I once decided to make an impulse purchase of a camera that was selling at a cheap price. This was a bad decision because I did not have complete information about the item. The camera a reject from the manufacturer, and it affected my finances since it did not last long before it became faulty.
I believe that NASA’s decision concerning emergency measures was impacted by economic interests. This is because NASA’s proposal identified the flyaway escape pods as prohibitively expensive and would cost $1 billion. They chose to use alternative emergency egress slide to save lives.
If I were in charge of NASA, I would not make the same decisions based on economic limitations. When it comes to saving lives, social concern should be the basis of any decision made. Even though installing escape capsule is expensive and require massive restructuring of the shuttles, the safety of the astronauts has priority.
NASA made a satisficing decision since it satisfied it needs although it was not the best choice available. They based their decision on the cost of installation and disregarded the social interests of the safety of the astronauts. The decision was not optimizing since it did not incorporate all the best alternatives and strategies.
I often use an optimizing method when making any decision in order to maximize the output of my actions. I combine all the best strategies that will ensure I get the best and quality outputs. Maximization of results should be the core foundation of any decision.
Despite my principle of optimizing decisions, I might use the satisficing approach in cases where my resources like finances are limited, and there is emergency requirement to satisfy a need. I once used the optimizing approach to select the best portfolio of stocks to invest in the stock market.
References
Booth, W. (2003, February 5). Escape Devices were Weighed, Rejected. The Washington Post, pp. http://www.washingtonpost.com/wp-dyn/articles/A26641-2003Feb4.html.
Rue, L., & Byars, L. (2008). Management: Skills and Application. New York: McGraw-Hill/Irwin.
