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Decision Making Model Paper

1280 words - 5 pages

Decision Making Model Analysis PaperIt is evidently assumed that corporate decisions are made according to the concept of rationality. The concept of rationality is defined as seeking out the objectives of a management decision and then selecting the alternative action that will produce efficient results. This approach involves optimizing the available resources and generating the optimal result. This is why the rational decision-making model is often presented as the first choice of corporate decision-making.According to Ryan K. Lahti (1996 pg. 1), we use four decision-making models in today's business world. The four decision-making models are the rational, political, process, and garbage can models. Each of the four models has diverse advantages and barriers. However, the focal point of this paper will be on the analysis of the rational making model. The rational making model is based on the current economic aspects of decision-making. It also follows a scientific, methodical approach to decision-making methods. In chapter three in the book, "Management: The New Competitive Landscape", by Thomas S. Bateman and Scott A. Snell (2004, pg.70-71) they explain that by following the six steps in the rational decision model it will help individuals make clear and precise decisions. These are the following six steps:1). Identify and diagnose the problem.2). Generate alternative solutions3). Evaluate alternatives4). Make the choice5). Implement the decision6). Evaluate the decision (Bateman, T.S. & Snell, and S.A. 2004)This model follows a systematic method in which critical thinking decision makers use to solve problems. The first step is to identify and diagnose the problem that needs to be resolved.The first step is to recognize the problem exists and how it must be solved. (Bateman, T.S. & Snell, and S.A. 2004) Although this may seem either insignificant or apparent, quite frequently it is neither. Many of us have had the experience wasting our precious time to solve a problem and then discovering that various members of the team had different definitions of the problem. It is the job of a decent manager to recognize the problem exists and then he/she must be willing to do something about it.As the Assistant Controller of The Strand Country Club in Naples, Florida, I recognized on our monthly financial statements our inventory costs were out of control. Obviously, this was a serious problem and we needed to take action as a team to try to identify what was causing the problem. Although, as an accountant I knew that there could only be two reasons the inventory costs were high one there was stealing being performed on the premises or two poor inventory tracking. My first thought solution was to put surveillance cameras throughout the storage rooms but then I knew that was my own bias coming to the surface. I was raised around law enforcement my whole life and had been taught never to steal. The second step as a team was to generate...

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