Please enable JavaScript.

Coggle requires JavaScript to display documents.

WEEK 6: POLC, INFORMATION & DECISION MAKING - Coggle Diagram

- - - - problem is clear & ambiguous (likely encountered before)
      - single, well defined goal is to be achieved
      - all alternatives & consequences are known
      - preferences are clear
      - preferences are constant & stable
      - no time or cost constraints exist
      - final choice will maximise payoff
  - - - previous experience
      - gut-level feeling
      - accumulated judgement
- - - - problems easily defined
      - programme decisions handled by routine or standardized approach
      - procedure --> rule --> policy
    - - new & unusual problems
      - non-programme decisions need a custom approach
- - - - a manager can make accurate decisions because the outcome of every alternative is known
        
        no need for contingency thinking
    - - manager can estimate the likelihood of certain outcomes
    - - manager has neither certainty nor reasonable profitability estimates
  - - - preference for using external data & facts
      - process information through rational, logical thinking
    - - preference for internal sources of information
      - process info. through internal insights, feelings & hunches
  - - - self-serving
      - anchoring effect
      - immediate gratification
      - overconfidence
      - framing