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bcom 10 - Learning and Decision Making Learning and...

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Learning and Decision Making
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Learning and Decision Making Decision making refers to the process of generating and choosing from a set of alternatives to solve a problem. The more knowledge and skills employees possess, the more likely they are to make accurate and sound decisions.
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Methods of Decision Making Programmed decisions are decisions that become somewhat automatic because a person’s knowledge allows him or her to recognize and identify a situation and the course of action that needs to be taken. Intuition can be described as emotionally charged judgments that arise through quick, nonconscious, and holistic associations.
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Methods of Decision Making, Cont’d When a situation arises that is new, complex and not recognized, it calls for a nonprogrammed decision on the part of the employee. As employees move up the corporate ladder, a larger percentage of their decisions become less and less programmed. Rational decision-making model offers a step- by-step approach to making decisions that maximize outcomes by examining all available alternatives.
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Programmed and Nonprogrammed Decisions Figure 8-4
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Decision-Making Problems Bounded rationality is the notion that decision makers simply do not have the ability or resources to process all available information and alternatives to make an optimal decision. Satisficing results when decision makers select the first acceptable alternative considered.
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