Decision Theory as a Theory of Practical Rationality.

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• Theories, Models, and Decision Making Essay

  ...Theories, Models, and Decision Making There are many theories, models, and principles in describing the ways that people make decisions. The expected utility theory is based on a normative theory of behavior. It describes how people would behave if they followed certain requirement of rational decision making (Plous, 1993, p. 80). Further studies showed that paradoxes such as framing effects violated the principles of expected utility theory which made researches turn to alternative models of decision making (Plous, 1993, p. 93). Other models are described as descriptive models of decision making which is a model of how people actually make decisions. There are many different reasons why people make the decisions that they do and many different models, theories and principles that explain those reasons. If all the people in the world were perfectly rational decisions makers then evaluating the problems for activity one and choosing the correct alternatives would be calculated and the expected utility maximized (Plous, 1993, p. 95). According to the expected utility theory the correct answer to activity one should have been Alternative A in the first problem and Alternative A in the second problem or Alternative B in the first problem and Alternative B in the...

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• Theories Essay

  ...self-evaluation. Being able to reflect on my own personal progress and development, I will be able to recognize areas in which I have improved as well as areas in which I need improvement. I would begin this progress by comparing a then and now technique as my way of observing my own growth. In this week’s readings and discussion, I have learned so much about a client’s personal values, beliefs, and world view. Working as a Mental Health Counselor, I’m sure there will be many challenges as well as responsibilities. In week two, I expressed what might be a concern/challenge when working with a client that does not accept accountability. However, being that “I demonstrate and model my values in action with my personal and work behaviors, decision making, contribution, and interpersonal interaction it is my responsibility as a mental health counselor to respect client dignity and promote client welfare. It would be in my best interest, to help my clients to understand that values are made up of everything in their lives which includes influences from family and friends, peers, religious affiliation, education and more”. I believe that my experience working as a Mental Health Counselor would be tremendously impacted in a positive manner, by my developing a therapeutic alliance, establishing theoretical orientation, self-disclosure, displaying silence techniques as well as adhering to ethical obligation to my clients. I also believe that my own personal...

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• Theories Essay

  ...Theories 1 Theories Individual Counseling Theory Techniques Lamar University Theories 2 Theories Adlerian, Cognitive Behavioral and Solution-Focused Brief Therapy are three major theories that are used extensively in the counseling world. Some counselors use each as a single treatment approach while others chose to blend things from two or more together. The theory or approach that is chosen by a counselor must be one that they are knowledgeable in and feel comfortable with. It’s also important to remember that not every approach will fit every client. Adlerian Theory Key Concepts Adlerian Theory sometimes referred to as Individual Psychology was developed by Alfred Adler. Adler stressed a positive view of human nature. He believed that everyone can control their fate through analyzing their lifestyle and helping others. One of the key concepts of Adlerian Therapy is that “objective reality is less important than how we interpret reality and the meanings we attach to what we experience.” (Quinn, 2011) Adlerian Theory suggests that behavior is purposeful and goal-oriented and that the “life goal” unifies the personality. (Quinn, 2011) Genetics and heredity are not as important as what we chose to do with the limitations and abilities that we possess. (Quinn, 2011) Adler offered a “value-oriented...

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• Lecture 1 Normative Decisions Theory Essay

  ...Lecture 1 – Normative Decision Theory What is a decision? Difficult to provide a general definition Yates, Veinott & Patalana (2003): A decisions is a commitment to a course of action that is intended to produce a satisfying state of affairs Better to identify components of a decision situation Choice between actions (and also inaction) Usually Goal Orientated – the action is taken to produce favorable outcomes Requires people to evaluate possible outcomes However, there are many more features than this that differentiate decisions situations Other Common Typologies Strategic, Tactical, Operational Decisions Strategic: Involve the general direction taken by an individual or organization, often determine how decisions that follow should be taken, they often take some time to make and involve outcomes that occur in the long term Tactical: Decisions involve the implementation of strategy and represent the stream of smaller scale decisions that usually take a shorter time to make and associated with outcomes that occur in the shorter term Operational: Involve the day-to-day decisions making needed to execute plans and tactics. In organizations senior managers tend to make the strategic decisions and more junior managers the tactical and operational decisions Structured and Unstructured...

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• Essay on Different Theories In Decision Making

  ...Each individual uses their past experiences and personal values as influences in their decision making. While everyone’s experiences will be different to some degree, there are several frameworks of ethical reasoning that help to guide the majority of the population. The theories of Utility, Duty, Virtue, Care and Justice each emphasize certain values, and draw from specific schools of thought. Utility theory aims to be as objective and rational as possible by qualifying the ramifications of each decision. In this way, it attempts to realize the greatest amount of good for the greatest amount of people. Duty theory acts as a foil to Utility theory in that actions should be absolute and universal, instead of varying between situations. Known for Kant’s categorical imperative, Duty theory does not allow for conditions or exceptions. Also heavily influenced by a famous philosopher, Confucius’ Virtue theory emphasizes the “Golden Mean” in decision making. Additionally, the theory advocates the use of compromise, and the evaluation of the environment to determine where the middle ground lies. Perhaps the most well known theory, Care theory draws from traditional Judeo-Christian teachings, and is based on the Golden Rule. The theory teaches to “love thy neighbor as thyself”, and...

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• Decision Model Theory Essay

  ...Decision Theory Models The Six Steps in Decision Theory * Clearly define the problem at hand. * List the possible alternatives. * Identify the possible outcomes or states of nature. * List the payoff or profit of each combination of alternatives and outcomes. * Select one of the mathematical decision theory models. * Apply the model and make your decision. Case Here we use the Thompson Lumber Company case as an example to illustrate these decision theory steps. John Thompson is the founder and president of Thompson Lumber Company, a profitable firm located in Portland, Oregon. Step 1 The problem that John Thompson identifies is whether to expand his product line by manufacturing and marketing a new product, backyard storage sheds. Step 2 * The second step is to list the alternative. * Thompson’s second step is to generate alternatives that are available to him .In decision theory the alternative is a course of action or strategy that the decision maker can choose .According to him his alternatives are to construct: 1 • a large new plant to manufacture the storage sheds 2 • a small plant, or 3 • no plant at all * So, the decision makers should try to make all possible alternatives ,on some occasion even the least important...

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• Accounting Theory Research Paper

  ... In his 1989 article Mouck cites Morgan (1988) who observed that: “The idea that accountants represent reality ‘as is ‘ through the means of numbers that are objective and value free, has clouded the much more important insight that accountants are always engaged in interpreting a complex reality, partially, and in a way that is heavily weighted in favor of what the accountant is able to measure and chooses to measure…” (p. 480). Required: Discuss the extent to which the “scientific” world-view of mainstream accounting researchers, is grounded on a belief that “reality” exists independently of thee human subject and the possible implications this has for accounting theory development. Introduction Accounting is a subject that is guided with principles and regulations. Thus, it is often regarded as a rigid, rigorous, and highly analytical discipline with very precise interpretations. However, this is far from the truth. For instance, two organizations that are otherwise homogeneous can apply different valuation methods giving entirely distinct but equally correct answers. One may argue that a choice between accounting schemes is merely an “accounting construct” the sorts of “games” accountants play that are exclusively of relevance to them but have no pertinent in the “real world.” Once again this is entirely false. For example, valuation of inventory using either LIFO (Last-in-last-out) or FIFO (First-in-first-out) has an impact on income tax,...

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• Essay on Understanding Theories

  ...In a broad manner, organisational theories can be defined as formal social organisations and their interrelationship with the environment in which they operate. This reading provides insight into the agency and the contingency organisational theories, and how management implement these theories into the environment in which their business operates. It also outlines the issues and limitations of these theories, using the Coca Cola company as a relevant case study. In addition, this essay examines different stakeholder perspectives in relation to the theories and their issues, and it concluded by focusing on what type of knowledge, capability, and skills a manager requires in order to deal with these specific issues. Coca Cola was founded during the year 1887, by Doctor John Pemberton, a pharmacist from Atlanta. John established a company which immediately began building its global network, he was known as the man who achieved a “global success through an intelligent risk”. Over the years, the company’s success rate continuously increased, and the deep emotional bond between Coca-Cola and its consumers grew even more powerful and more global (Coca Cola, 2014). In 2014, Coca-Cola advised that the previous year $2.8 billion in stock was purchased, however they had planned to increase that amount to between $3.0 billion and $3.5 billion for the full year, due to positive sales, this is a clear indication...

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