Please enable JavaScript.
Coggle requires JavaScript to display documents.
managing information&decision-making (POLC,information and decision…
managing information&decision-making
POLC,information and decision-making
ability to engage in critical thinking,analysis,and reflection determines how well one makes decisions based on avability
execution of managerial function of POLC results in decision-making,often daily
decision-making influenced by sources ,quality,and reliability of info
big data and its associated analytics changing contemporary debates and arguments around decision-making
org.decisions ↑- data driven, managers need to consider inclusiveness of data (i.e. who uses it )in addition to the use of data for productive purposes
managers arrive at decisions
bounded rationality
made within the
parameters
of a
simplified model
that captures the essential features of a problem
bounded by the limitations and constraints,managers attempt to behave rationally
good enough -satisficing
intuition
previouus experience
gut-level'feeling'
accumulated judgment
rationality
managerial decision making is assumesd to be reational
choices-consistence and value-maxising
made by managers 'maximise' eco benefit for org.
7 assumption
managerial problems & decisions
types of problems and decisions
structured problem-programmed decisions
unstructed problems-non-programmed decisions
easy to denfine; routine apporach(produce-rule-policy )
usual and new; custom apporach
group decision-making
advantages
more diverse alternatives
increases accpetance of a solution
more complete info and knowledge
increase legitimacy
disadvantages
minorlity donmination
pressure to conform
ambiguous respnsibility
time consuming
value of collaborative decision-making
decision-making conditions, style and errors
decision-making style
linear
non-linear
errors
avability framing
immediate gratification
sunk costs
anchorngettect
self-servicing
selective perception
confirmation
hindsight
overconfidence
randomness
representation
conditions of decision-making
certainty
risk
uncertainty