Decision-Making: What Are the Newest Concepts Utilized Thesis

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Decision-making: What are the newest concepts utilized in decision-Making? What are the most applicable concepts?

The most common form of traditional decision-making analysis is a 'rational actor' model. In this model, an individual logically makes decisions based upon a variety of alternatives, carefully weighing pros and cons and then arrives at the 'right' solution, based upon his or her self-interest. In real life, decision-making seldom functions in such a clean, neat fashion, and is reliant upon deciding between a variety of contingent circumstances, or 'if then' scenarios. In game theory, for example, decision-makers attempt to make various forecasts about the future, based upon a projected array of possible future actions. The future scenarios are reliant upon the actions of other, influential actors, over whom the original decision-maker has no control. The likelihood of various scenarios is calculated, and the benefits of different actions are weighed. Advances in information technology allows for the running of projected scenarios through computer simulation and can produce even more information about potential outcomes than ever before -- often the difficulty is screening out extraneous information, rather than not having enough.Get full Download Microsoft Word File access
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Thesis on Decision-Making: What Are the Newest Concepts Utilized Assignment

Before making a decision, quantitative data must often be analyzed by decision-makers to gain greater objective information about the future. This is one reason that economists are so obsessed with tracking spending in certain industries. If spending in the construction industry is declining, this could suggest a more general slump in the housing market, and indicate a general downturn later on for the whole economy. But not all decision-making is based upon quantitative data. Subjective influences also has an impact: for example 'group think' can foster poor decision-making, if members of a particular group do not challenge the dominant leader, or if no leader emerges and conciliatory personalities support a relatively conservative decision when radical change is necessary.

Solution-oriented decision making attempts to foster a more dynamic process of problem solving. It focuses on encouraging all affected actors to participate in creating a practical solution through brainstorming and practical implementation. Group dynamics should be used to solicit all of… [END OF PREVIEW] . . . READ MORE

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"Decision-Making: What Are the Newest Concepts Utilized."  Essaytown.com.  August 20, 2009.  Accessed November 28, 2020.
https://www.essaytown.com/subjects/paper/decision-making-newest-concepts-utilized/4644614.