HROB 2100 Chapter Notes - Chapter 12: Bounded Rationality, Groupthink, Satisficing
6 May 2016
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Decision: the choice made from two or more alternatives. Rational: choices that are consistent and value-maximizing within specified constraints. Bounded rationality limitations on one"s ability to interpret, process, and act on information. Satisficing identifying a solution that is good enough ; the first acceptable option rather than the optimal one. Intuition a non-conscious process created from distilled experience that results in quick decisions. Discussion can be dominated by one or a few members. Phenomenon in which the norm for conformity prevents the group from critically appraising unusual, minority, or unpopular views. Encourage group leaders to play an impartial role. Appoint one group member to play the role of devil"s advocate. Stimulate active discussion of diverse alternatives to encourage dissenting views and more objective evaluations. The study of moral values or principles that guide our behaviour and inform us whether actions are right or wrong. Ethical considerations should be an important criterion in organizational decision making.
