Essays on Rational Choice in an Uncertain World Assignment

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The paper 'Rational Choice in an Uncertain World' is a wonderful example of a Management Assignment. When analyzing the decision-making process in the assigned group, I realized group decision making creates challenges and also contributes to positive in the nature of decisions made. I gathered information and observed how the different members of the team present their views and ideas. According to De Groot et al. (2010), some of the ideas were completely different and lacked commonness or similarity. I thought to myself the benefits of decision making and the challenges occasioned by group decision making.

Some issues discussed were direct in that the expected outcome was premised on rationality, but some members introduced aspects of subjectivity in the decision making. Some of the team members started arguing about subjectivity, but I pointed out that Edmondson & Nembhard (2009) states that perception starts with an individual, context, and available information. I argued that decisions are based on available information, context, and use of the information. Without perception and a subjective component, the fundamentals of a team cannot suffice. To address the point further, I asked the team members to break from the group work and discuss some strengths and shortcomings of group work in the decision-making process. The obvious challenge was time-consuming.

One group member stated that the decision-making process took a lot of time, and some of the decisions were direct. In addition, some pointed out that decision making in groups may result in conflicts and misunderstanding between the group members because of ineffective communication processes, which are supported by De Groot et al. (2010) analysis. I realized that the group members appreciated the benefits of the group in decision making.

The acknowledgment of a broader range of knowledge employed was common throughout the identification of the benefits of group decision making (Edmondson & Nembhard, 2009). Others presented better discussions of issues, broadens constituencies’ interests, and narrows decision alternatives. The acknowledgment of these benefits and strengthens was the basis that I used to advance the aspect of perception. One of the group members presents the significance of the different educational and experience of the group members, and the strength towards the decision of we worked together De Groot et al.

(2010). The discussion on the significance of group decision making enabled addressing varied aspects of decision making. Each of the individuals was able to present their views on the assigned task, and the views were either combined, or others were removed from the list (Saaty, 2008). The list had ten alternatives based on the ten group members. The alternatives, after heated debate, were scaled to three alternatives. The strengths and weaknesses of these three alternatives were discussed, and the alternatives were merged to create one alternative.

The group members realized the importance of group work and effective decision-making process.

References

Gigerenzer, G., & Selten, R. (2002). Bounded rationality: The adaptive toolbox. New York: MIT Press.

Hastie, R., & Dawes, R. M. (Eds.). (2010). Rational choice in an uncertain world: The psychology of judgment and decision making. London: Sage.

Su, X. (2008). Bounded rationality in newsvendor models. Manufacturing & Service Operations Management, 10(4), 566-589.

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