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W6: DECISIONS, DECISIONS, DEDCISIONS (DECISION MAKING (TYPES OF MANAGERIAL…
W6: DECISIONS, DECISIONS, DEDCISIONS
INFORMATION TECHNOLOGY
INFORMATION SYSTEM
Information systems: use information technology to collect, organise and distribute data for use in decision-making
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Date: Any qualifiable measured values, observations or statistical counts that, when collated, become useful for decision-making
DEVELOPMENTS
A Management information system (MIS) is a computer system that stores and distributes information on how to successfully manage an organisation. It is usually regarded as a subset of the internal controls of a business. Help managers go thru the 4 steps planning organising leading controlling in organisation
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KNOWLEDGE MANAGEMENT
Knowledge management: The process thru which organisations use intellectual capital for competitive advantage
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Explicit knowledge: is codified and shared with others thru dialoge, demonstration or media.
A learning organisation
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Core ingredients:
Mental models: when everyone is able set aside the old way of thinking to approach new problem with new way of thinking.
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DEFINITION
Information technology (IT) the combination of computer hardware, software, networks and databases supporting information use.
Intellectual capital is the collective brain power or shared knowledge of a workforce. source of competitive advantage of organisation, it's go beyond process, product, people
A knowledge worker is a worker who transforms knowledge or information into a product or service. People who were there with the machine to create the product, so if they are sick it's easy to replace them.
DECISION MAKING
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DECISION MAKING
Is the process of specifying nature of a problem or opportunity and selecting between alternatives to solve the problem or capture the opportunity
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TYPES OF DECISIONS:
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Non-programmed decisions
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organisational - crisis management, crafted decisions
THE ENVIRONMENT
Risk environment: lacks complete information but offers probabilities of the likely outcomes for possible action alternatives
Uncertain environment: lacks so much info that it is difficult to assign probabilities to the likely outcomes of alternatives.
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APPROACHING DECISIONS
Problem avoiders: ignore info, inactive & do not want to make decisions & deal with problems
Problem solvers: willing to make decisions & solve problems, but reactive
Problem seekers: actively process info & look for problem to solve or opportunities to explore -> proactive
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DECISION-MAKING PROCESS
Rational process
- Select preferred solution & conduct ethics double-check
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- Generate & evaluate alternative solutions
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Heuristics
Availability heuristic: Using info readily available from memory as a basis for assessing a current event or situation
Representativeness heuristic: Assessing the likelihood of something occurting based on its similarity to a stereotyped set of occurences
Judgmental heuristics: mental shortcuts that allow ppl to solve prob & make judgments quickly & efficiently (shorten decision-making time but can lead to biases)
Anchoring & adjustment heuristic: Making decisions based on adjustments to a previously existing value or starting point.
Groupthink
When the group pressure for consensus and demand for unanimity overwhelm the rational evaluation of options
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