Decision Making Theories and Experiences

Decision Making Theories and Experiences

Introduction

Any business that operates in the corporate world is the body that combines the activities and the processes to achieve the final output in the form of goals. These goals can be economic (business) social (for unions), political (for parties) and so on. The term coordination in business dictionary is the combination of assembling the resources with efficiency and effectiveness to gain the goals. The process of decision making is a complicated mechanism that is highly affected by the leadership style that owns it. The following essay evaluates the theories of decision making and the consistent and inconsistent impacts on personal experiences of a person. (Prasad, Prasad.2000)

Discussions

Decision Making

Any decision that is going to be taken involves a choice that is based on the information a person contains. Sometimes, the decisions are taken on the assumptions like the differences in the demand, the prices of goods, strategy for the competitors etc. the basic aim for making a decision is to achieve the target. (Prasad, Prasad.2000)

Theories of Decision Making

The following are the theories of decision making:

Motivation to decide

Thinking process

Deciding

Theory of Motivation to Decide

The theory of motivation to decide plays an important role in the process of decision making. When a person takes a decision, the very first thing that he needs is the idea to think. Therefore, the motivation to decide comes in. It involves different elements.

Cognitive Dissonance: it diminishes the difficulties and provides ease to take the decision.

Consistency Theory: provides the comfort to look for the internal arrangement of ideas. Commitment: provides focus to be inclined to the public commitment

Choice-supportive bias: provides the memories so the better decisions can be taken

Confirmation Bias: provides the satisfaction that the right decision has been taken and the confirmation can be made. (changingminds.org)

Scarcity Principle: ...