Examining a Business Problem Through Different Decision-Making Models

Examining a business problem through a lens of different decision-making models can help to choose the best solution for each particular case. It allows to analyze a wider range of data and to look at the situations from different points of view. For example, a rational approach is based on data analysis and facts, whereas an intuitive approach can help to estimate subjective issues such as the impression that a particular person makes on the audience. Since the employer’s personality is important for the success of the company but cannot be fully presented in the data format, an intuitive approach allows one to fill in this gap. Thus, different approaches allow us to realize that any issue has different sides, and some important information can be missed if only one approach is used.

A rational approach is a useful tool that can be applied in many business situations that do not demand a quick decision. It reduces the number of possible errors and cognitive distortions that can occur during the data analysis. That is why it can be applied, for example, as a tool for choosing the location for a new store, since such a decision demands a deep analysis. It also can be used for choosing a platform for advertising the product. The statistics on the number of followers of particular media channels can help to understand which type of advertisement would be the best. Thus, the rational approach can be used for a wide range of business problems that need to be solved using objective data and deep analysis.

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AssignZen. (2023, February 16). Examining a Business Problem Through Different Decision-Making Models. https://assignzen.com/examining-a-business-problem-through-different-decision-making-models/

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"Examining a Business Problem Through Different Decision-Making Models." AssignZen, 16 Feb. 2023, assignzen.com/examining-a-business-problem-through-different-decision-making-models/.

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AssignZen. 2023. "Examining a Business Problem Through Different Decision-Making Models." February 16, 2023. https://assignzen.com/examining-a-business-problem-through-different-decision-making-models/.

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AssignZen. (2023) 'Examining a Business Problem Through Different Decision-Making Models'. 16 February.

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