BBA102 Lecture Notes - Lecture 3: Delphi Method, Business Analytics, Groupthink

• School: Macquarie University
• Department: Business Administration
• Course: BBA102
• Professor: Dr Alison Barnes

Document Summary

Foundations of management: individual and team/group decision making. "the action or process of making important decisions. ". You should obtain complete, error-free information about all alternative courses of action and the consequences that would follow from each choice. Having no prejudice or emotional blind spots, you are able to logically evaluate the alternatives, ranking them from best to worst according to your personal preferences. Con dent of the best future course of action, you cooly choose the alternative that you believe will most bene t the organisation. Explains how managers make decisions, with the assumption that decision making is nearly always uncertain and risky, making it di cult for manager to make optimal decisions. Models do not assume decisions are guided by objective evidence the gives perfect insight into the costs and bene ts of alternative actions. Suggests that the ability of decision makers to be rational is limited by numerous constraints. These include: complexity, time and money and cognitive capacity.