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POLC, INFORMATION & DECISION-MAKING - Coggle Diagram
POLC, INFORMATION & DECISION-MAKING
Decisions
Rationality
Clear and unambiguous
well-defined goal
Preferences are clear
Preferences (constant & stable)
No time or cost constraints
Maximise payoff
Bounded Rationality
Made within the parameters
limitations and constraints
“Satisficing”
Intuition
Previous Experience
Gut Feeling
Accumulated Judgment
Types of Problem & Decision
Well structured problems & programmed
decisions
Un-structured problems & non-programmed decisions
Group Decision Making
Advantage
More information & knowledge
More diverse alternatives
Increases acceptance of a solution
Increase legitimacy
Disadvantage
Time consuming
Minority domination
Pressure to conform
Ambiguous responsibility
Condition
Certainty
Risk
Uncertainty
Stye
Linear
using external data
rational, logical thinking
Non-Linear
internal sources
Insights, feelings, and hunches
Errors
Overconfidence
Immediate gratification
Anchoring effect
Selective perception
Confirmation
Framing
Availability
Representation
Randomness
Sunk costs
Self-Serving
Hindsight