3. decision making skills.pdf - Decision Making Skills...

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Decision Making Skills Copy Rights Emad Aly Kamel Page 1 Decision Making Skills
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Decision Making Skills Copy Rights Emad Aly Kamel Page 2 Decision Making Learning Outcomes 1. Define decision making 2. Handle approaches to decision making 3. Justify decision making steps 4. Manage decision making errors 5. Appraise group decision making advantages 6. Recognize group decision making disadvantages
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Decision Making Skills Copy Rights Emad Aly Kamel Page 3 What is decision making? Alternative to fill gap between expected outcome and actual outcome What are approaches to decision making? Rational model (maximize choice) How decisions should be made Assuming problem is clear Assuming goal is clear Assuming having complete information Assuming all alternatives are known Assuming all consequences are known Assuming manager is logical Assuming manager is objective Assuming decision will maximize utility In reality most decisions do not follow the rational model
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Decision Making Skills Copy Rights Emad Aly Kamel Page 4 What are approaches to decision making? Bounded rationality model (simplifying the complex ) How decisions are actually made Managers do not have complete information Managers cannot analyze all information Managers not always logical Managers have bounded rationality: Limited rationality to process information
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