If the person would have waited, he or she might have been more successful in the way the decision ended up. Of course, the opposite risk is also true, in that it is possible for the person to pass up the best decision while waiting to see if a better choice will come along (Bogacz, et al
S. Treasury Department a restructuring plan, as its third effort of meeting requirements for continued government financial support, (Kimberly S. Johnson and Tom Krisher, 2010)
Judgment in Managerial Decision Making Building and Flying the Concorde During the 1960s, both Britain and France decided they would build a supersonic transport that would come to be called the Concorde. This was a joint effort between the two countries which started off well but became problematic because of sunk costs and an escalation of commitment (Beniada, 2006)
The basic premise of the Ponzi scheme is that the funds from new investors are used to pay returns to the old investors. These alleged gains are not gains at all -- there is really no investing being done because it is new money coming into the fund that it paying these returns (Lenzner, 2008)
So cognitively, things can happen that will affect the way that people look at issues. The way a question is framed, for example, can affect the way someone views an issue from an ethical perspective (Simcoe, 2012)
In the case of products with fairly elastic demand consumers are able to substitute goods for items whose prices have increased, such as apples for oranges. "A rational consumer takes the best action within the world of the model" (Shugan 2006: 2) Depending on the nature of the goods and services, consumers can 'stock up' when an item is discounted, or find alternatives when prices go up
"The equation of human rational behavior with instrumentalist, especially economic, rationality represents the hallmark of the economic or rational choice approach. The latter imports, makes explicit and extends orthodox economics' implicit conception of rational behavior as economic rationality" (Zafirovski 2003)
Distributive justice means that the rewards and consequences should be shared among all equally. Procedural justice requires that the rewards and consequences should be determined in ways that are impartial, fair and objective (Daft 2008) Analyzing the case of the Kimberley Gas Hub project under the justice approach requires that the position of each of the stakeholders should be evaluated for determining equals and unequals
However, the most ethical decision is that which ensures maximum satisfaction for the maximum number of people. The concept of utility or satisfaction is traditionally understood in economic terms, but recent work on the subject has allowed the inclusion of social and moral aspects of satisfaction in the interpretation of utility (Hinman 2012) In the Kimberley Gas Hub project, the stakeholders include the mining companies, the Woodside developing company, the residents of the region, the environmental groups and the natural environment, the tourism industry, and the government
Moral Rights Approach to Ethical Decision Making The rights approach to decision making is based upon the ethical principles developed by the German philosopher Immanuel Kant and is therefore known as Kantianism. Earlier rights theories are based on the perception of certain universal moral rules that should be followed irrespective of their consequences (Hitt et al
Critics doubt these claims and state that the project would not have a big impact on economic development but it will have severe negative environmental consequences (Weber August, 09 2012). The controversy has increased since the project has been given a conditional go-ahead by Western Australia's Environmental Protection Agency (Lawson July, 16 2012)
The ethical implications for any decision on this issue can be analyzed by using three different ethical approaches: utilitarianism, moral rights approach and justice approach. Utilitarian Approach to Ethical Decision Making The utilitarian approach to ethical decision making is based on arriving at the optimum level of satisfaction for all stakeholders (Mandal 2010)
Justice Approach to Ethical Decision Making According to the justice approach to ethical decision making, the rewards or consequences of an outcome must be distributed among the stakeholders fairly and equally. The justice approach is based on the principle that the interests of the weak must be protected to achieve fairness (Sims 2002)
The company Woodside is interested in setting up the project and it claims that it will boost the mining industry in the region and will bring economic development for the local people. Critics doubt these claims and state that the project would not have a big impact on economic development but it will have severe negative environmental consequences (Weber August, 09 2012)
Individuals have negative rights that give them certain freedoms that others have a duty not to interfere with, such as the right to privacy and the right to freedom of speech. Individuals also have positive rights that others need to discharge towards them, such as the right to receive a pension after retirement or the right to information (Weiss 2008)
As CEO, I need to determine the best course of action. There are six steps in the decision-making process that can be used to help with strategy formulation -- recognizing the need for a decision, generating alternatives, assess alternatives, choose alternative, implementation and learn from feedback (Jones & George, 2008)
Boys & Girls Club of New Rochelle What is the history of the organization? What is the mission of the organization? The Boys and Girls of New Rochelle was initiated in 1929 aiming at safeguarding the interests of youth as the big sufferers during harsh economic times. Through the efforts of well-wishers, the Club has continually made efforts to meet the needs of the youth and the surrounding community (Bazerman, 1997)
To make a cost effective expansion and outreach program, I would consider setting up outreach centers within district schools and colleges. This would make ease and legitimize youth recruitment to the program (Chugh, 2004)
The calculation of expected value requires the application of certain rules despite the fact that the formal definition of this concept can be applied. One of the most important rules in this process is that the individual or manager should begin from the endpoints and work backwards toward the root (Olivas, 2007)
Notably, the process of making decisions under situations of risk and uncertainty incorporate the use of some basic rules by managers. The situations of risks or uncertainty take place when a manager must make a decision for which the result is not known in a clear or certain manner (Thomas & Maurice, 2008)