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WEEK 6 - Coggle Diagram
WEEK 6
ERRORS
Selective Perception
Confirmation
Anchoring effect
Framing
Immediate gratification
Availability
Overconfidence
Representation
Randomness
Sunk costs
Self Serving
Hindsight
POLC information and decision making
Decisions are influenced by:
Source
Quality
Reliability of info
Critical thinking , analysis and reflection
Rationality
The problem is clear and unambiguous
All alternatives and consequences are known
Preferences are constant and stable
No time or cost constraints exist
Final choice will maximise payoff
Preferences are clear
A single, well-defined goal is to be achieved
How do managers arrive to a decision