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POLC, Information & Decision-Making - Coggle Diagram

- - - - Managerial deicion making is assumed to be rational
        
        rational decisions describe choices that are consisten ndvalue-maximising
        
        Assumes
        
        the problem is clear and unambiguous
        
        single, well defined goal is to be achieved
        
        all alternatives and consequences are known
        
        preferences are clear
        
        preferences are constant and stable
        
        no time or cost constraints exist
        final choice will maximise payoff
    - - Decisions made within the parameters of a simplified model that captures the essential features of a problem
        
        bounded by the limitations and constraints managers attempt to behave rationally
        
        "good enough" decisions - "satifying"
    - - Institution: a product of
        
        previous experiences
        
        gut-level feeling
        
        accumulated judgement