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Chap%2012%20Mgmt%202500%20kk - Chapter 12 Individual and...

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Chapter 12: Individual and Group Decision Making
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Decision Making: Identifying and choosing solutions that lead to a desired end result- a commitment of resources Models of decision making: Rational model- optimizing Simon’s normative model- bounded rationality
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The Rational Model: A rational, four step sequence when making decisions: Identifying the problem- a gap between an actual and desired situation: historical cues, scenario technique, and perception of others Generating alternative solutions Selecting a solution Implementing and evaluating the solution A model based on the premise that managers optimize when they make decisions
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Herbert Simon’s Normative Model: Premise that decision making is not rational Decision makers are guided by bounded rationality- constraints on decision making Decision making characterized by: Limited information processing Use of judgmental heuristic Satisficing- tendency to pick the first acceptable
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