The paper "Consultancy Management Techniques" is a perfect example of a management assignment. A heuristic is often correct general decisions that people or managers make using very limited available information. They are mainly regarded as shortcuts that reduce the cognitive burden that accompanies the decision-making process. When individuals use categories as their bases for making decisions about something they are employing representative heuristic. It offers an option to scrutinize fewer alternatives in decision making. One significant heuristic is the representative heuristic that is mainly economically oriented. It is considered as a mental shortcut that assists in making a decision by comparing information to our mental prototypes.
This method helps us to make quick decisions that save time and energy. However, the main weakness of this method is its stereotyping mechanism that generalizes the decision-making process. Availability heuristic regards how easily an idea can be brought to mind. Availability heuristic acts as the most base for most of our decisions and judgments. For instance, if people are asked to read a list and after identifying names from the list, the majority of the names identified are those of famous individuals that are familiar to the person.
Many of the missed medical diagnosis present in health sectors are attributed to the heuristic. Scholars in the medical arena appreciate the cognitive economical importance of heuristic but caution clinicians and practitioners in establishing where heuristic requires to override heuristic in favor of more comprehensive decision-making mechanisms (Goodwin & Wright 2014). Lexicographic heuristic on the hand is a more comprehensive decision-making mechanism that is mainly grouped into three phases. The first phase is the search rule that entails looking for attributes in order of validity.
The second stage is the stopping rule that stops the search once the first attribute discriminates between alternatives. The last phase is the decision stage where entails selecting the alternative that the attribute favors. In this method, the buyer assesses product attributes in relation to ranked priorities and will settle for the brand that best satisfies the highest priority. For example, a buyer who ranks the price of a car most, followed by the efficiency of fuel consumption, braking and headroom may buy the car with most headroom between two cars that are satisfying in terms of price, fuel efficiency and braking.
However, low ranked attributes such as color won’ t sway the decision (Gigerenzer, Todd, & the ABC Research Group 1999). The minimalist involves the use of cues based on the inference in the direction the cue points. Minimalist looks for cues randomly and takes advantage of recognition heuristic in instances where both objects are recognized or the cue is not correlated to the criterion. In the case where one of the cues is recognized predict it as having the higher value on criterion, but when none is recognized one should guess and if both are recognized one should proceed to the next level that entails a random search involving drawing the cue randomly without replacement and looking at the value of the two objects.
If one of the objects is found to have a positive cue value and the other does not have either a positive or a negative, one should go to stage 3 which is the stopping rule or decision rule.
Here there is a prediction that the one with a positive cue has a higher value on the criterion. In decision making one should take the object based on the direction the cue point, but not on how valid the clue is. The minimalist theory is used in designing instructions mainly training materials for computer users. It stresses on the importance of building upon the learner's experience (Carroll 1998).
List of References
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Carroll, J.M., 1998), Minimalism beyond the Nurnberg Funnel. MA: MIT Press
Gigerenzer, G., Todd, P.M., & the ABC Research Group, 1999, Simple Heuristics That
Make Us Smart. Oxford University Press: New York.
Gogoi, P. 2007, Wal-Mart’s Latest Ethics controversy; Business week, Free Press
Goodwin, P. & Wright, G., 2014, Decision Analysis for Management Judgment. Prentice
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Milton F., 1970, The social responsibility of business is to increase its profits. New York
Stout, J. and Pickel, J. 2007, The Wal-Mart Waltz in Canada: Two steps forward one step back. The Connecticut Law Review. Vol.39, Iss.4, pp. 1495-1511.
Werther, W. and Chandler, 2010, Strategic Corporate Social Responsibility: Stakeholders in a Global Environment. 2nd Edition. SAGE Publishers, New York.