Please note! This essay has been submitted by a student.
In this contemporary world, decision making is an inevitable activity that every living human must engage in. An outcome simply means a result that comes from a given action. In my life as a student making prompt decisions has been part and parcel of my life some of these which has been purely from my conscious while most have been as a result of life .Most notably were my decision to study Economics
At the University which I had earlier predicted its outcome that it would in the end land me in the economic profession what for long had been my dream. Such decisions based on the outcome are surrounded by what psychologists have referred to as outcome bias. Outcome bias is a situation whereby one makes a decision on the assumption of its expected outcome while paying least attention to the facts surrounding the situation upon which the decision ought to be made.
In most cases, biased mental thoughts have always been associated with the fear of the unknown. Those who make such outcome biased decisions are always expecting to achieve their expectations or to fail to achieve. Achieving the expectations gives pride to the decision maker while failure leads to criticism from the third party and more so brings an inferiority attitude to the decision maker. Decisions made based on the outcome can only be described to be probabilistic whereby when the expected occurs the decision maker is said to be lucky and the opposite would mean unlucky.
I would make a more appropriate decision at now based on the attributes and passion involved in the course work rather than the beliefs of end results. This there calls for a more calculated and appropriate way of making decisions that would by a greater percentage limit the chances of being unlucky in the way we make our decisions.
The decision-making process is as follows: Decision purpose identification, gathering of information alternatives, judgment principles, analyze and brainstorm various choices, examination of alternatives, selecting best alternative, execute the decision, and lastly evaluate the result. As always said, end results matter a lot. The majority of people dwells or end result due to the perception of sweetness of its fruits. People tend to ignore the pathway to the end result.
The table represents the recent choice I made. In the table, the choices are ranked accordingly. Provided that I only had $120 in the pocket, I had to make my choices wisely.
Due to the fact that I only had $120 in the pocket, I had to utilize satisficing strategy in order to make the most appropriate choice. I chose food first of all even though the price was high. I had to equip my house with sufficient food before I could consider going for clothes. I had to forgo buying football attire, even though it falls under good enough option.
Compensatory involves rational decision making and entails attributes that have negative and positive effects on the decision made. Main things considered here are the best value choice of an item, value computation, and selecting the best. On the hand, non-compensatory means that no significant information is collected on the items at hand, failure to consider various attributes of the items, and no comparison is made on the decision.
The decision I recently was compensatory in nature. This is because the food is very essential, and provided the fact that I already had clothes in the house, there was little or no need to gather information on other items. Instead, I made the rational decision based on the use and fundamental requirement of the item.
In lexicographic strategy, the items are ranked according to their attributes. Therefore, the main attribute that applies to this kind of scenario is the satisfaction of basic needs. Food would come first in satisfying the basic need. At the instance when I was making the above choices, I had $120, so the priority had to be given to food with an attribute of satisfying the most basic need.
Clothes also fall under basic needs, however, I had some other clothes, so I could survive at the moment with the ones I had. Football attire could not match the ranking at the moment given the fact that it satisfies the tertiary need that is the pleasure.
The lexicographic strategy is compensatory in nature because it tends to compare the attributes of various items. Therefore, I chose the same strategy since the items had varied attributes in the satisfaction of my needs.
It is appropriate to use compensatory decision-making in an event of choices that has valuable attributes, for example, direct flight with $65 more on ticket price and a flight with several stopovers. In making a choice, the direct flight will be good since one will reach the destination in time and faster. Noncompensatory is good where much decision is not required, especially in getting specific information on different websites, one would choose at random, especially when the information sought after are the same.
The majority of people go for the non compensatory decision. This is because people are too lazy to analyze the attributes of various items so as to come up with the most appropriate choice. Actually, it is difficult to analyze the attributes, and that is the main reason as to why the majority of people will not analyze the items before making the right choice.
It is obvious that coping with the choices are difficult with regard to a specific instance. For example, the flight scenario, the person selected a cheaper flight with several stopovers will not reach his/her destination in time. One may miss something vital due to poor analysis. Therefore, certain circumstances, maximizers will reap the quality advantage over satisficers. Maximizers tend to spend much time in decision making, nonetheless, the fruits of time taken to reach a decision is much more than that of satisficers.
Actually, people should thoroughly check on the attributes of the items so as to reap more on the utilization of purchased items, or services. A person may decide to make a quick decision based on the price while ending up incurring much more than expected due to repercussions involved with the specific decision made. For example, the cheap flight person will be late obviously due to stopovers, in case the journey was meant to be a quick one. Therefore, rational decision is authentic before making any choice.
Theoretically, the perception of risks and benefits about several items that people use are directly correlated in the real world. However, the affect factor in people makes it inversely correlated as perceived by the majority. People tend to concentrate more on the benefit than on the perceived risks. For example, in this scenario, use of genetically modified food, users the factors such as perception of genetically modified foods, social factors, and affect are examples of the factors with the influence on risks perception. People tend to believe on the benefit of using genetically modified food while at the same time ignoring its long-term effects.
Examples of events that people regard totally different are pandemics and terrorist attacks. These are classified under dread risks. People perceive they have the minimal probability of happening, while the impacts are not considered. Their impacts are severe to several people across the population.
Automatically, the perception of GM foods is based on the short-lived significance of good looking skin, sweetness, and any other short lived attribute. However, people tend to ignore the long-term health associated problems. In this case, its risk is a complete inverse correlation with benefits as per the population perception.
I would dwell on the benefits and risks. Health risks are serious attributes as compared to benefits. Therefore, I would advise FSA to consider insisting on the-the notion that consumers to make a choice between their life and benefits.
Preference constructed means that preferences are usually not easily exposed through definite behavior or experiments. The presence of significant uncertainty or complex conditions of the specific sort, construction of preferences happen in the event of revelation.
Examples are spinning of a dancer, either leftwards or rightwards as per functionality of the brain. Secondly, medical options choice making whereby surgery or radiation is in effect to cure cancer. Thirdly, making of job choice with regard to class and other relevant factors is an example of constructed preferences. Lastly, selection of tickets with regard to donation factors is a good example of constructed preferences.
Actually, recognizing constructed preferences helps in identifying the benefits of a given item and its benefits. The preference with constructed preference is likely to cater for good. Sometimes the constructed preference favors the condition at hand and not the choice maker. So it is good to know the scenario to make a better choice.
According to opt-out program system, the behavioral science asserts that every person must consent to the policy, and almost everyone in several countries, provides consent to the policy. This means that everyone goes by the rule and no one questions its implications.
According to me, the opt-out program saves lives a lot and it is ethical. This is because the death of a person is described when the individual is dead in the brain and not organs. Since the brain is irreversible, it would be wise to save a life that requires this effective and functional organ somewhere rather than wasting it.
Hospital W. Considering lexicographic strategy, the distance is given priority first, however, survival and type of care are an automatic priority in making the decision. Therefore main choices would be between W and V. V is outdone because it is far. Hospital S is 2 miles away, however, it has poor care quality, hence this asserts that survival is minimal in this hospital.
I would encourage this lexicographic strategy because it provides a choice that enhances our satisfaction with consideration to various attributes in question. The main reason why we make choices is to find the best item or service that satisfies our satisfaction. If this is not met, we say, we have failed in making the right decision.
The factors that make the decision hard in this scenario are distance and the perceptions of other patients about the hospital. With regard to perceptions of other patients, the information can be misleading and might have influence from other irrelevant factors. This is classified under beliefs and it is not based on the current facts. What others say might go viral than the facts on the ground, and it is likely to influence the majority. Furthermore, the distance will convince an individual easily because it is related to transportation, where a person may use the money. For instance, hospital S is nearer and other patients have the excellent view on it. This will obviously mislead an individual while placing your life at risk.
Definitely, making one hospital as a default will help majority make the decision. The best way to make a hospital as a default choice is to consider attributes that enhance the health of people, for instance, care related attributes. Definitely, I would advise NHS to select a hospital V because, generally, it has well-rated attributes. With regard to distance, people are varied in distance, and that would be a less significant factor.