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Chapter 4. Foundations of Decision Making (decision-making errors and…
Chapter 4.
Foundations of Decision Making
decision-making process
development of alternatives
analysis of alternatives
allocation of weights to criteria
selection of an alternative
identification of decision criteria
implementation of the alternative
identification of a problem
evaluation of decision effectiveness
decision-making errors and biases
immediate gratification
anchoring effect
overconfidence
selective perception
confirmation
framing
availability
representation
randomness
sunk costs
self-serving
hindsight
three approaches
bounded rationality
intuition and managerial decision making
rational model
problems
structured problems
roles
policies
procedures
unstructured problems
decision-making conditions
risk
uncertainty
certainty
group decisions
advantages
more alternatives generated
increased acceptance of a solution
diversity of experiences and perspectives
increased legitimacy
more complete information
disadvantages
time-consuming
minority domination
ambiguous responsibility
pressures to conform
three important issues
creativity and design thinking
big data
national culture