ADM 1100 Lecture Notes - Lecture 5: Randomness, Design Thinking, Confirmation Bias
15 Dec 2019
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Identifying decision criteria: what is relevant in deciding: allocating weights to the criteria: prioritizing the relevant factors in decision making. Part c: developing alternatives: identifying viable alternatives, analyzing alternatives: evaluate strengths and weaknesses of alternatives, selecting an alternative: choosing he best alternative. Rational decision making: making decisions that are consistent and value -maximizing within specified constraints. Evidence-based management: the use of evidence to improve management practice. Programmed decisions: a repetitive decision handled with routine approach. Unstructured problems: new or unusual problems with incomplete information. Non-programmed decisions: unique decisions, they require custom made solutions. Maximax: the optimistic manager"s choice to maximize the maximum payoff. Maximin: the pessimistic manager"s choice to maximize the minimum payoff. Minimax: the manager"s choice to minimize his maximum regret. Linear thinking style: preference for using external data and facts and processing this information through rational and logical thinking. Non-linear thinking style: preference for internal sources of information and processing this information with internal insights, feelings, and hunches.
