chapter 11 lecture

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Western University
Management and Organizational Studies
Management and Organizational Studies 2181A/B
Tony Francolini

Chapter 11 LectureDecision Making What is Decision MakingThe process of developing a commitment to some course of action DecisionHow to characterize the decisionoQuality of informationoQuality of cognitive inputoTime and resources Rational DecisionMaking ProcessA rational decision maker might use a model that involves a sequence of steps that are followed when making a decision Assumptions1Perfect InformationInformation is availableInformation is of highest qualityAll possible alternatives knownCriteria for correct decision known 2HomoeconomicusPerfectly logicalUnbiasedMaximum consideration givenOriented toward common gain3Resources availableTime and money available to be able to dedicate oneself to decision process A potentially unrealistic starting pointDecision quality is dependent on oQuality of informationoQuality of cognitive inputoTimeresources The ProblemWell structuredill structured Problem StructureWell structured problemoA problem with1Clear existing state2Clear desired state3Clear path between states oThese problems are simple and their solutions arouse little controversy oThey are repetitive and familiar and they can be programmed IllStructured problem
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