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Managing Information and Decision-Making - Coggle Diagram
Managing Information and Decision-Making
Managing and Decision-Making
Decision-Making Influences
Sources
Quality
Reliability of information
Decisions
Based on
Available information
Determined by
Critical thinking
Analysis
Reflection
POLC
Daily decisions
Big data
Influences
Contemporary debates
Arguments
Method of Managerial Decision-Making
Bounded rationality
Parameters
Simplified model
Captures
Problems essential features
Bounded by
Limitations
Constraints
"Good enough" decisions
"satisficing"
Intuition
Product of
Previous experience
"Gut-level feeling"
Accumulated judgement
Rationality
Assumed rational
Describes choices
Consistent
Value-maximising
Assumes
Clear unambiguous problem
Single goal
Well-defined
Clear preferences
Constant stable preferences
Time/cost constraints
Do not exist
Final choice
Maximise payoff
Types of problems and decisions
Well structured problems
Programmed decisions
Un-structured problems
Non-programmed decisions
Group-decision making
Advantages
More complete
Information
Knowledge
More diverse alternatives
Increased
Acceptance of solutions
Legitimacy
Disadvantages
Time consuming
Minority domination
Pressure to conform
Ambiguous responsibility
Styles
Linear
Preference for
External data
Facts
Processes information
Rational
Logical
Non-linear
Preference for
Internal sources
Processes information
Internal insights
Feelings
Hunches
Errors and biases
Overconfidence
Immediate gratification
Anchoring effect
Selective perception
Confirmation
Framing
Availability
Representation
Randomness
Sunk cost
Self-serving
Hindsight
Conditions
Risk
Estimate certain outcomes
Uncertainty
Neither
Certainty
Reasonable probability estimates
Certainty
Outcome already known