Chapter10_decision%20making

Chapter10_decision%20making - IST335Spring2011 Chapter10...

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IST335 – Introduction to Information-Based Organizations   IST335 Spring 2011 Chapter 10 Decision making
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What’s a Good Decision?  Can be evaluated in terms of three outcomes  (Vroom, 1969)  Acceptance  Time taken  Quality
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IST335 – Introduction to Information-Based Organizations   The Rational Model of decision making  1) Define the problem  2) Identify criteria  3) Gather and evaluate information   4) List and evaluate alternatives   5) Select best alternative   6) Implement and follow up - How many decisions are made rationally?  How many are made and  than rationalized? -With which kinds of decisions is the Rational Model best applied?
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IST335 – Introduction to Information-Based Organizations Optimal versus satisficing decisions  Optimal: Yielding the best possible result  Satisficing:  Good-enough decision  Why is satisficing so common?  Time and money are limited  ‘Imperfect information’  Multiple objectives, too complex to optimize, so seek minimum  satisfaction on all criteria   When is satisficing most likely?
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IST335 – Introduction to Information-Based Organizations Decision Styles   Sensing versus intuiting  Thinking versus feeling  Every decision maker senses  and  intuits, though one style  tends to be  dominant  What textbook doesn’t say is that successful ‘intuitive’ execs are usually  highly knowledgeable about their market (and very experienced) 
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Chapter10_decision%20making - IST335Spring2011 Chapter10...

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