Essays24.com - Term Papers and Free Essays
Search

Decision Making

Essay by   •  January 3, 2011  •  606 Words (3 Pages)  •  1,202 Views

Essay Preview: Decision Making

Report this essay
Page 1 of 3

Abstract

The paper below discusses my experience within a group project, and it also discusses show we connected while using the decision making process to complete our project.

Individual Project 1 Unit 5

The type of decision making process that was used to arrive at a consensus decision would be expected-utility theory. The expected-utility theory describes how people really act, but how people would really act if they followed certain requirements of rational decision making. This theory of the decision making process helped us arrive at a consensus decision. Expected-utility theory helped us because by using alternatives and adopting strategies that was in comparison of bad or good; we were able to find ways to reduce the effects of groupthink and eventually help our corporation become better. (Plous, 2007)

We also used some paradoxes in rationality of the decision making process. The most used of the paradoxes, I believe is the Allais paradox. The Allais paradox is a paradox which defines making choices using alternative differences, especially when things are very similar. While we were making decisions we found ourselves analyzing different situations that were similar in action, but different in reaction. (Plous, 2007)

The group decision-making process is a bit more complicated then making a decision on my own. When dealing with a group you are dealing with lots if different opinions, biases personalities, and beliefs. Unlike, making a decision on my own, which may be a little easier, because the only opinion you have to acknowledge is that of your own.

The positives about making a decision in a group setting is that you have the ability to look at decisions from more then one direction through the eyes of someone else. You will also receive tons of feedback about your decisions from group members. (Plous, 2007)

In actuality, making decisions in a group really does have great advantages compared to making a decision alone. As stated by Plous, brainstorming is best effective when conducted by several people.

I believe doing a group project online heavily reduced the amount of biases present within our group. We do not know the physical appearance, beliefs, or personalities of one another. My group not being aware of these characteristics was not really able to be influenced by facts that may have caused irrational decision-making based on biases. (Plous, 2007)

The implications of social influences regarding individuals

...

...

Download as:   txt (3.8 Kb)   pdf (69.4 Kb)   docx (9.8 Kb)  
Continue for 2 more pages »
Only available on Essays24.com