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Week 6: Managing Information and Decision Making (POLC Information and…
Week 6: Managing Information and Decision Making
POLC Information and Decision Making
Influenced by: Sources, quality and reliability of information
Engage in critical thinking
Execution of POLC
Big data
Inclusiveness of data, ethical considerations
Methods of Managerial Decision Making
Rationality
Objective and assumes access to perfect information
Bounded Rationality
There are certain constraints on decision making such as; time, resources, skills and information
Intuition
Often subjective and takes into account previous experiences
Managerial Problems and Decisions
Well structured problems lead to programmed decisions
Unstructured problems lead to non-programmed decisions
Group Decision Making
More complete information and knowledge
More diverse alternatives
Increases acceptance of a solution
May be time consuming and there may be pressure to conform
Decision Making Conditions, Styles and Errors
Certainty, risk and uncertainty
Linear and non-linear decision making
Errors may include; Over confidence, selective perception, self-serving bias and hindsight