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Managers as Decision Makers - Coggle Diagram
Managers as Decision Makers
LO2 - How do managers arrive at decisions.
Decisions
Bounded Rationality
Bounded by limitations and constraints
Simple Model
Attempt to behave rationally
"Good enough" decisions
Satisficing
Captures essential features
Intuition
Gut Feeling
Previous Experience
Accumulated Judgement
Steve Jobs
Rationality
Preferences are clear
Unambiguous Problem
Value-maximising
Rational
No time or cost constraints
Maximise Payoff
Consequences and alternatives known
LO4 - Group decision making
collaboration
everyone has a say
Steve Jobs
large variety of ideas
advantages of group decision-making
complete info & knowledge
diverse alternatives
higher acceptance
increase legitimacy
disadvantages of group-decision making
time consuming
minority domination
conformity
ambiguous responsibility
LO1 - POLC, Information & Decision-making
how well one makes decisions based on available information
critical thinking
critical analysis
reflection
The execution of the managerial functions of POLC results in decision-making, often daily
decision-making influences
sources
quality
reliability of information
Big data and its associated analytics changing contemporary debates and arguments around decision-making
LO3 - Managerial problems & decisions
well structured problems and programmed decisions
easily handled by a routine or standardised approach
structured approach
easily defined
unstructured problems and non programmed decisions
unstructured problems that are new or unusual
unstructured because they haven't been seen before
custom approach
existing standard will likely be inappropriate
LO5 - Decision-making conditions, styles & errors
Decision-making styles
Non-linear
Linear
Decision-making errors
Selective Perception
Anchoring Effect
Overconfidence
Confirmation
Framing
Availability
Representation
Conditions of decision making
Uncertainity
Risk
Certainty