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CH4 Foundation of Decision Making (How Groups Make Decisions? (Advantage…
CH4 Foundation of Decision Making
Decision Making
Process
Common Errors and Biases
Three Approaches
Rational Model
Bounded Rationality
Intuition and Managerial Decision Making
Decision-Making Conditions Manager Face
Problems
Structured
Rules
Policies
Procedures
Unstructured
Non-Programmed Decision
Situations
Risk
Uncertainty
Certainty
How Groups Make Decisions?
Advantage
More Complete Information
Diversity
More Alternatives Generated
Increased Acceptance
Increase Legitimacy
Disadvantage
Time Consuming
Unequal Power
Ambiguous Responsibility
Pressures to Conform
When are Groups Most Effective?
Smaller size of the Group
Two-pizza Rule
Improvement
Nominal Group Technique
Electronic Meetings
Brainstorming
Contemporary Decision-Making Issue
Creativity and Design Thinking
Big Data
National Culture