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