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kjlPPT07 - MAN 320F Foundations of Management Chapter 7...

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MAN 320F Foundations of Management Chapter 7 Managers as Decision Makers
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2 1. Explain how perception, risk, and uncertainty affect decision-making 2. Discuss the assumptions of rational decision making 3. Compare and contrast the rational decision-making model with bounded rationality and intuition 4. Understand common decision-making biases and describe how managers can deal with the negative effects of decision errors and biases 5. Describe four styles of decision making 6. Contrast programmed and nonprogrammed decisions 7. Identify organizational constraints on decision-makers 8. List the six characteristics of an effective decision- making process 9. Describe the five habits of highly reliable organizations L E A R N I N G    O UTLINE
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3 Exhibit 7–5 Typical Management Decisions
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4 Decision-Making Conditions n Risk ¨ Estimate likelihood (probability) of outcomes resulting from choice of particular alternatives n Uncertainty ¨ Limited information prevents estimation of outcome probabilities ¨ May force managers to rely on intuition, hunches, and “gut feelings”
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5 E x h i b D e c i s
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6 Assumptions of Rational Model n Problem clarity n Known options n Clear preferences n Constant preferences n No time or cost constraints on information gathering n Maximum payoff will drive choice n Actors have sufficient creativity to identify all possible issues/options
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