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CHAPTER 5 MANAGERIAL DECISION MAKING - Coggle Diagram
CHAPTER 5
MANAGERIAL DECISION MAKING
WHY DO MANAGERS MAKE BAD DECISIONS?
6 Traps in Decision-Making
Initial Impressions
Anchored by first info
Justifying Past
Sunk cost & escalation
Confirmation Bias
Seeing what you want
Status Quo
Resistance to change
Problem Framing
Influenced by presentation
Overconfidence
Trust gut over data
The Master Blueprint
Follow the Loop
Diagnose before you act
Evaluate after you implement
Know Your DNA
Situation
Personal Style
Directive
Analytical
Conceptual
Behavioral
Stay Vigilan
Status-quo bias
Poor framing
Overconfidence
HOW DO YOU MAKE DECISIONS?
Main Topic:
Decision Making
Core Definition
Vital heartbeat of good management
Daily choices made by managers drive organizational growth and prosperity
Key Components
Spotting the Signal
: Identifying problems
Seeing the Potential
: Identifying opportunities
Weighing the Paths:
Evaluating available alternatives
Taking Action:
Resolving the situation
Everyday Decision-Making
Done daily without realizing
Involves diverse decision-making styles
Role of Managers
Known as decision makers
Key drivers of organizational growth & prosperity
Core Importance
Vital part of good management
The Two Types of Managerial Decisions
