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Managing information and decision making (How do managers arrive at…
Managing information and decision making
POLC, information and decision making
Decision making influenced by
sources
quality
reliability of information
Managers need to consider
individuaness of data
How do managers arrive at decisions
Rationality
made by managers to maximise economic benefit for the organisation
Assumes
the problem is clear and ambiguous
Preferences are clear
not time or cost constraints exist
intuition
previous experience
"gut-level feeling"
accumulated judgement
Bounded rationality
Decisions made within the parameters of a simplified model that captures the essential features of a problem
bounded by limitations and constraints
Managing problems and decisions
well structured problems and decisions
unstructured problems and non-programmed decisions
Group decision making
Advantages
more complete information and knowledge
more diverse alternatives
Disadvantages