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6: Managing Information and Decision-Making - Coggle Diagram
6: Managing Information and Decision-Making
POLC, Information and Decision-Making
Managing and Decision-Making
decision making influenced by sources, quality and reliability of information
execution of POLC results in daily decision-making
use of data changing contemporary debates and arguments around decision making
How Do Managers Arrive At Decisions
Methods of Managerial Decision Making
Rationality
consistent and value maximising choices
Bounded Rationality
choices made with a simplified model - essential features of the problem, bounded by limitations and contraints
Intuition
previous experience, 'gut level feeling' and accumulated judgement
Managerial Problems and Decisions
Types of Problems and Decisions
Well structured problems - programmed decisions, unstructured problems - non-programmed solutions
Group Decision Making
The Value of Collobarative Decision Making
increased reliance on collaboration in the 21st century
Advantages and Disadvantages of Group Decision-Making
Advantages; more complex info, increased legitimacy
Disadvantages, time consuming, pressure to conform, ambiguous responsibility
Decision Making Conditions, Styles and Errors
Conditions of Decision Making
Certainty, Risk and Uncertainty
Decision-making styles
Linear and non-linear