Cook, Noyes & Masakowski (2007) define the rational decision making process as the approach to generating sensible and reasonable decisions.
According to Bazerman (2005, p. 4), the rational decision making process involves four main steps: identifying and comprehending the problem, evaluating and choosing alternatives, prioritizing and selecting potential solutions, and finally implementing and evaluating outcomes. These steps provide individuals and businesses with organization, direction and efficiency in their decision making process. Such an approach can be seen in real-life situations.
To turn around Kmart's negative reputation and low retail sales, the first step is to analyze and understand the problem. This involves identifying causes for poor image, such as involvement in a labor exploitation controversy, selling low-quality products, or providing inadequate customer service. Additionally, Kmart must assess reasons for low sales including ineffective marketing, u
...ncompetitive pricing, and insufficient human resource management.
Once the problem is thoroughly comprehended, Kmart should explore alternative options to address it. These could include pursuing cost leadership and/or differentiation to establish brand value, improving customer service through training and development of front-line employees, upgrading shelf displays, and introducing suitable promotions.
It is crucial to determine which options are appropriate and prioritize them before choosing one or a combination that best addresses the identified problem accurately responds to their situation.
The plant manager must investigate a 10% increase in employee turnover by analyzing the company's turnover trends over the past five years and any internal or external factors that may have contributed to the issue. If the current rate is significantly higher than previous rates, the root cause must be identified, which could relate to new or ineffective employment policies, or
lack of competitiveness in the labor market. Possible solutions should be considered, including monetary and non-monetary motivation strategies. The most effective solution should be chosen and implemented with measures to assess its effectiveness and impact on future turnover rates.
Applying the rational decision making process enables students to recognize that without giving a Christmas gift to their favorite professor, they are likely to receive a final grade of C. The initial step is comprehending the problem in terms of this possibility's strength. Once the probability of obtaining a low grade has been established, evaluate whether presenting a gift would be effective. This assessment should consider both how positively the professor may respond and if such positivity could prevent receiving a low grade. If offering a gift is determined as the optimal solution, selecting an appropriate gift and timing becomes crucial. Finally, actualization entails presenting the gift at the predetermined time and evaluating the professor's mood before and after receiving it.
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