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WEEK 6 (LO5: Decision-making conditions, styles and errors (Decision…
WEEK 6
LO5: Decision-making conditions, styles and errors
Certainty
- A manager can make accurate decisions because the outcome of every alternative is known
RIsk
- A manager can estimate the likelihood of certain outcomes
Uncertainty
- A manager has neither certainty nor reasonable probability estimates
Decision-making styles
Linear
- Preference for using external data and facts
- Process information through rational, logical thinking
Non-linear
- Preference for internal sources of information
- Process information through internal insights, feelings and hunches
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LO1: POLC, information and decision-making
- Decision-making influenced by sources, quality, and reliability of information
- Ability to engage in critical thinking, analysis, and reflection determines how well one makes decisions based on available information\
- The execution of the managerial functions of POLC results in decision-making, often daily
- Big Data and its associated analytics changing contemporary debates and arguments around decision-making
- As organisational decisions increasingly become more data driven, managers need to consider inclusiveness of data (i.e. who uses it) in addition to the use of data for productive purposes