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10 Cards in this Set
- Front
- Back
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Decision
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Choice made from among available alternatives
Critical Thinking |
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Decision Making/Problem Solving
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Process of defining a problem, establishing goals, identifying and choosing alternative courses of action, implementing the decision and monitoring the outcomes
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Non rational models of decision making
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Assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions
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Bounded Rationality
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Suggests that the ability of decision makers to be rational is limited by numerous constraints
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Hindrances to Perfectly Rational Decision Making
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Complexity
Time and money constraints Different cognitive capacity, values, skills, habits, and unconscious reflexes Imperfect information Information overload Different priorities Conflicting goals |
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Road Map to Ethical Decision Making: A Decision Tree
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1. Is the proposed action legal?
2. If "yes", does the proposed action maximize shareholder value? 3.If "yes", is the proposed action ethical? 4. If "no", would it be ethical not to take the propose action? |
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Advantages of Group Decision Making
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Greater pool of knowledge
Different perspectives Intellectual stimulation Better understanding of decision rationale Deeper commitment to the decision |
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Disadvantages of Group Decision Making
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A few people dominate or intimidate
Groupthink Satisficing Goal displacement |
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Case Study Problem Solving Model
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Define the problem
Do your research Establish Objectives Consider Alternatives Evaluate the alternatives against the objectives Make a decision-test it! Implement and Monitor |
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Objectives vs. Alternatives
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Objectives are specific, desire outcomes. Think SMART
Alternatives are actions that could lead to achieving the outcome/objective |
