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Managing Information & Decision-Making (Conditions, Styles, Errors…

- - - - sources
      - quality
      - reliability
      - sources
    - - critical thinking
      - analysis
      - reflection
    - - consider inclusiveness of data
      - use data for productive purpose
- - - - choices that are consistent and value-maximising
      - maximise economic benefit
      - assumes:
        
        problem is clear and unambiguous
        
        single, well defined goal
        
        preferences are clear
        
        final choice will maximise payoff
    - - captures essential features of problems
      - bounded by limitations and restraints
      - satisficing
    - - previous experience
      - 'gut level feeling'
      - accumulated judgement
- - - - Policies
      - Rules
      - Procedures
  - - - Needs custom approach
- - - - Can make accurate decision
      - Outcome of every alternative known
    - - Can estimate likelihood of certain outcomes
    - - No certainty
      - No reasonable probability estimates
  - - - External data and facts
      - Logical thinking
      - Rational
    - - Uses internal data
        
        intuition
        
        feelings
        
        insights
        
        hunches

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Managing Information &
Decision-Making

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L01: POLC

LO2: Decisions

Managerial problems

Group Decision

Disadvantages

Advantages

managing and decision-making

methods of managerial decisions

rationality

factors:

choices that are consistent and value-maximising

sources

maximise economic benefit

quality

assumes:

More complete information

problem is clear and unambiguous

Stuctured

more complete knowledge

Un structured

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single, well defined goal

Increased acceptance of solution

preferences are clear

Increased legitimacy

final choice will maximise payoff

Programmed decisions

Non-programed decisions

Time consuming

bounded rationality

Minority domination

captures essential features of problems

Easily defined

Pressure to conform

Ambiguous responsibility

New or unusual problem

bounded by limitations and restraints

Needs custom approach

satisficing

reliability

sources

Policies

Rules

intuition

Procedures

ability:

previous experience

'gut level feeling'

Conditions, Styles, Errors

accumulated judgement

critical thinking

analysis

reflection

daily decision making

data driven

Condtions

consider inclusiveness of data

use data for productive purpose

Certainty

Risk

Uncertainty

Errors

Styles

Linear

non-linear

Hindsight

External data and facts

Overconfidence

Self-serving

Logical thinking

Rational

Availability

Uses internal data

Can make accurate decision

Outcome of every alternative known

intuition

feelings

insights

No certainty

hunches

No reasonable probability estimates

Can estimate likelihood of certain outcomes