Management

Relationship b/w POLC, information and decision-making

rationality, bounded rationality, and intuition

types of problems and decisions

decision-making within groups/teams

decision-making conditions, styles and common errors/biases

POLC & Decision making – intertwined and constant

Some rely on big data for decision making

Good decision making – dependant on how well an organisation uses available info

Need to consider the inclusiveness of data

Rationality – Consistent, value-maximising

Works well when goals are clear w/ defined goals

Bounded rationality – Satisfice (good enough)

Captures essential features of a problem

Intuition – 'gut feeling', following instinct

Structured: Policy, rule and consistent – Return and Exchange procedures in retail –

Unstructured: Borders and Kindle – Borders didn't recognise market opportunities and respond to external environment (technology) did not respond to increased usage of technology by society

Advantages:

More info

More ideas

Group acceptance – quicker decision making

Disadvantages:

Conflict

Domination (Peer pressure)

More time consuming

Costly

Vague accountability

Conditions

Certainty – accurate

Risk – estimate

Uncertainty – neither accurate or estimate

Decision making styles

Linear – clear, rational, external data

Non-linear – internal data, insights, intuition

Errors and biases – poor business environment

Self-serving

Over confidence

Stereotyping