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Class 6 Decision-Making.docx

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Department
Human Resources
Course
MHR 405
Professor
Kristyn Scott
Semester
Winter

Description
Feb 14/ 2014 Class 7 Decision Making Traditional Analytical Model (different from textbook but just more elaborate) - identify problem - identify objectives: what do we need to accomplish, how to find the solution - pre-decision: decision about how we are going to make our decision does there have to be consensus?) - generate alternatives - evaluate alternatives: should be separate from generate alternatives because they should not mix, as this will blur different options - make a choice - implement choice - follow up: one of most important steps because it’s the process where we see what mistakes we have made, how could we have done a better job, etc. and this is the only way we know we’re successful Cognitive Biases in Decision-Making Framing: People make different decisions based on the information that is presented to them; when we frame the question in a positive way, it will lead to a conservative choice but when we frame the question in a negative way, we tend to choose the risky decision because we want to protect the sure thing (money) Availability Heuristic: bias we use in decision-making; we base our judgements based on information that is readily available to us; proximity make information more available about someone or something which gives us more readily available information about someone - it is not based on the actual content but more on social and environmental factors (ie) choosing which company earns more revenue based on our familiarity with it and experiencing strong emotional responses to the company that we know than not know  salient information Ease of recall: recall an event easily we presume that it happens more frequently than an event that is more difficult to recall; something that sticks out in our mind is more likely to be used in decision making than a memory that is not as pervasive Retrievability: make associates between events and things. In an organizational context is done on purpose; it is structured in that way so we know where to go when we need to figure something out or need help with something. This is only going to help us when it is true and our association is true otherwise we’re going to make the wrong decision Presumed Associations: Four separate possible choices we can make when we try to correlation variables; we tend to forget that there are 4 options instead of 2 -ie) is a family over 25yrs old going to have a bigger family? - is a family over 25yrs old going to have a smaller family?  4 choices not 2 - is a family under 25yrs old more likely to have a larger family? - is a family under 25yrs old more likely to have a smaller family? Representative heuristic: our prototypes (exemplar of a particular group) or stereotypes (group members) that we believe in; we rely on these stereotypes even when we insufficient or better information we are more likely to rely on our stereotypes. Biases Originating From Representativeness Insensitivity to sample size: i.e.) watch commercials for dental products
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