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Managing information and decision making - Coggle Diagram
Managing information and decision making
POLC, information and decision making
Using POLC results is decision making
Big data
decision making is becoming more data driven
Reliance is increasing
Decision making
Influenced by information
Analytical skills are key
managerial problems and decisions
unstructures problems
new
unseen before
well structures problems
easily defined
non-programmed decisions
custom approach
programmed decisions
routine approach
How do managers arrive at decisions
Bounded rationality
"good enough"
captures essential features of problem
simplified
on the spot
Intuition
gut feeling
accumulated judgement
previous experience
more suitable if you have more expereince
Rationality
rational
problems are clear
consistent and value maximising
no contingency thinking
no time or cost constraints
decision-making conditions & styles
risk
can estimate likelihood of certain outcomes
effective decision makers must be competent across conditions! :star:
uncertainty
no certainty or reasonable probability estimates
due to constant shifts in specific/general environments
certainty
outcome of every alternative is known
accurate decisions can be made
no need for contingency thinking at all
decision making styles
linear
using external data and facts
processing info through rational, logical thinking
grounded process for decision-making
non-linear
internal sources
processing info through internal insights, feelings, hunches
accounting for variables that can't be plotted on straight line
Advantages of group decision making
Facilitates more complex info & knowledge due to diversity views/experience
Become aware of more diverse alternatives, increasing acceptance of solution
Increased legitimacy of the decision due to dynamic of group decision
Disadvantages of group decision making
Minority domination
Best ideas might not come to light
Dominant personalities in that group may overpower others
Pressure to conform
People with outstanding ideas may conform to/concede to more mundane decisions
Very time consuming for all voices to be heard
Ambiguous responsibility
Is there a formal leader/does one naturally emerge?