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Managing & Decision making - Coggle Diagram
Managing & Decision making
influenced by
resources of info
reliability of info
source of info
Methods
Rationality
Assumed to be rational
choices are consistent
and value-maximising
Assumed
single, well-defined goal is to be achieved
All alternatives and consequences are known
problem is clear and unambiguous
No time or cost constraints exist
Preferences are constant and stable
Preferences are clear
Final choice will maximise payoff
Bounded rationality
simplified model captures the essential
features of a problem
“Good enough” decisions – “satisficing”
Bounded by the limitations and constraints
Intuition
based on
Previous
Experience
“Gut-Level
Feeling
Accumulated
Judgment
TYPES OF PROBLEMS & DECISIONS
Well structured problems and programmed
decisions
Un-structured problems and nonprogrammed decisions
Skills
analysis
reflection
Critical thinking
Exececution of POLC
argument changed by
Big Data and its associated analytics
GROUP DECISION-MAKING
Advantages
More complete information & knowledge
More diverse alternatives
Increases acceptance of a solution
Increase legitimacy
Disadvantages
Time consuming
Ambiguous responsibility
Pressure to conform
Minority domination
CONDITIONS,
STYLES & ERRORS
Styles
Linear
Non-linear
Errors
Conditions
Certainty
Uncertainty
Risk