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Lecture 10

ADMS 2400 - Lecture 10.docx

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Department
Administrative Studies
Course
ADMS 2400
Professor
Indira Somwaru
Semester
Fall

Description
ADMS 2400  Lecture 10 Nov 20 – Lecture 10 (Case: Alice’s Expense Account) Group Decision Making  Pros: greater acceptance of decision, multiple perspectives, pooling of resources, specialization  Cons: intimidation by group leader, conflict, waste of time  Group Decision Making is generally better for complex problem making Individual Decision Making  Pros: faster, low conflict, no group think  Cons: less expertise, fewer resources  Individual Decision Making is a single/simple problem requiring expert opinions (ex: lawyer/legal) Types of Decisions  Program vs. non-program o Structured (program) vs. non-structured (non-program) o Structured: routine, lower level ppl, predetermined courses of action o Non-structured: no ready made solutions, the DM bases a unique problem requiring a novel solution (ex: strategic planning/downsizing)  Certain vs. uncertain (degree of risk) o Low-risk (certain) vs. high-risk (uncertain)  Top-down vs. empowered o Top down: management o Empowered: employee’s are involved in making decisions that affect them Rational economic model  The decision-maker considers all possible alternatives before selecting the optimal solution  Assumptions: o The decision-maker has complete and perfect info o Unbiased and objective in processing info Administrative model  recognizes decision maker’s have a limited view of the problems they face o Decision makers don’t have access to all the info or possible solutions o Satisfice  select the first acceptable alternative o Bounded rationality  the decision maker is making decision on:  Certain conditions  Limited info  Only partial knowledge of alternatives and their consequences The image theory  decisions are made automatically based on intuition and the decision maker’s personal standard/goals  rapid and simple process Biases in decision making  Framing effects o we make decisions based on how a problem is presented o (+) frame  makes DM’s avoid risks (ris
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