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managing information and decision making (Pros of group decision making…
managing information and decision making
managerial problems and decisions
well structured problems and programmed decisions
structures problems are easily defined
programmed decisions are those handled by a routine approach
un structured problems and non programmed decisions
un structured problems are new or unusual
non programmed decisions need a custom approach
Pros of group decision making
More complete information and knowledge
More diverse alternatives
Increases acceptance of a solution
Increase legitimacy
Cons of group decision making
Time consuming
Minority domination
Pressure to conform
Ambiguous reponsibilty
Conditions of decision making
Certainty
Risk
Uncertainty
How do managers arrive at decisions
Intuition
previous experience
gut-feeling
accumulated judgement
Rationality
Bounded rationality
consistent and value-maximising
Decision making errors
Overconfidence
Selective perspective
Hindsight
Self-serving