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Topic 3 (Making Decisions) - Coggle Diagram
Topic 3 (Making Decisions)
Decision Making Process
Step 1:Identify a problem
Step 2:Identify the decision criteria
Step 3:Allocate weights to the criteria
Step 4:Develop alternative
Step 5:Analyze
Step 6:Select an alternative
Step 7:Evaluation of alternatives
Step 8:Implement the alternative
5 approaches in DM
intuitive
evidence based management
bounded rationality
crowdsourcing
rational decision making
Type of Decisions
Programmed Decisions
Frequency: repetitive and routine
Information: available
Managerial Level: lower
problem: structured
Goals: clear and specific
Time Frame: short
Solutions: procedures, policy and rules
Non Programmed Decisions
probelem: unstructured
time frame: long
Goals: vague
Solutions: judgement and creativity
Managerial Level: upper level
Frequency:new and unusual
Information: ambiguous and incompete
Decision Making Styles
conceptual
behavioral
analytics
directive
Decision making biases
framing
availability
confirmation
representation
selective perception
randomness
anchoring effect
sunk costs
immediate gratification
selfserving
Overconfidence
hindsight
Cutting edge DM
design thinking
big data & Artificial Intelligence
machine learning
deep learning
analytics