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Week 6, SUMMARY, Managing & Decision-making, How do Managers Arrive at…
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SUMMARY
Managerial functions of planning, organising, leading, and controlling are excecuted through accessing information and using the same to decide between alternative courses of action
When making decisions, managers rely on rationality, bounded rationality, and intuition
There are structured as well as unstructured problems which require programmed and non-programmed decisons by managers
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Managerial decison-making is undertaken within diverse conditions using linear as well as non-linear thinking fraught with numerous errors/biases
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Decision-making conditions, styles & errors
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Styles
Linear
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▪ Process information through rational, logical thinking
Non-linear
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▪ Process information through internal insights, feelings, and hunches
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