COMM 151 Lecture Notes - Bounded Rationality, Sunk Costs, Information Overload

• School: Queen's University
• Department: Commerce
• Course: COMM 151
• Professor: Christopher Miners

Document Summary

Decision making process of developing commitment to some course of action. 3 noteworthy things about decision making: choice making a choice among alternatives, process involving final choice and how decision reached, resources committed to carry out decision. Problem perceived gap between existing state and desired state: perception of existing state, conception of desired state, gap between two above. How to get from e to d is clear. Program decision making for well-structured problems: because decision making takes time and is prone to error. Program standardized way of solving a problem: enables decision maker to go from problem identification to solution directly, aka. Rules, routines, standard operating procedures, rules of thumb, application forms. How to get from e to d unknown. Generally unique problems (have not been encountered before) The compleat decision maker a rational decision-making model. Problem identified -> search for information -> alternative solutions -> evaluate solutions -> best chosen for implementation -> implemented solution monitored.