Decision Theory within the Global Marketplace

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Decision Theory within the Global Marketplace

In the pharmaceutical production, if a drug A, newly invented is used in treating the sick, then there is probability that 150 people will be saved. However, there is also probability that the use of drug can lead to introduction of a new deadly disease. Therefore, the best option for the medics to minimize is to administer the drugs and commence research on the possible cure for the disease that is likely to emerge. Additionally, if there is a replacement of an employee from a company with a new worker, the probability of the company making profits in the market reduces by 10%. However, the probability of the company making undergoing to disputes among the employee reduces by 30%. Therefore, the best option to take is allowing the transfer of the employee because where there is teamwork; people might come with new ideas which can bring more income to the company. When a problem arises in an organization such as the dispute among the employees, the employer must be ready to make some difficult decisions to settle the differences and restore peace within the organization.

In solving problems in the organization, the affected people must be involved in the decision-making process. For example, such individuals must specify the minimum improvement that in terms of working environment that must b met so that a long term solution to the problem can be met. The most common means of solving the complex issues in the organization is by summoning the entire staff and talking out the solution without having a parallel talk about the matter that resulted into the problem.  Additionally, alternative methods that can be used in production of pharmaceutical should be considered and the one which leads to highest production at a low cost. Finally, the top management should always adopt an alternative method of production in pharmaceutical if the expected-value of the outcome would be greater than the initial one. When solving a Basic and complex problem, the major similarity is that both require individual to understand the root cause of the problem. However, the main different is that complex problem requires more time and resources to solve as compared to basic problems. The main problem that is often witnessed in my organization is the basic problems because unlimited wants of people that can never be satisfied. Therefore, this often leads to disagreement causing basic problems within the organization.

 

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