Weekend 1.2 Framing _structuring_ complex problems and decisions

Weekend 1.2 Framing _structuring_ complex problems and decisions

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Management of Organizations MGMT 523 Framing (structuring) complex problems and decisions
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Agenda for this session Information processing in individuals and organizations Human heuristics and biases Faulty group processes Lessons for decision making
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Human capacity  Triumphant Struggling
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Two views on human thinking capacity What a piece of work is man, how noble in reason, how infinite in faculties …” William Shakespeare “The capacity of the human mind for formulating and solving complex problems is very small compared with the size of problems whose solution is required for objectively rational behavior in the real world.” Herbert Simon
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Organizations require us to make  a series of decisions and solve  multiple problems What should we produce/sell/trade How do we produce/sell/trade What are our markets How do we make money? Who are our stakeholders What is our purpose ……. .
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Defining Decisions, Decision Making,  and Problem Solving A decision is a choice between 2 or more options. All decisions require two judgments prediction of likely future outcomes prediction of future preferences Decision making is a process of identifying, evaluating and choosing between options. Problem solving is more inclusive and includes: What decisions need to be made and when? Who should be involved and in what role? How to identify options? How to implement chosen option?
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How would you rate yourself as a  decision maker/problem solver? What are your skills related to: Identifying the right problem? Identifying the issues that are relevant in thinking about your problem? Getting information/inputs Managing processes – how the decision is made Managing the context – the constraints on
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Human Information Processing  in  Problem Solving/ Decision Making Short Term Memory Working Memory Processes Problem Inputs Problem Solving Responses LONG TERM MEMORY
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Organizational Information Processing ORGANISATIONAL MEMORY Available Information for Problem Solving Group / Individual Information Processing Problem Inputs Problem Solving Responses Rituals Past practice Norms Beliefs Formal records Manuals, etc Budgets, reports, Staff Records Databases
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This note was uploaded on 10/14/2010 for the course MGMT 523 taught by Professor Liz during the Spring '10 term at HKUST.

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Weekend 1.2 Framing _structuring_ complex problems and decisions

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