BADM 066 Innovation Lecture 2

BADM 066 Innovation Lecture 2 - BADM066InnovationLecture2...

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BADM 066 Innovation Lecture 2 18/09/2006 15:02:00 Managerial Judgement How managers think, particularly mistakes they make. See quote on notes. Introduction Primary responsibility of managers is DECISION MAKING o Identify internal and external cues that signal threat or opportunity Market problems need to be fixed. Managers need to realize  what needs to be fixed in order correct market. i.e. packaging,  supply, shipping, bad product?,  o Sort through and weigh available information Can’t analyze it all Too much information in the world. o Visual, auditory, tactile, olfactory.  More information than one can take. i.e. google. o Finite cognitive capacity Enormous but limited o Employ strategies Simon’s bounded rationality and satisficing. (categorization is  one example) People do not maximize decisions. Human beings are  not perfect, the are not efficient, they only satisfy 
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BADM 066 Innovation Lecture 2 - BADM066InnovationLecture2...

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