Business Mgnt
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Running head: PROBLEM FORMULATION AND IDENTIFICATION PAPER
Problem Formulation and Identification Paper
MGT/350
Problem Formulation and Identification Paper
Individuals must make decisions every day in life. Most every decision requires some thought, research, and analysis. Some decisions in life are small like deciding on what to wear. Whereas, some decisions can be a bit more complex like deciding on whether to merge with a large company. Decision-making skills are necessary to have in both an individual’s personal and professional lives. According to Vocabulary.com (2010) “Decision making is the cognitive process of reaching a decision.” Every successful organization has managers that can make sound decisions and can identify with his or her decision-making style. Decision-making styles vary and can be used with other styles to come up with the best course of action. Some of the most common decision-making styles that managers use are rational, intuitive, group, and individual. Each style has strengths and weaknesses in the process but should be identified and described to stakeholders in a manner that is sensitive to their perspectives
Identifying Styles
Companies and managers can use many different methods and styles of decision-making when they need problems solved. Some styles are more appropriate for certain situations than others. If the incorrect decision making style is used, the same problems can keep occurring in an organization. The level at which the decision is being made also has a profound impact on the ultimate decision.
Rational decision-making seems to be the most prevalent style as it combines the collection of information through research, analysis of the research, and drawing a logical conclusion from this information. This style is broadly used in organizations.
Intuitive decision-making is another style that can be used in the business world. This style uses more of a gut instinct and the previous experience...
Problem Formulation and Identification Paper
MGT/350
Problem Formulation and Identification Paper
Individuals must make decisions every day in life. Most every decision requires some thought, research, and analysis. Some decisions in life are small like deciding on what to wear. Whereas, some decisions can be a bit more complex like deciding on whether to merge with a large company. Decision-making skills are necessary to have in both an individual’s personal and professional lives. According to Vocabulary.com (2010) “Decision making is the cognitive process of reaching a decision.” Every successful organization has managers that can make sound decisions and can identify with his or her decision-making style. Decision-making styles vary and can be used with other styles to come up with the best course of action. Some of the most common decision-making styles that managers use are rational, intuitive, group, and individual. Each style has strengths and weaknesses in the process but should be identified and described to stakeholders in a manner that is sensitive to their perspectives
Identifying Styles
Companies and managers can use many different methods and styles of decision-making when they need problems solved. Some styles are more appropriate for certain situations than others. If the incorrect decision making style is used, the same problems can keep occurring in an organization. The level at which the decision is being made also has a profound impact on the ultimate decision.
Rational decision-making seems to be the most prevalent style as it combines the collection of information through research, analysis of the research, and drawing a logical conclusion from this information. This style is broadly used in organizations.
Intuitive decision-making is another style that can be used in the business world. This style uses more of a gut instinct and the previous experience...