SAKAI notes_decision making

SAKAI notes_decision making - maximizing choices within...

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Introduction to Management Professor B. Schilling REVISED Outline of Key Topics: Rational Decision Making (RDM) What is a programmed decision? Non-programmed decision? o Who tends to make each type of decision? What are the assumptions and steps associated with the rational decision making model (RDM)? (1) Properly diagnose the problem (2) Establish & (3) assign weights to key decision criteria (4) Conceptualize & (5) analyze alternatives (6) Select & (7) implement an alternative (8) Evaluate results Assumptions of RDM model o Rationality of decision maker What does it mean to be “rationale”? >>> one makes consistent, value
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Unformatted text preview: maximizing choices within indentified constraints Why is this sometimes a challenge? Understand the various reasons why we operate under the concept of bounded rationality o Ability to clearly define the problem o Preferences can be clearly determined o Motivations for making decision are clear What factors can impact decision making? o Intuition (is intuitive decision making worse than rational decision making?) o Cognitive intelligence o Emotional intelligence o Quality of information o Cognitive dissonance o Politics o Values/ethics o Uncertainty/risk preferences o Personal characteristics...
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