a statement of faith on which all rational approaches to human affairs are based” (Amara and Lipinski, 2020). Discuss this statement, and assess the value of the analytical decision approach as an operational tool of management decision-making.
- Decision making is a fundamental management function. In the light of this statement, define and explain, with examples, all the views on how managers make decisions. Answer this question in not more than 400 wordsMiriam and Devon are both upper-level managers, but have very different decision-making styles. Please name and describe in your own words four decision making processes that could be used to guide their decision making. In addition, provide and explain in your own words 10 ways in which their decision could, in general, be derailed or hindered, and explain each.Decision making is a fundamental management function. In the light of this statement, define and explain, with examples, all the views on how managers make decisions.
- GATEWAY CHIEF MAKES DARING DECISIONSRead the case and answer the questions that follow. Studying this case will help you better understand how decisionmaking concepts can be applied in a company such as Gateway.Bill Gates, Michael Dell, and . . . Ted Waitt? Like Gates and Dell, Waitt left college to form a computer company, Gateway.He and Mike Hammond, now senior vice president of manufacturing, started the firm in a farmhouse with a loan secured by a $10,000 CD owned by Waitt’s grandmother. Initially, they sold hardware peripherals and software to owners of PCs made by Texas Instruments; later they expanded into designing and assembling their own fully configured PC systems for direct sale to consumers and businesses.As his company grew, Waitt used his Midwestern roots to differentiate the South Dakota–based company from competitorssuch as Dell and Hewlett-Packard. For example, he used eyecatching cow spots to establish a brand image, which can bequite difficult in the standardized…In this course we’ll be talking about how management science can help managers make good decisions. Discuss what goes into the decision making method vs. problem solving. Provide one example where you used the problem solving method.The Principles of Management emphasise logical decision making and avoiding bias or prejudice at all costs. The above statement points out that knowledge of these principles help in...........................
- a, How is your rationality bounded with respect to your decisions in general, for example buying a new car? In what ways are you optimizing? In what ways are you satisficing? Explain. b. Which cognitive biases and behavioral challenges could affect your decision-making? How could noise, as described in this class, affect your decision-making? Explain. c. Suggest a heuristic that should be helpful when making this decision. Explain why it should usually help (which bias is it related to) and when it might lead to mistakes. d. How can you nudge yourself to a better decision? Why do you expect it to work? What other techniques can you use to limit the effects of biases and noise? e. How might the cognitive effects of scarcity (e.g. focus dividend, bandwidth tax) or present bias affect the financial aspect of your decision? How will you reduce this effect?Herbert Simon (cited in Certo & Certo (2014) questioned the ability of managers to make rational decisions. In his opinion, managers are not able to make perfectly rational decisions. a. Do you agree? Why/Why not? b. Secondly, it is often said that managers often make decisions without all the necessary information. Why is this so?Can you describe the difference between a rational decision and a non-rational decision? Is it possible to always make rational decisions?