On 4/29/11, Decent girl <girl.decentgirl.decent@gmail.com> wrote:
> *MGT502 Assignment # 1*
>
> *Idea Solution*
>
> *Seekers*
>
>
>
> Mr. Usman wishes to buy a new and expensive cellular phone. He searches
> internet, and consults with his friends and relatives to get some
> information about the latest models in the market. After one week, he
> decides to purchase Apple iPhone. While at the store, the salesman explains
> and proves that he can buy much better phone within the same budget if he
> goes for Black Berry Torch. Black Berry Torch gives better value for money
> with respect to performance, design, advance features and warranties.
> Relying on the available information, Mr. Usman finally decides to buy Apple
> iPhone.
>
> In the light of above scenario answer the following questions.
>
> Q.1: Identify and explain the decision making model being applied by Mr.
> Usman for the purchase of a new mobile. (10)
>
> * *
>
> *Rational Decision-Making*
>
> *Model*
>
> *"A decision-making model*
>
> *that describes how individuals*
>
> *should behave in order to*
>
> *maximize some outcomes"*
>
> *Steps in the Rational Decision-*
>
> *Making Model*
>
> *1. *Define the problem.
>
> *2. *Identify the decision
>
> criteria.
>
> *3. *Allocate weights to the
>
> criteria.
>
> *4. *Develop the alternatives.
>
> *5. *Evaluate the alternatives.
>
> *6. *Select the best alternative.
>
> The optimizing decision maker is rational. He or she makes consistent,
> value-maximizing choices
>
> within specified constraints.
>
> * *
>
> *The Rational Model*
>
> *Step 1**: Defining the problem*
>
> • A problem is a discrepancy between an existing and a desired state of
> affairs.
>
> Many poor decisions can be traced to the decision maker overlooking a
> problem or defining the
>
> wrong problem.
>
> *Step 2: Identify the decision criteria important to solving the problem.*
>
> • The decision maker determines what is relevant in making the decision. Any
> factors not
>
> identified in this step are considered irrelevant to the decision maker.
>
> • This brings in the decision maker's interests, values, and similar
> personal preferences
>
> *Step 3: Weight the previously identified criteria in order to give them the
> correct priority in the*
>
> *decision.*
>
> *Step 4: Generate possible alternatives that could succeed in resolving the
> problem.*
>
> *Step 5: Rating each alternative on each criterion.*
>
> • Critically analyze and evaluate each alternative
>
> • The strengths and weaknesses of each alternative become evident as they
> are compared with the
>
> criteria and weights established in the second and third steps.
>
> *Step 6: The final step is to compute the optimal decision:*
>
> • Evaluating each alternative against the weighted criteria and selecting
> the alternative with the
>
> highest total score.
>
>
>
>
>
> Q.2: In your opinion, what other decision making models can be applied by
> Mr. Usman for such purpose?(10)
>
>
>
> *Intuitive Decision-Making*
>
> *"An unconscious process created out of distilled experience"*
>
> 1. Intuitive decision-making has recently come out of the closet and into
> some respectability.
>
> 2. What is intuitive decision making?
>
> • It is an unconscious process created out of distilled experience. It
> operates in complement with
>
> rational analysis.
>
> • Some consider it a form of extrasensory power or sixth sense.
>
> • Some believe it is a personality trait that a limited number of people are
> born with.
>
> 3. Research on chess playing provides an excellent example of how intuition
> works.
>
> • The expert's experience allows him or her to recognize the pattern in a
> situation and draw upon
>
> previously learned information associated with that pattern to quickly
> arrive at a decision
>
> choice.
>
> • The result is that the intuitive decision maker can decide rapidly with
> what appears to be very
>
> limited information.
>
> • Eight conditions when people are most likely to use intuitive decision
> making:
>
> a. when a high level of uncertainty exists
>
> b. when there is little precedent to draw on
>
> c. when variables are less scientifically predictable
>
> d. when "facts" are limited
>
> e. when facts do not clearly point the way to go
>
> f. when analytical data are of little use
>
> g. when there are several plausible alternative solutions to choose from,
> with good
>
> arguments for each
>
> h. when time is limited, and there is pressure to come up with the right
> decision
>
> • Although intuitive decision making has gained in respectability, don't
> expect people—
>
> especially in North America, Great Britain, and other cultures where
> rational analysis is the
>
> approved way of making decisions—to acknowledge they are using it. Rational
> analysis is
>
> considered more socially desirable in these cultures.
>
>
>
>
>
> *-------It is an idea solution. Please read and rewrite in your own
> words------*
>
> On Fri, Apr 29, 2011 at 11:01 AM, mc100208072 Hamid Masood <
> mc100208072@vu.edu.pk> wrote:
>
>> *If anyone have the idea solution of MGT-502 then plz share me.*
>> *Thanks.*
>>
>> --
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>>
>
>
>
> --
>
> --
> We say, "Be one as Pakistani Nation and grow up for Pakistan's Future". Wish
> you all the best. Join www.vuaskari.com,
> To post to this group, send email to vuaskari_com@googlegroups.com
> Visit these groups:
> This (Main) Group:http://groups.google.com/group/vuaskari_com?hl=en?hl=en
> MIT/MCS Group: http://groups.google.com/group/vu_askarimit?hl=en?hl=en
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>
--
Thanks & Regards,
*Nadeem Ahmed
*
--
We say, "Be one as Pakistani Nation and grow up for Pakistan's Future". Wish you all the best. Join www.vuaskari.com,
To post to this group, send email to vuaskari_com@googlegroups.com
Visit these groups:
This (Main) Group:http://groups.google.com/group/vuaskari_com?hl=en?hl=en
MIT/MCS Group: http://groups.google.com/group/vu_askarimit?hl=en?hl=en
HRM Group: http://groups.google.com/group/askari_hrm?hl=en?hl=en
Banking Group: http://groups.google.com/group/askari_banking?hl=en?hl=en
Management: https://groups.google.com/group/vuaskari_mgt?hl=en
Marketing: https://groups.google.com/group/vuaskari_mkt?hl=en
MIS Group: http://groups.google.com/group/askari_mis?hl=en
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