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Managing and Decision-Making (Decision Arrival (Intuition (Decisions made…
Managing and Decision-Making
Problems and Decisions
Well-structured problems
Easy to define
Routine approach
Un-structured problems
New or unusual
Custom approach
Decision Arrival
Rationality
Decisions made for value maximisation
Bounded rationality
Rationality but with restrictions
"Satisficing"
Intuition
Decisions made off experience
Accumulated Judgement
Gut feeling
Group Decision-Making
Advantages
^ complete info
^ diverse alternatives
^ solution acceptance
^ legitimate
Disadvantages
Time consuming
Minority domination
Pressure to conform
Ambiguous responsibility
Decision- making
Conditions
Certainty
Accuracy
Risk
Estimation
Uncertainty
No certainty
Styles
Linear
External data - Logical
Non-linear
Internal data - Feelings & Hunches
Error
Overconfidence
Hindsight
Self-serving
Framing
Randomness