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Managing for Information & Decision-making - Coggle Diagram
Managing for Information & Decision-making
Managing & Decision-making
Rationality
Choices are consistent and value maximising
Bounded Rationality
Essential features of problem
"Good enough"
Intuition
Previous experience
"Gut-level feeling"
Accumulated Judgement
Prob & Decisions
Structured
Programmed Decisions
Procedure
Rule
Policy
Unstructured
Non-Programmed
Unique
Non Recurring
Tailored Solution
Group decision-making
Advantages
▪ More complete information & knowledge
▪ More diverse alternatives
▪ Increases acceptance of a solution
▪ Increase legitimacy
Disadvantages
▪ Time consuming
▪ Minority domination
▪ Pressure to conform
▪ Ambiguous responsibility
decision _making
conditons
certainty
risk
uncertainty
style
linear
non-linear
error
Decision-making conditions, styles and errors