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Managing information and decision making (POLC, Information and Decision…
Managing information and decision making
POLC, Information and Decision Making
Critical thinking
POLC process of decision
Influences
Quality
Reliability of Information
Sources
Big data
change arguments
Changing contemporary debates
Data use
Productivity
inclusiveness
Group decision making
Advantages
More diverse alternatives
Increases acceptance of solution
Complete information and knowledge
Increases legitimacy
Disadvantages
Time consuming
Minority domination
Pressure to conform
Ambiguous responsibility
How Managers Arrive at Decisions
rationality
consistent and value maximising
maximise economic benefit
bounded rationality
simplified model
satisficing - "good enough"
intuition
previous experience
"gut-level-feeling"
accumulated judgment
Managerial Problems and Decisions
Well-structured problems
Routine approach used
Easily defined
Unstructured problems
New or unusual problems
Need a custom approach
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