HROB 2100 Chapter Notes - Chapter 5: Bounded Rationality, Groupthink, Decision-Making

• School: University of Guelph
• Department: Human Resources and Organizational Behaviour
• Course: HROB 2100
• Professor: Tom Medcof

Document Summary

Hrob2100 week 9 fall 2014 chapters 5, 21, 22, & 23. Chapter 5 decision making, creativity, and ethics. Rational: refers to choices that are consistent and value-maximizing within specifies constraints. Rational decision making model: a six-step model that describes how individuals should behave in order to maximize some outcome. Bounded rationality: limitations on a person"s ability to interpret, process, and act on information. Satisficing: to provide a solution that is both satisfactory and sufficient. Intuitive decision making: a nonconscious process created out of a person"s many experiences. Overconfidence bias: error in judgement that arises from being far too optimistic about one"s own performance. Anchoring bias: a tendency to fixate on initial information, from which one then fails to adequately adjust for subsequent information. Confirmation bias: the tendency to seek out information that reaffirms past choices and to discount information that contradicts past judgements.