DECISION-MAKING
·
Describe the eight steps in the decision-making process!
The decision-making process consists of eight
steps:
1.
Identify
problem
2.
Identify
decision criteria
3.
Weight the
criteria
4.
Develop
alternatives
5.
Analyze
alternatives
6.
Select
alternative
7.
Implement
alternative
8.
Evaluate
decision effectiveness
·
Explain the four ways managers make decisions.
The assumptions of rationality are as follows:
1.
The
problem is clear and unambiguous
2.
A single,
well-defined goal is to be achieved
3.
All
alternatives and consequences are known
4.
The final
choice will maximize the payoff
Rationality describe choices that are logical and consistent and maximize value.
Bounded
rationality says that managers
make rational decisions but are bounded (limited) by their ability to process
information.
·
Classify decisions and decision-making conditions.
Programmed
decisions are repetitive
decisions that can be handled by routine approach and are used when the problem
being resolved is straightforward, familiar, and easily defined (structured).
Non-programmed
decisions are unique decisions
that require a custom-made solution and are used when the problems are new or
unusual (unstructured) and for which information is ambiguous or incomplete.
Certainty is a situation in which a manager can make
accurate decisions because all outcomes are known.
Uncertainty is a situation in which a manager is not
certain about the outcomes and cannot even make reasonable probability
estimates.
Risk is a situation in which manager can estimate
the likelihood of certain outcomes.
·
Describe
different decision-making styles!
A
person’s thinking style reflects two things: the source of information you tend
to use (external or internal) and how you process that information (linear or
non-linear).
The linear thinking style is characterized by a person’s preference for using external data and
processing this information through rational, logical thinking.
The non-linear thingking
style is characterized by a preference for internal
sources of information and processing this information with intenal insigths,
feeling, and hunches.
·
How biases
affect decision making?
The
12 common decision-making errors and biases include:
1.
Overconfidence
2.
Immediate gratification
3.
Anchoring
4.
Selective perception
5.
Cofirmation
6.
Framing
7.
Availability
8.
Representation
9.
Randomness
10.
Sunk costs
11.
Sel-serving bias
12.
Hindsight
·
Identify effective decision-making techniques!
The
techniques for effective decision-making process are:
1.
Focuses on what’s important
2.
Is logical and consistent
3.
Acknowledges both subjective and objective
thinking and blends both analytical and intuitive approaches
4.
Requires only ‘enough’ information
as is necessary to resolve a problem
5.
Encourages and guides gathering
relevant information and informed opinions
6.
Starightforward, reliable, easy to
use, and flexible
The five habbit of highly reliable organizations are:
1.
Not being tricked by their
succeses
2.
Defering to experts on the front
line
3.
Letting unexpected circumstances
provide solution
4.
Embracing complexity
5.
Anticipating, but also
recognizing, limits
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