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Week 6 - Managing information and Decision Making (LO2 - How do managers…
Week 6 - Managing information and Decision Making
LO1 - POLC, information and Decision making
Managing and decision making
LO3 - Managerial Problems
Structured
easily defined
Handled by a routine approach
Unstructured
New or unusual
Custom approach
LO4 - Group Decision Making
Pros
More complete info
More diverse alternatives
Increased acceptance
Increase legitmacy
Cons
Time consuming
Minority domination
Pressure to conform
Ambiguous responsibility
LO5 - Decision making styles and errorrs
Conditon of decison making
Certainty
Uncertainty
Risk
Decision making styles
Linear
External data
Rational
Non linear
Feeling, hunches
LO2 - How do managers arrive at decisions
Rationality
value maximising
Assumes
Clear
Well defined goal
alternatives or known
Final choice will maximise payoff
Bound Rationality
Essentail features
Bound by limitations and contraints
Intuition
Gut level feeling
Previous experience
Accumulated judgement
Real Life
Steve Jobs - Collorbative
To hire great people
Let them make decisions
Steve Jobs - Intution