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CH4 Foundations of Decision Making (decision-making errors and biases…
CH4 Foundations
of Decision Making
decision-making process
Identifying a Decision Problem
allocation of weights to criteria
Identifying Decision Criteria
Developing Alternatives
Analyzing Alternatives
Selecting the Best Alternative
Implementing the Decision
Evaluating the Decision
decision-making errors and biases
immediate gratification
hindsight
overconfidence
anchoring effect
self-serving
selective perception
sunk costs
confirmation
randomness
framing
representation
availability
the three approaches to make decisions
bounded rationality
intuition
experience-based decisiond
values or ethics-based decisions
affect-initiated decisions
subconscious mental decisions
cognitive-based decisions
rational model
types of decisions
unprogrammed
programmed
decision-making conditions
risk
uncertainly
certainty
types of problems
unstructure
structured
group decision making
disavantages
Time-consuming
Minority domination
Ambiguous responsibility
Pressures to conform
improvement
The nominal group technique
Electronic meetings
Brainstorming
advantages
More complete information
More alternatives generated
Diversity of experiences/perspectives
Increased acceptance of solution
Increased legitimacy
contemporary issues
Creativity
Design thinking
National culture
Big Data