Term Paper on "Decision-Making Model Analysis"

Term Paper 3 pages (1352 words) Sources: 3

[EXCERPT] . . . .

Decision Making Models

Napoleon once noted that 'Nothing is more difficult, and therefore more precious than to be able to decide', this points to the fact that our daily operations at home, school or office, we are constantly faced with situations where we have to make decisions, and at times crucial ones in that matter. It is an everyday experience that several judgments can be emotional and are made without deep thought. They come at the spur of the moment and may be dictated by the condition as at that moment, a condition that may not last as much as the judgment that will have already been made (Business Analysis Made Easy, 2010). It is in such cases that the decision making models come into play. The decision making models assist in ensuring that right judgments are reached at regardless of the situation.

Every person would like to make the right decision since the outcome will affect them or their business directly. From statistics, it is apparent that majority of businesses opened do fail and the reasons behind the failure are most of the times related to poor or wrong decision making. Decision making is therefore a process that involves selecting an alternative out of all the several feasible ones and sticking by it and implementing it. The decision maker(s) must have sufficient reasons for rejecting all the other alternatives and settling for the one they settle for.

There are various decision making models that have been researched upon and fronted in the academic field. These include but are not restricted to decision matrix, multivariable decision-making model, Myers-Briggs Type Indicator (MBTI) model, Vroom-Jago decision model, seven step decision making model, intuitive decision making model, recognition primed decision making model, the ultimate decision making model, Kepner Tregoe decision making model (decision making confidence, 2010) and many more models. However for the purpose and focus of this paper in particular, the Rational decision making model will form the basis. It is however very necessary to note that the models do not operate in mutual exclusivity. They instead interlace to augment each other depending on the peculiarity of the situation that and individual or organization finds itself in. These models help us improve the way we make decisions. The model that I have chosen to use as the brands manager in a pharmaceutical firm aiming at improving the packaging of the drugs from the firm is the rational decision making model and the vast of the discussions will be based on the discourse as extracted from the Happy Manager (2010).

Rational decision making model

This model involves several rational steps that are to be followed in making decisions.

a). Identifying a problem/opportunity.

This is the most significant part of the decision making model. A clear comprehension of the problem or opportunity will enable me as the brands manager to reach a concrete decision ahead without which the decision made will inevitably be wrong. For instance, my company's packaging for pain relievers has just been imitated by a company that is trying to have counterfeit drugs and sell in our market without the clients' knowledge. This is a real problem which needs a very critical decision making process in order to know which way to take and how to act as we attempt to retain the market share or ours.

b). Gathering information.

This involves getting to know what is of significant importance to the decision making and what is not. Trying to gather what one should know before making that particular decision. As a brands manager, I will need to know what the counterfeiters are taking advantage of, what they are copying and how they are able to imitate our products. I will also need to know when that started and possibly to what extent they have managed to penetrate our market. At this stage there may arise the need for research to be conducted.

c). Analyzing the situation

Here the various options of action to be taken as found in step two are looked into. This is where… READ MORE

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