Business Finance Homework Help

I’m working on a management multi-part question and need an explanation and answer to help me learn.

Preparation

The Decision Making module of your text provided numerous decision tools and methods to use during the decision process. In this assignment, you will draw upon your personal decision-making experience. As you learned in the module, people make decisions with our biases and preferred styles in play. You will describe your decision, what choices were involved, how you made your decision, and what the outcome was, relating your process to the rational decision-making process described in the text. The following steps will help you prepare for your written assignment:

1. Carefully consider the tools and methods described in the reading to assist with Management Decision Making.
2. Think of a decision you have made or been involved in making. This could be a personal decision or a work-related decision.

Your Task

Part I

Outline your decision process as it relates to the six steps of the rational decision-making process described in the text:

• Step 1. Identify the Problem
• Step 2. Establish Decision Criteria
• Step 3. Weigh Decision Criteria
• Step 4. Generate Alternatives
• Step 5. Evaluate Alternatives
• Step 6. Select the Best Alternative

For example, if you’re writing about your decision to adopt a pet, the problem you identify in Step 1 might be that you were lonely in your apartment at night, and you’d always wanted to rescue a dog. In Step 2, you could describe the decision criteria you used to select a dog: your apartment only allows dogs under 25 pounds, you wanted a dog with short hair for easier cleanup, you would only travel to a rescue facility within 50 miles of your house, and so on. If you skipped any of the steps above, note that. Include this outline in your written assignment submission.

Part II

Write a two-paragraph essay describing your decision process (as outlined above), including its strengths and weaknesses. Your essay must include at least two properly described and referenced decision methods or styles from the text. For example, if your decision was impeded by bias, describe if it was confirmation bias, anchoring, or some other kind of bias. Answer and address these questions:

• What is your preferred decision-making style?
• How does your style work for you? Are you always satisfied with your decisions?
• What method from the text would you consider for your future decision making?
• How important is decision making in the role of a business leader? Provide an example.

In addition to the text, you are encouraged to research decision-making methods using reliable and properly cited Internet resources. You may also draw from your personal experience with appropriate examples to support your references.