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Management Information and Decision Making - Coggle Diagram
Management Information and Decision Making
POLC, Information and Decision Making
Critical thinking, analysis and reflection
Available information
Influenced by sources, quality and reliability of information
Daily decision making
Big Data
Arriving at decisions
Methods
Rationality
Assumptions
Preferences clear/stable
Problem clear
Alternatives/consequences known
Maximise payoff
No constraints
Value maximising
Bounded Rationality
Bounded by limitations
'Good enough' decisions
Intuition
Previous experience
Gut - feeling
Accumulated Judgement
Types of Problems and Decisions
Un-structured problems and non programmed decisions
Unique + Non recurring = Tailored solution
Well structured problems and programmed decisions
Procedure - Rule - Policy
E.g. uni fire evacuation
Group Decision making
Advantages
Diverse alternatives
Increases acceptance
Increase legitimacy
Complete info and knowledge
Disadvantages
Time consuming
Minority domination
Pressure to conform
Ambigous Responsibility
Decision Making
Errors and biases
Sunk costs
Anchoring effect
Overconfidence
Selective perception
Conditions
Certainty
Risk
Uncertainty
Styles
Linear
Non-linear