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