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Chapter 12 - Decision Making, Creativity, and Ethics.docx

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Department
Commerce
Course Code
COMM 292
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All

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Chp 12 Decision Making Creativity and EthicsHow Should Decisions Be MadeDecisionThe choice made from two or more alternatives Decision making is a reaction to a problem or an opportunity o ProblemA discrepancy between some current state of affairs and some desired state requiring consideration of alternative courses of action o OpportunityOccurs when something unplanned happens giving rise to thoughts about new ways of proceeding The Rational DecisionMaking Process RationalRefers to choices that are consistent and valuemaximizing within specified constraints Rational DecisionMaking ModelA sixstep decisionmaking model that describes how individuals should behave in order to maximize some outcome 1 Define the Problem Poor decisions caused by overlooking problem or defining wrong problem 2 Identify the Criteria Determining what is relevant bringing interestsvalues and preferences 3 Allocate Weights to the Criteria Prioritizing importance of criteria 4 Develop Alternatives List ways to resolve problem 5 Evaluate the Alternatives Strengths and weaknesses 6 Select the Best Alternative Assumptions 1 Problem Clarity Problem is clear and unambiguous 2 Known Options Relevant criteria identifiable and can list workable alternatives 3 Clear Preferences Criteria and alternatives can be ranked 4 Constant Preferences Decision criteria are constant 5 No Time or Cost Constraints 6 Maximum Payoffs Choose alternative that yields highest perceived value How Do Individuals Actually Make DecisionsBounded Rationality in Considering Alternatives Bounded RationalityLimitations on a persons ability to interpret process and act on information o List will represent familiar criteria and tested solutions o Individuals settle for alternative that is good enough o SatisficeTo provide a solution that is both satisfactory and sufficient
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