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Sample Coursework Paper on Compare and Contrast Four Decision Making Scenarios

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Sample Coursework Paper on Compare and Contrast Four Decision Making Scenarios

Decision-making is a management function that takes place under different scenarios such as certainty, uncertainty, under risk and conflict. There are certain differences and similarities between these four scenarios. The main similarities among them relate to how they are applied by mangers in organizations management and have they also have certain similar characteristics between some of them. The differences relate to the how managers’ obtain outcomes from each scenario as well as the kind of data that is applied by each scenario in the decision making process (Polasky, Carpente, Folke and Keeler, 2011).

The similarity between all of them is that the scenarios assist mangers to make decisions either tactical, strategic or even routine decisions. Other similarities are not uniform in all of them, like in certainty, uncertainty and under conflict scenarios managers do not use probabilities to predict the likelihood of an occurrence happening (Polasky, 2011). There is a similarity between risk, uncertain and conflict scenarios in that the managers are not aware of what is likely to be the outcome of a decision with 100% complete certainty. There also a similarity between certainty and under risk scenarios in that factors required in finding the outcomes of a decision are well known, in certain scenario, managers know both the consequences and alternatives and in risk scenario, they know the probabilities and alternatives( Polasky, 2011).

The differences include that; under certainty managers are aware of the specific outcomes that will arise from each alternative or course of action taken while under risk scenario, an action taken may have several potential outcomes but each outcome has a relative probability that is known. In case of uncertain scenario, action taken usually has a number of possible outcomes with their relative probabilities of each outcome unknown while a decision under conflict requires making a choice such that the choice may produce conflict or resolve it (Johnson and Busemeyer, 2010). In certainty a solution is directly obtained from past occurrence that relates to a current issue. Under risk, some information may be available but not adequate for decision making. Under uncertainty there is no historical data availed that can be used to derive probabilities or the data may be so complex in a way it is not possible to derive anything while in conflict scenario it involves critical thinking and rigorous debating to come up with information for solving specific issues (Hastie and Dawes, 2010).

The four scenarios are different from each other in different ways, which defines their applicability in making different types of decisions. The similarities highlight some few factors that bring out relations between these scenarios as they are used in making decisions by managers.

 

 

 

 

 

 

 

 

 

 

 

 

 

References

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

Johnson, J. G., & Busemeyer, J. R. (2010). Decision making under risk and uncertainty. Wiley Interdisciplinary Reviews: Cognitive Science1(5), 736-749.

Polasky, S., Carpenter, S. R., Folke, C., & Keeler, B. (2011). Decision-making under great uncertainty: environmental management in an era of global change.Trends in ecology & evolution26(8), 398-404.

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