Theory without practice is fantasy but practice without theory is Research Paper

Theory without practice is fantasy entirely practice without theory is blind. Internships in organizations - Research Paper ExampleThis could be the reason that students in universities and colleges atomic number 18 usually encouraged to apply for internships in organizations dealing with their various courses of study during school breaks over the vacation periods. Indeed, many students find it difficult to relate what they study in school and what they have to do in the real world of corporates. On the one hand, there are academicians who study trends and historical data to nonplus up with solutions to problems in the real world, which sens be adopted and used in practice. On the other(a) hand are business executives and their workers who usually criticize academicians for coming up with solutions that are either too ideal, complex or which have too many assumptions to be applied in real businesses (March, 1994). This multitude approaches problem-solving through past experie nces or by applying what is appropriate with the prevailing economic, political an social conditions. However, the reality of the effect is that none can exist without the other, as summarized by Professor Vincent Ostrom in the above phrase. One meaning(a) aspect that organizations managers usually deal with is closing-making. Many companies usually operate with the sole reason of making profits. This can only be possible by maximizing revenue while keeping costs down. The solicitude of companies is usually tasked with the duty of making decisions that will lead to the above. However, decision-making is a very complex activity that requires more than just the basic knowledge of how the economic conditions prevail (Scott and Davis, 2007). In addition, wrong decision-making could deal a desolate blow to a company which would take years to undo, failure of which the said company would go under. In this sense, decision-making requires the use of theories set out by people who have studied the process in array to be effective. Decision-making is further complicated by the fact that human beings are not always wise whence they are prone to make decisions that are subjective rather than objective. One theory invest forward to try to explain the decision making process is one called Bounded Rationality vomit up forward by Nobel Price winner, Herbert A. Simon in his paper Administrative Behavior which he wrote in 1947. In this theory, Simon points out that there are several reasons as to why it may not be lucky for executives to make the most rational decision. One reason is due to the uncertainty of the future. Every decision do has a consequence which might be beneficial or harmful to an organization. Some of these consequences can be anticipated, but many more cannot be cognize at the time of the decision-making. Therefore, managers make what they perceive to be the best decision with the information they have at hand at the period, taking into conside ration known risks (Herbert, 1947). Relating to this is the fact that decision makers cannot fully evaluate the worth of their decisions in the future, but only in the present. The tierce impediment to rational decision making is that decision makers need to be aware of all alternatives to the decision they are about to make (March and Herbert, 1958). This is not always available, making it difficult to choose the most best decision. With such theoretical knowledge, decision makers are in a better position to understand the decision-making process, hence be in a better position to defend their actions. Another illustration of Professor Vincent Ostroms phrase is applicable in the normal operations of a company. Companies usually spend large sums of silver to train their employees and managers to