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Managing Information and Decision-Making - Coggle Diagram
Managing Information and Decision-Making
Types of Decisions & Conditions
structured problems - programmed decision
eg. Procedure to Deal with Customers Complaints
e.g. supplier is late with a delivery
e.g. student wants to drop a subject
unstructured problems - non-programmed decision
e.g. COVID-19 implications
dealing with new laws, impacts of infections, employees cannot go to work because of lockdowns
e.g. unexpected crash in stock market
e.g. new competitor
e.g. newly developed technology
e.g. government, political implications
Decision Outcomes
DECISION PROCESS
APPROACHES
Rationality
Eg. Corporate Purchase decision
Bounded Rationality
Eg. Shopping trip Purchase Decision
Intuition
Eg. Senior employees have better intuitive judgements
STYLES
Linear
Preference to use External Data/facts
Eg. Bank analyze Credit worthiness or values
Non-linear
Preference to use Internal info (feelings, intuition)
Eg. Creative designer's designing for a campaign
CONDITIONS
Certainty
Risk
Uncertainty