Assessing Organizational Culture Essay Example for Free

Assessing Organizational Culture Essay Almost every organization, whether public or private, on paper or in practice, has a culture that fairly dictates its everyday functioning. The term culture has many definitions but in this discussion it is defined as shared beliefs, values, symbols, and behaviors. Culture binds a workforce together and is its control mechanism, or purpose, to facilitate its functioning. These items are powerful driving forces in the success of an organization and their value to the community they serve whether it is a public or private entity will affect the success of any organization. While cultures are found in some organizations more prominently than in others, there are those organizations where the culture of that specific organization’s ideal stands out above others. Police departments, military units and religious organizations all have a strong, centralized culture that forms its base and permeates its entire existence. Many times people outside of those professions do not understand the mentality or job commitment a person from one of these career fields shares with his/her co-workers. An example would be the duty and honor commitment of a United State Marine, especially when considered by a person who was anti-military; the Marines belief or core value system is not understood. The medical profession and more specifically hospitals, demonstrate a common goal that simply stated, is the care and healing of the sick or injured. For the most part, the medical staff employed at a hospital is there for that specific purpose. The medical field brings together a vast array of individuals from different backgrounds and cultures. But once they become a doctor, hospital nurse, surgical technician, etc. they take on a new life and thereby absorb a new culture into their lives. Subcultures, as defined by organizational theorists John van Maanen and Stephen Barley, are â€Å"a subset of an organization’s members who interact regularly with one another, identify themselves as a distinct group†¦and routinely take action on the basis of collective understandings unique to the group† (Cheney, 2011, 78-79) The organizational culture in a hospital is based on the premise that the hospital is there to provide a place for the care and healing of the sick or injured. Organizational theorist Mary Jo Hatch puts forth that there are five (5) â€Å"Degrees of Cultural Integration and Differentiation† (Cheney, 77) identified as follows: Unitary, Diverse (Integrated), Diverse (Differentiated), Diverse (Fragmented) and Disorganized (Multi-cephalous) (Hatch, 1997, 210). A hospital in its purest form would be well represented as a Unitary culture because the staff as a whole all have the same values or beliefs. But individual staff or even medical units may fall into any of the other cultures identified as well. A particular unit, i. e. cardiac telemetry floor, may be a Diverse (Fragmented) unit due to a group of nurses who do not view their critical task requirements in the same way and as a result the level of patient infections or deaths rises, causing unrest among the staff, supervisors, patient families and resulting in legal ramifications thereby fragmenting the staff’s solidarity. Social psychologist Edgar Schein formulated a theoretical model that shows an organization’s culture is built on three levels: artifacts, values and norms, and assumptions and beliefs. Artifacts are usually the most common and visible sign of a specific culture. Schein puts forth that things such as nursing uniforms, terminology, surgical protocols and more, actually and accurately represent the basic aspects of organization’s culture. The values and norms aspect of his theory, while not always visible, can be seen through behavior of the individual or group; it reveals what is important to the group and how they treat each other within their organization. Each aspect of the profession may have an operating procedure or environment nique to that area of specialization, but still have the same values and norms for their actions. In a surgical room, sterilization of the environment is much more important than it would be in a patient’s room on a medical/surgical floor, but they still have the same belief in keeping an open wound as clean as possible. While values in the medical profession do not vary as a whole, values do define accepted behavior and action. Genuine assumptions and beliefs are nurtured by a persons or organizations values and norms. Values vary only slightly in the various medical professions and facilities. Depending on the medical specialty area, operational norms and methods may differ according to training priorities, equipment and environment unique to that specialty. For instance, the hospital in-patient wound care team may have the same desire to treat a patient’s wounds as a home health nursing team, but the methods of treatment or medications used may be different. Differences begin to surface when a patient is sent home on a negative pressure wound therapy system, i. e. a wound V. A. C.  ®, that aids in the healing of wounds via suction (http://www. kci1. com/KCI1/vactherapy). Many home health nurses does not know how to properly change the intricate dressing or fully understand this equipment or the damaging results that can occur if not changed properly. Faulty assumptions are therefore made based on the beliefs of the home health nurse of what should be done for the patient. When that happens, problems arise in this particular scenario that could result in the patient being brought back to the hospital for a further period of hospitalization due to a breakdown of their wounds or even the creation of new wounds as a result of improper V. A. C.  ® placement. The overriding culture of the medical field is based on the Physician’s Creed of â€Å"First, do no harm† (author uncertain but it is based on the Hippocratic Oath which states to abstain from doing harm). This belief echoes throughout the medical field all over the world. And while there are individual exceptions or exceptions in areas such as animal research for the betterment of mankind or the ethical issue of abortion, the creed has gone unchanged since the time of the ancient Greeks and before. Schein’s three (3) levels of artifacts, values and norms, and assumptions and beliefs, are evident in every clinical setting. With further exploration, Hatch’s five (5) Degrees of Cultural Integration and Differentiation will also be found, albeit not everyone will be seen on every hospital floor or unit. Medical facilities are a kaleidoscope or a microcosm of many subcultures under the roof of the main culture of being a place for the care and healing of the sick or injured. Without that organizational culture giving guidance to all of the subcultures involved in this humanitarian career field, the death rate for minor injuries and diseases would compound exponentially.

No Shirt, No Shoes, No Service :: essays research papers

No Shoes, No Shirt, No Service For the past few months, I have been focusing on the events and the principles behind the founding of our nation. During these studies, I often wondered how some of the ideas we cling to became entrenched in our paradigms of perception. For instance, there are words that have become taboo because of the ways they have been used. They are so taboo, in fact, that it has become nearly impossible to use the words constructively, because using them either shuts off the mechanism in the brain that controls attention span, or their mentioning automatically invites a defensive posture. Two of the unwitting victims are the words "politics" and "discrimination." The demise of valid uses of these words is sadly apparent when we discuss the issue of "free trade" with China. First, since negotiations with foreign governments can only justly and efficiently be done through representation of our own government, the issue inherently involves politics. There is no way of getting around it. Second, the decision is really whether or not to discriminate against the Chinese government fundamentally on the basis that we do not agree with their methods of controlling internal civil affairs. Are we right to presume we have the authority to judge the actions of a foreign government when our own government has, in fact, from time to time, been guilty of many of the same things we accuse the Chinese government of doing? One might be inclined to profess that we have no authority to judge, lest we open up the possibility of allowing ourselves to be judged. However, if we are just and consistent, is that Dickens 2 such a terrible proposition? While America is proud of its diversity, that diversity should not be used to steal our attention from the common, unifying principles, which sets America apart from the rest of the world. They are the principles outlined in the Declaration of Independence. Without those principles, we have no claim to freedom, so I'm not certain why there is an effort to categorically reject them. Retail establishments are apt to decide with whom they will do business based on criteria that is not necessarily relevant to a person's quality or depth of character. Patrons must be wearing certain articles of clothing, or they are not admitted. No shirt, no shoes, no service. Many of the more highly rated restaurants even require a coat and tie for their customers.

Family Delinquency Essay

There are several factors that might lead to inept parenting in single parent households. Among these factors are the available economic and parental resources to children and the stressful conditions that characterize such families. Majority of single parents are economically disadvantaged. As such, they often lack the material resources that they can offer their children. The result is that their children remain uncompetitive especially in school. Their children thus lack status among their peers owing to the inability of the parent to provide things that they may need. Due to the fact that majority of single parents suffer from various economic difficulties, they are likely to live in run down neighborhoods characterized by high crime rates, low quality schools and few community services. The majority of single parents also find it difficult to function effectively as parents. They are in most cases less emotionally supportive of their children, are less restrictive, dispense harsher discipline, are more inconsistent in dispensing discipline, offer less supervision and engage in more conflict with their children (Simmons and Simmons, 2005). These deficits in parenting emanate from the struggle to provide for the family with limited financial resources and attempting to raise children in the absence of the other biological parent. Various studies associate inept parenting by resident single parents with a variety of negative consequences among children. Relationship between informal and formal labeling to adolescent delinquency According to labeling theory, perceived negative reactions result in the development of negative self conceptions and greater delinquent involvement (Glueck, 1962). The proponents of this theory emphasize on the importance of both formal and informal labeling. Formal labels are those acquired through contact with social control agencies while informal labeling are those that parents, peers and teachers generate. Juveniles become stigmatized through contact with social control agencies. Involvement in delinquent behavior is one of the possible responses to being negatively labeled or stigmatized. Negative parental reactions may also lead to a juvenile becoming delinquent. In their routine activities, juveniles encounter different cues and clues on how members of the community they live perceive them. Juveniles can interpret accurately the meaning of symbols and gestures employed to project labels upon them through role taking and defining situations. Human beings cannot be said to be passive receptors of negative labels since they possess the capacity to take part in cooperative interaction through significant symbols. Some juveniles negotiate labels and at times attempt to repudiate their deviant imputations (Simmons and Simmons, 2005). Naming or defining something is never an idealistic procedure but rather a consequence of an action. As such, social groups establish deviance by their response to known acts. A label therefore designates something that is a consequence of successful conversation of gestures. It is this successful conversation of gestures that makes the process of labeling the self possible. Labeling theorists assume that individuals project themselves into the role of significant others during real or imagined interactions and make assessments or self appraisals. The self becomes an object for which the person attaches labels which can either be positive or negative. This assumption is guided by the conception that human have the capacity to choose among competing labels for their self conception. Discuss the factors relating to the possibilities of the family structure being a major contribution to a juvenile becoming involved in delinquent behaviors. Family structure influences to a large extent the behavior of children. Research findings indicate that children growing up with single parents have an increased risk of becoming delinquents (Glueck, 1962). The structure of the family influences economic and parental resources that are available to children. Single parents, being financially constrained, are less likely to take care of their children’s need. The result is that the children experience low self esteem as they lack the majority of things that other children possess. Children who are growing up in a family where both parents are present are unlikely to experience behavioral problems. Research also indicates that children from single parent families that receive support from non-resident fathers also exhibit fewer behavioral problems than those without support. With this regard, economic factors influence the possibilities of a child becoming deviant and this mainly depends on the structure of the family. If both the parents are present, the economic conditions are likely to be better as both parents may take the responsibility in providing for the children. As such, the children may not feel deprived thereby reducing the possibilities of becoming deviant. Children become conformists when their parents possess cooperative co-parental relationship. When parents support each others decisions and agree on the rules of the family, the children learn that the parent’s authority is not arbitrary. Parental agreement therefore means that the children are not exposed to inconsistent discipline when they misbehave. This consistency between parents encourages children to learn and internalize moral values and social norms. Causes of marital violence Social theories see marital violence to be the product of the society. As such, they see marital violence as emanating from the social structures and the cultural values and norms that accommodate the use of violence among partners. Furthermore, the causes of marital violence have been attributed by some sociologists to be rooted in the structure of the family; the interaction between the members of the family and their social interactions. For instance, family systems theory relates the cause of marital violence to communication flaws and conflict in intimate relationships. Psychological theories on the other hand attribute the causes to individual experiences and predispositions. Marital violence may be linked to biological inclination to violence and personality disorder, or as suggested by social learning theories, to the offender’s social environment during his early stages of development. Attachment theory emphasizes on the relationship between parents or caregivers with their children and the consequences of such attachments on the ability of an individual to develop safe and healthy relationships later in life. Psychological perspectives hold that individuals may be predisposed to violence by personality disorders or early experiences of trauma. As such, being abusive physically is seen as a manifestation of an underlying emotional problem. Childhood experiences such as parental abuse, rejection and the inability to satisfy the dependence needs of a child may provide a source of later violence. Double Jeopardy Statistics show that women are at a higher risk of being victims of marital violence than males. Quite a number of reasons have been postulated to explain this phenomenon. Among the widely held theories is that women are inherently weak. With regard to physical strength, it is widely known that males far much out-weigh females in strength. Many female victims often find themselves in difficult situation when they are taking the decision to report their partner for abusing them physically. This is because they are likely to do something worse when they come out. As such, female victims of marital violence are always at the risk of double jeopardy. Even though violation of protection order may lead to federal criminal prosecution, advocates may develop procedures to avert double jeopardy. Population heterogeneity theory These theories postulate that there is an initial proneness to commit violent offenses and that this early difference in the development of an individual remains quite stable over time (Glueck, 1962)). People with numerous risk factors before birth, during toddler hood and during childhood are more likely to develop violent tendencies during adolescence and adulthood. In other words, there is a correlation between past and current criminal behavior. Population heterogeneity process attributes stability in offending over time to differences in anti-social characteristics across individuals that is established early in life. One of the implications of a population heterogeneity explanation for continuity in crime over time is that the antisocial feature is likely to have reverberations throughout life, adopting many manifestations later in life. Any observed correspondence between later life events and criminality is spurious due to the fact that they are all the consequence of a common cause. Concepts and principles of social learning theory The fundamental assumption of social learning theory is that the same learning process that operates within the context of social structure, interaction and situation produces both conforming and deviant behavior. The direction of the process in which these mechanisms operate is the basis of their difference. What is involved is the balance of influences on behavior. In most cases, that balance exudes some form of stability over time but it can also become unstable and change with circumstances and time. Conformity and deviant behavior is learned by the mechanisms in this process even though the theory proposes that the principle mechanism are part of the process in which differential reinforcement and imitation produce both overt behavior and cognitive definitions that function as discriminative stimuli for the behavior. Parenting skills The success of any family is dependent upon effective parenting. As such, it is important for every parent to establish healthy methods of raising their children. New parents should know that the future of their children lie in their hands. The first step to parenting is developing clear expectations of what both parents want. Depending on the background of what is being considered right or wrong, parents should plan and communicate their expectation to each other. Establishing a list of social, academic, religious and family oriented expectations for different settings and activities will enable parents to be very particular and concrete in teaching their children. They must however take into consideration the ability and age of the child, developmental status and the available resources. After setting the appropriate rules and expectations, the second most important thing is to unambiguously communicate these expectations in word and in deed. References Glueck, E. (1962). Family environment and delinquency. Houghton Mifflin Simmons, R. & Simmons L. (2005). Families, delinquency, and crime: Linking Society’s Most   Ã‚  Ã‚   Basic Institution to Antisocial Behavior. Oxford University Press

What Is the Longest Word in Spanish

The answer depends on what you mean by the longest word, but regardless of your definition the longest word isnt superextraordinarà ­simo, the 22-letter word once listed in a famous recordbook and the word that was usually cited as the longest in the language. (It means most superextraordinary.) The designation of superextraordinarà ­simo seems arbitrary at best. For one thing, the word isnt in real use. When I first researched this article in 2006, a Google search showed not a single instance where the word was used on a Spanish-language website — except on pages listing what they called the longest Spanish words. (Since I write the original version of this article, claims of superextraordinarà ­simoit being the longest word have mostly disappeared.) And superextraordinarà ­simo has two other strikes against it: If one is going to create words by adding prefixes and suffixes, one could just as well make a 27-letter word by using the adverbial form, superextraordinarà ­simamente. Or one could just as easily use longer root words, ending up with words such as superespectacularà ­simamente (most superspectacularly). But again theyre hypothetical words rather than ones that get legitimate use. A better choice for a 22-letter word is esternocleidomastoideo, the name of a certain neck muscle. It can be found in Spanish-language medical texts. But we can do better without coining words. The longest words to be found in general publications appear to be two 23-letter beauties: anticonstitucionalmente (unconstitutionally) and electroencefalografista (electroencephalograph technician), the latter also appearing in the Spanish Royal Academys dictionary. Since the latter is a noun, it can be made a 24-letter plural, electroencefalografistas, my designation as the longest legitimate Spanish word. Although its not an everyday word, you can find it in encylocopedias and some phone directories. Of course, theres always the 32-letter nonsense word supercalifragilisticoexpialidoso, the Spanish transliteration of supercalifragilisticexpialidocious, which appears in Spanish versions of the Walt Disney musical Mary Poppins. However, that words use is essentially limited to the film and play. By coining cognates of some especially long English words, it would be possible to come up with longer words still. For example, some medical words and names of some chemicals in English top 30 letters, and the longest English word listed in an accepted dictionary is reported to be pneumonoultramicroscopicsilicovolcanokoniosis, a type of lung disease. Conversion of the word to Spanish, made easy by the fact that all the roots have Spanish cognates, presumably would be neumonoultramicroscopicosiliciovolcanconiosis at 45 letters, or something similar. But such words are best spurious rather than legitimate Spanish.

Research Paper on Chemical Composition Of Eggs

Nutrition The data contained in this paper will be for two portions of scrambled eggs each weighing 100 grams. It was established that the two portions had a total of 2.104 of saturated fatty acids, 4.678g of monounsaturated and 3.556g of polyunsaturated fatty acids. The two portions had 554mg of cholesterol. The lipids contained were 11.2g, protein content 26.2g and carbohydrate content was 15g. The food item has 270kcal. The most common vitamin found in this food item is choline. The most common mineral is sodium followed by potassium with 324 and 294 mg respectively. The food does not contain any other important nutritional components. Water The food portion has a water content of 145.4g. Water is important in a human’s body as it helps in maintaining the pH in the body. Consumption of water helps in maintaining the pH of the body above 7 which is important as if the figure goes below this it becomes acidic and the body is unable to assimilate minerals and vitamins. Biological Molecule Proteins are the most abundant in the food as compared to other molecules such as lipids and carbohydrates. Proteins are composed of amino acids and are organic in nature. The acids are joined in a linear chain and then folded into globe like shape. In polymers, these acids are joined by peptide bonds between the amino and carboxyl groups. Some proteins act as enzymes and they influence the rate of various biochemical reactions that happen during metabolism. Other proteins like myosin and actin have structural functions. Recommendation Though the food is a good source of riboflavin, proteins and selenium, I would not recommend it as part of a healthy diet as it is high in cholesterol and saturated fats which are harmful to a person’s health. References USDA Nutrient Data Laboratory. (2011). Eggs, Scrambled, Frozen Mixture. Retrieved from http://www.nal.usda.gov/fnic/foodcomp/cgi-bin/list_nut_edit.pl Nutrition Data. (2011). Eggs, whole, cooked, scrambled. Retrieved from http://nutritiondata.self.com/facts/dairy-and-egg-products/120/2 USDA. (2011). http://www.mypyramid.gov/

Sexual Minority Women - 854 Words

Following on from existing literature on the disparities in health care access, utilization and health outcomes among racial and sexual minority women, the current study seeks to address existing gaps and offer directions for health promotion and future research in this area. This is a retrospective comparison study, examining the association between socioeconomic status (SES) and health care seeking behaviors; and the moderating effect of sexual orientation and racial identity on this relationship. Comparative analysis of two medical institutions will be conducted, employing a mixed-method approach: Fenway Health and Beth Israel Deaconess Medical Center in Boston, MA. This study design is informed by three theoretical frameworks: Assets†¦show more content†¦It is challenging for researchers to develop a medical framework that incorporates behavior as both a cause and a cure for certain health issues. Several empirical research studies have found a correlation between stress to endocrine and immunological dysfunction (see, Lovallo, 2015). Stress makes it harder, for some, to utilize resources or make appropriate decisions (Sarafino Smith, 2011). It is therefore plausible that multiple daily stressors (such as racism, heterosexism, sexism, macroaggressions), adversely impacts a person’s short and long term physical well-being. Hypothesis and Constructs For this current study, I predict that, while controlling for neighborhood characteristics, sexual and racial minority women seek needed health care at lower rates than women of a higher SES. However, I expect this relationship to be moderated by sexual orientation and racial identity. Racial and sexual minorities, who are of lower SES, seek health care at lower rates than their White heterosexual counterparts. Moreover, I hypothesize that no significant relationship will exist between SES and health care seeking behaviors among White heterosexuals. Based on existing literature reviewed, the primary predictor, SES will be operationalized as household income level. Low SES is measured as living below 200% of the federal poverty level (FPL), and high SES are those living above 400% of the FPL. Neighborhood characteristics, a variable that will be controlled in analysis isShow MoreRelatedRelationship Values Between Gender And Sexuality Essay1181 Words   |  5 Pagesexpectations and norms linked to how men and women, and boys and girls, should act. Sexuality which refers to the biological characteristics that define men and women. Relationship values are what you believe in and morals that you hold important to you so you can live your life to the fullest. Your values are based on what you have experienced through your life and what you have learned over the years. 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Management under Uncertainty Dynamic Corporate World

Question: Describe about the Management under Uncertainty for Dynamic Corporate World. Answer: Introduction In the current dynamic corporate world, firms face an unfavorable institution environment due to the uncertainty of what will occur. The uncertainties exert pressure on the firms and limit their decision-making behavior. However, regardless of all the uncertainty, the manager must still make sound decisions on how to run the company by taking advantage of market opportunities. The essay aims at analyzing management under uncertainty referring to how the finance manager in Golden cycle company, Australia branch, made his decision to purchase a fruit processing machine rather than outsource for the processing services. Part 1: Deciding in uncertainty: How the finance manager in Golden Circle made his decision (company) While working for Golden Cycle company (a food and beverage company), I observed the finance manager make a decision to buy a food processing machine rather than outsource the processing services. The finance manager was faced with a decision on whether to purchase a new fruit processing machine (to process 180 tons of fruit annually) or to outsource for the fruit processing for the financial year beginning January 1, 2014. The company, however, was not certain of the cash flows that would result from the utilization of the processing machine. According to the projections made by the finance manager, the machine's useful life was ten years with projected annual cash flows of $ 600,000 million. The cash flows, however, highly depended on the market demand and the market conditions prevailing at each financial year. How the finance manager arrived at his decision and factors influencing his decision Given the fact that the annual cash flows (cash from the sale of the juice processed) were uncertain, according to the historical trend of the past market demand and conditions, the finance manager assigned three probabilities to each cash flow per year. In this situation, the finance manager used three approaches to risk when assigning the probabilities to the cash flows. That is risk aversion, risk taking, and indifference to risk. As such, he came up with the optimistic expectation (unfavorable results), expected expectation (actual results), and optimistic expectation (favorable results). He then proceeded to attach a probability to each outcome and calculated the average cash flow in each year. With the average cash flows each year ($ 549,000 million), he compared this with the revenue less the total cost of outsourcing ($ 498,000) and arrived at his conclusion of the company purchasing the processing machine rather than outsourcing the processing services. Save for the cost incurred; several other factors served to influence the decision of the finance manager. First, the company would be able to control the quality of the processed juice if it purchased the processing machine as compared to outsourcing the machine. Second, the market demand might change for the better shortly thus enabling the company to produce more products and reduce the cost. Thirds, the company, would use the processing machine for the processing of several other fruit beverages which would not be the case if the company outsourced for the processing services. Part 2: The economic rationality model by Herbert Simon The model argues that the decision-maker is a rational being who attempts to achieve maximum advantage/benefit through the selection of the best course of action from several courses of action. According to Herbert Simon's argument, as summarized by Hallowell and Gambatese (2010), the task of the decision-maker in economic rationality model is selecting the course of action that results in the best results from all the possible consequences. The model suggests that two factors can assist the decision-maker in measuring the correctness of the decision made (Green and Armstrong, 2007). The factors are the extent to which the decision made achieves the desired/expected objectives and the efficiency with which the desired/expected results are obtained from the decision made. The model follows four main steps in reaching a conclusion on which course of action to take (Conejo et al., 2010). The first step involves listing all the alternative courses of action. For example, in Golden Cycle, the finance manager listed various alternative courses of action such as purchasing a new processing machinery, outsourcing the processing services, and leasing the processing machine. The second step involves the determination of all the consequences that would result from each of the alternative course of action. About the case summarized above, the finance manager computed all the expected cash flows that would result from the utilization of the processing machinery and the cost the company would incur if the company chose to outsource the fruit processing services. The third step involves the comparison (both the efficiency and accuracy) of the consequences of each alternative course of action and choosing the best course of action (Dequech, 2006). In our case, the f inance manager compared the cost of outsourcing the services and the cost of purchasing the processing machine and reached a conclusion that purchasing the machine would save the company some cost coupled with several another benefit that the company would reap from the asset. Finally, the fourth step involves monitoring of choice made to determine whether the desired results are achieved and the accuracy with which they are achieved/obtained. An important point to note is that the decision that a decision-maker, as a member of the organization (say a finance manager) and the decision that the same decision-maker would make in his personal capacity would be different since the personal and organizational goals differ. Assumptions of the model The model holds several assumptions. First, it holds that the decision-maker has a clear and definite objective for which he is making the decision. Second, the models assume that the decision-maker is completely aware of all the possible alternative courses of action. Third, the probabilities calculated by the decision-maker are not mysterious nor frightening. Fourth, it assumes that the decision-maker has full freedom in choosing the best course of action which he thinks will serve to optimize the decision. The model further assumes that no limit exists to the computation complexity when determining the best alternatives. Rationality of the steps in economic rationality model Inarguably, there exist three main possible outcomes in business; the expected outcome, a better outcome than the expected (optimistic), and a worse outcome than the expected (pessimistic). As such business decisions should be based on these outcomes (Furnham and Boo, 2011). By evaluating the probability of each situation occurring, the firm can calculate the expected payoff by finding the average return from all the three possible outcomes and then make a decision as the finance manager in Golden Cycle Company did. Limitations of the model Although the economic rationality model provides a clear decision-making process, it is not without some serious limitations. Jalonen (2011) argues that the model makes some unrealistic assumptions such as the decision-maker has adequate information to make a decision. The model further makes an unreasonable assumption that the decision-maker can process all the information acquired when making the decision. However, Frenken (2006) argues that according to the idea of bounded rationality, the cognitive limitations of the decision maker's mind serve as constraints in processing all the information available. Part 3: Bounded rationality and its influence in management under uncertainty The idea of bounded rationality is that in any process of decision-making, inadequate information, limited time, and the cognitive limit of a persons mind limits the rationality of the decision maker. Rationality, on the other hand, refers to the ability of an individual to make a reasonable judgment based on sound reasons and facts (Czinkota and Ronkainen, 2005). The concept of bounded rationality suggests that regardless of the level of intelligence of the decision maker, the latter have to work in an environment laced with three inescapable constraints. The first constraint is limited information. Decision makers face a serious challenge of sourcing for adequate information regarding all the possible alternative courses of action and the results/consequences of each alternative course of action. It is undeniable that the finance manager had inadequate information about all the alternative processing alternatives in the market such as leasing. He, therefore, ended up making a conclusion based on inadequate information hence probably leaving out better alternatives (Karni and Schmeidler, 2009a). For instance, rather than purchasing the processing machine, the company would have opted to lease the machine which would have saved the company some money in the form of tax shields. If the finance manager had all the necessary information, maybe he would have made a different decision based on the information. The second constraint results from the fact that human mind works in a limited capacity in evaluating and processing all the alternative courses of action available in making a decision. Undoubtedly, everything has a limit/limited capacity. Therefore, such decision makers can evaluate certain decision only up to a certain limit. As such, Frenken, (2006) notes that the decision maker either fail to analyze or they overlook certain critical factors that would otherwise influence the outcome if it were considered. For instance, the processing machine purchased by Golden Cycle Company might fail to produce the necessary amount of juice to meet the market demand hence not meeting its target cash flows. On the other side, the finance manager might have computed the probabilities incorrectly based on the past market trends which might change in future. However, given the fact that human mind works within limited capacity, the finance manager could not predict the future market conditions ac curately. Limited time to make the decision serves as the third constraint. Decision makers have limited time to make a decision given the opportunity cost of delayed decisions. Given these facts, the decision maker has to act quickly to take advantage of the new opportunities in the market (Yang, 2007) at their initial stages to ensure the company gains a competitive edge. As such, even the decision makers who usually have the intention of making rational choices based on all the material facts are forced to make satisficing decisions/choices in complex situations (Wang et al., 2006). Adequate time would enable a firm to consider all the possible courses of action, their consequences, and end up making a rational choice (Xu et al., 2006). Also, were the firm to have adequate time while facing a decision under uncertainty, it can postpone its decision until it becomes relatively clear which course of action is the best. Had the finance manager at Golden Cycle Company had enough time to analyze the market trends carefully, maybe he would the expected cash flows would have been different, thus resulting in a different decision. However, the firm would incur a huge opportunity cost for taking too long before making a decision. Given these three constraints, rational decision makers, rather than optimizing their decisions, often make satisficing decisions (Mula et al., 2006). Conclusion Given the uncertainty of the current dynamic corporate world, managers have to approach decision making with an open and alert mind. They have to balance between focus and flexibility while making sure the company does not incur huge opportunity cost nor does it sacrifice its competitive edge. References Conejo, A., Carrion, M., Morales, J., (2010). "Decision-Making Under Uncertainty in Electricity Markets, International Series in Operations Research and Management Science (153) 7: pp. 789-796 Czinkota, R., and Ronkainen, A. (2005). A forecast of globalization, international business and Trade: a report from a Delphi study." Journal of World Business, 40(2): 111-123. Dequech, D. (2006). 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