The paper "Utilitarian Model, Moral Rights Model, Justice Model, Garbage Can Model, and Bounded Rationality" is a good example of management coursework. Organizations for their long term success needs to take important business decisions so that they are able to develop the correct framework through which business resources can be used in the best manner. The decision-making process is important at all business level and should involve the different stakeholders so that maximum gains can be achieved. Incorrect decision making or decisions taken at an incorrect time can be fatal and could lead towards financial, resource and other losses for the business.
This essay looks at identifying the importance of strategic decision making as it is imperative for the success of the business. To analyze the manner in which decision making helps the business a movie titled “ Margin Call” is being analyzed and the manner in which decisions are taken at different levels is being analyzed. The paper while looking to analyze the movie “ Margin Call” will look at using different theories like Utilitarian Model, Moral Rights Model, Justice Model, Garbage Can Model, and Bounded Rationality which looking to take decisions.
This will thereby help to evaluate the manner in which decisions are taken and the impact it has on business performance and strategic decisions making. Decision Making Decision making is an aspect of business which involves looking into different details and based on it developing strategies at all steps. The process of decision making requires that different decisions are taken at different levels so that maximum efficiency can be gained while looking to use the different resources (Mintzberg and Waters, 1982).
The movie highlighted the manner in which different level of the chain in command was followed by the investment firm at all levels even including the CEO. The movie is an excellent example of bringing forward the manner in which different aspects and facets need to be considered while undergoing the process of decision making. The movie also highlights that decision making is a process which involves looking into problems, analyzing the issues and then coming up with suggestions. The process requires rigorous brainstorming and looking at all minute details so that every decision which is taken looks at improving the manner in which the different resources are used. Models of Decision Making Looking at the models which are involved in the process of decision making will bring forward the different facets and areas which is involved in the process of decision making. Utilitarian Model of Decision Making The utilitarian model of decision making states that decisions should be taken which will look at benefitting most of the people.
This model states that the business decision should be directed in a manner which ensures that the society is able to benefit from the decision and the impact of the decision does minimum harm on most stakeholders (Batson, Thompson & Chen, 2002).
The movie was an excellent example in the same direction as while during the process of decision making the different analysts were tempted to bring forward incorrect figures and highlight the company in the good light when actually it was performing poorly. This would mean that the business would be able to have the confidence but since the risk involved was high and there was uncertainty regarding the impact it would have on the future and even on the people who had invested in the company, the decision to highlight the company in a good light was not taken.
Instead, the analysts looked to bring forward the correct scenario and highlighted the manner in which the business had performed and the future decisions and steps which are being undertaken to improve the working. This had thereby ensured that the decision-making process was developed on strong reasoning and the decision-making process was shaped where corrective decisions were taken.
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