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Rational Decisions in Organisations

Author: Frédéric Adam

Publisher: CRC Press

Published: 2022-05-30

Total Pages: 245

ISBN-13: 1000543102

Managers in organisations must make rational decisions. Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilising objective knowledge and logic. It involves identifying the problem to solve, gathering facts, identifying options and outcomes, analysing them, considering all the relationships and selecting the decision. Rational decision making requires support: methods and software tools. The identification of the problem to solve needs methods that would measure and evaluate the current situation. Identification and evaluation of options and analysis of the available possibilities involves analysis and optimisation methods. Incorporating intuition into rational decision making needs adequate methods that would translate ideas or observed behaviours into hard data. Communication, observation and opinions recording is hardly possible today without adequate software. Information and data that form the input, intermediate variables and the output must be stored, managed and made accessible in a user-friendly manner. Rational Decisions in Organisations: Theoretical and Practical Aspects presents selected recent developments in the support of the widely understood rational decision making in organisations, illustrated through case studies. The book shows not only the variety of perspectives involved in decision making, but also the variety of domains where rational decision support systems are needed. The case studies present decision making by medical doctors, students and managers of various universities, IT project teams, construction companies, banks and small and large manufacturing companies. Covering the richness of relationships in which the decisions should and must be taken, the book illustrates how modern organisations operate in chains and networks; they have multiple responsibilities, including social, legal, business and ethical duties. Nowadays, managers in organisations can make transparent decisions and consider a multitude of stakeholders and their diverse features, incorporating diverse criteria, using multiple types and drivers of information and decision-making patterns, and referring to numerous lessons learned. As the book makes clear, the marriage of theoretical ideas with the possibilities offered by technology can make the decisions in organisations more rational and, at the same time, more human.

Rational Decision Making

Author: Franz Eisenführ

Publisher:

Published: 2010

Total Pages: 447

ISBN-13: 9783642028519

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Rational Decisions

Author: Ken Binmore

Publisher: Princeton University Press

Published: 2008-12-29

Total Pages: 216

ISBN-13: 1400833094

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It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty. Ken Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory--allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as "muddled" strategies. Written by one of the world's leading game theorists, Rational Decisions is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.

Rational Choice in an Uncertain World

Author: Reid Hastie

Publisher: SAGE

Published: 2010

Total Pages: 393

ISBN-13: 1412959039

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In the Second Edition of Rational Choice in an Uncertain World the authors compare the basic principles of rationality with actual behaviour in making decisions. They describe theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well. The Second Edition includes: - more coverage on the role of emotions, happiness, and general well-being in decisions - a summary of the new research on the neuroscience of decision processes - more discussion of the adaptive value of (non-rational heuristics) - expansion of the graphics for decision trees, probability trees, and Venn diagrams.

Simply Rational

Author: Gerd Gigerenzer

Publisher: Evolution and Cognition

Published: 2015

Total Pages: 329

ISBN-13: 019939007X

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Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical research on risks and decision making across the fields of medicine, psychology, and economics. Collectively, the essays demonstrate why the frame in which statistics are communicated is essential for broader understanding and sound decision making, and that understanding risks and uncertainty has wide-reaching implications for daily life. Gerd Gigerenzer provides a lucid review and catalog of concrete instances of heuristics, or rules of thumb, that people and animals rely on to make decisions under uncertainty, explaining why these are very often more rational than probability models. After a critical look at behavioral theories that do not model actual psychological processes, the book concludes with a call for a heuristic revolution that will enable us to understand the ecological rationality of both statistics and heuristics, and bring a dose of sanity to the study of rationality.

Global Encyclopedia of Public Administration, Public Policy, and Governance

Author: Ali Farazmand

Publisher: Springer Nature

Published: 2023-04-05

Total Pages: 13623

ISBN-13: 3030662527

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This global encyclopedic work serves as a comprehensive collection of global scholarship regarding the vast fields of public administration, public policy, governance, and management. Written and edited by leading international scholars and practitioners, this exhaustive resource covers all areas of the above fields and their numerous subfields of study. In keeping with the multidisciplinary spirit of these fields and subfields, the entries make use of various theoretical, empirical, analytical, practical, and methodological bases of knowledge. Expanded and updated, the second edition includes over a thousand of new entries representing the most current research in public administration, public policy, governance, nonprofit and nongovernmental organizations, and management covering such important sub-areas as: 1. organization theory, behavior, change and development; 2. administrative theory and practice; 3. Bureaucracy; 4. public budgeting and financial management; 5. public economy and public management 6. public personnel administration and labor-management relations; 7. crisis and emergency management; 8. institutional theory and public administration; 9. law and regulations; 10. ethics and accountability; 11. public governance and private governance; 12. Nonprofit management and nongovernmental organizations; 13. Social, health, and environmental policy areas; 14. pandemic and crisis management; 15. administrative and governance reforms; 16. comparative public administration and governance; 17. globalization and international issues; 18. performance management; 19. geographical areas of the world with country-focused entries like Japan, China, Latin America, Europe, Asia, Africa, the Middle East, Russia and Eastern Europe, North America; and 20. a lot more. Relevant to professionals, experts, scholars, general readers, researchers, policy makers and manger, and students worldwide, this work will serve as the most viable global reference source for those looking for an introduction and advance knowledge to the field.

Artificial Intelligence Techniques for Rational Decision Making

Author: Tshilidzi Marwala

Publisher: Springer

Published: 2014-10-20

Total Pages: 178

ISBN-13: 3319114247

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Develops insights into solving complex problems in engineering, biomedical sciences, social science and economics based on artificial intelligence. Some of the problems studied are in interstate conflict, credit scoring, breast cancer diagnosis, condition monitoring, wine testing, image processing and optical character recognition. The author discusses and applies the concept of flexibly-bounded rationality which prescribes that the bounds in Nobel Laureate Herbert Simon’s bounded rationality theory are flexible due to advanced signal processing techniques, Moore’s Law and artificial intelligence. Artificial Intelligence Techniques for Rational Decision Making examines and defines the concepts of causal and correlation machines and applies the transmission theory of causality as a defining factor that distinguishes causality from correlation. It develops the theory of rational counterfactuals which are defined as counterfactuals that are intended to maximize the attainment of a particular goal within the context of a bounded rational decision making process. Furthermore, it studies four methods for dealing with irrelevant information in decision making: Theory of the marginalization of irrelevant information Principal component analysis Independent component analysis Automatic relevance determination method In addition it studies the concept of group decision making and various ways of effecting group decision making within the context of artificial intelligence. Rich in methods of artificial intelligence including rough sets, neural networks, support vector machines, genetic algorithms, particle swarm optimization, simulated annealing, incremental learning and fuzzy networks, this book will be welcomed by researchers and students working in these areas.

Thinking about Acting

Author: John L. Pollock

Publisher: Oxford University Press

Published: 2006-07-27

Total Pages: 280

ISBN-13: 0199838860

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John Pollock aims to construct a theory of rational decision making for real agents--not ideal agents. Real agents have limited cognitive powers, but traditional theories of rationality have applied only to idealized agents that lack such constraints. Pollock argues that theories of ideal rationality are largely irrelevant to the decision making of real agents. Thinking about Acting aims to provide a theory of "real rationality."

Understanding Foreign Policy Decision Making

Author: Alex Mintz

Publisher: Cambridge University Press

Published: 2010-02-22

Total Pages:

ISBN-13: 1139487221

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Understanding Foreign Policy Decision Making presents a psychological approach to foreign policy decision making. This approach focuses on the decision process, dynamics, and outcome. The book includes a wealth of extended real-world case studies and examples that are woven into the text. The cases and examples, which are written in an accessible style, include decisions made by leaders of the United States, Israel, New Zealand, Cuba, Iceland, United Kingdom, and others. In addition to coverage of the rational model of decision making, levels of analysis of foreign policy decision making, and types of decisions, the book includes extensive material on alternatives to the rational choice model, the marketing and framing of decisions, cognitive biases, and domestic, cultural, and international influences on decision making in international affairs. Existing textbooks do not present such an approach to foreign policy decision making, international relations, American foreign policy, and comparative foreign policy.

Decision Making

Author: Mary Zey

Publisher: SAGE Publications, Incorporated

Published: 1992-06-22

Total Pages: 480

ISBN-13:

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Prevailing, highly conservative rational choice theories are challenged in this illuminating volume. Mary Zey and other outstanding contributors expand our understanding of decision making theory by presenting evidence that points to the wide range and complexity of human decision making. Labelled as deviations from formal rationality, other models of decision making (habit, emotion, moral and ethical values) are shown to be alternative, not deviant, motives behind decision making. Written at an accessible level, this volume examines criticisms of the rational choice models from a wide range of perspectives. The following chapters then concentrate on micro- and macro- alternatives to rational choice models, including a bala