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Managing information and decision-making, Steve jobs value on decision…
Managing information and decision-making
Learning objective 4
THE VALUE OF COLLABORATIVE DECISION-MAKING
To hire good people let them make decisions to run by ideas not a hierarchy
ADVANTAGES & DISADVANTAGES OF 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
LO3 - Managerial problems and decisions
Types of problems and decisions
Well structured problems and programmed decisions
Straightforward and easily defined
Standardised approach
Un-structured problems and non-programmed decisions
New or unusual problem
Needs a custom approach
Learning Objective 5
DECISION-MAKING CONDITIONS,
STYLES & ERRORS
Certainty
A manager can make accurate decisions
Risk
A manager can estimate the likelihood of
certain outcomes
Uncertainty
A manager has neither certainty nor
reasonable probability estimates
DECISION-MAKING STYLES
Non linear
Preference of external data and facts
Linear
Preference for using external data and facts
Process information through rational, logical
thinking
LO1 - Relationship between POLC, information and decision-making
POLC - planning, organizing, leading controlling
They all link as it is essential to deduce information to make a clear, effective decision. POLC is a tool for determining and identifying the types of decisions to be made.
Information: acquisition of information from one or more sources, as well as the custodianship and handling of data from these sources
Decision-making: Choices managers must make, Each decision has different thinking patterns
LO2 - rationality, bounded rationality, and intuition influence managerial decisions
Bounded rationality: rationality, bounded rationality, and intuition influence managerial decisions
Intuition rationality, bounded rationality, and intuition influence managerial decisions
Steve jobs value on decision making