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Foundations of Decision Making (Decision-making process ((4) develop…
Foundations of Decision Making
group decision making
Advantages
More complete information
Increased acceptance of solution
Disadvantages
Time-consuming
Pressures to conform
Improving Group Decision Making
The nominal group technique
Electronic meetings
Brainstorming
Decision-making process
(4) develop alternatives
(5) analyze alternatives
(3) weight the criteria
(6) select alternative
(2) identify decision criteria
(7) implement alternative
(1) identify a problem
(8) evaluate decision effectiveness
approaches managers can use to
bounded rationality
limited by their ability to process infirmation
intuition and managerial decision making
making decisions on the basis of experience, feelings, and accumulated judgment
rational model
make logical and consistent choices to maximize value
the types of decisions and decision-making conditions managers face
types of decisions
structured problems
SOP
rule
procedure
policy
unstructured problems
decision-making conditions
certainty
risk
uncertainty
contemporary issues in managerial decision making
Creativity and design thinking
Identify all viable alternatives
Understand a problem more fully
See problems others can’t
National culture
influences the way decisions are made and the degree of risk involved
big data
vast amounts of quantifiable information that can be analyzed by highly sophisticated data processing