HRM 1101 Lecture Notes - Lecture 7: Bounded Rationality, Satisficing, Randomness

73 views7 pages

Document Summary

Why is communication central to effective relationships at work: success at work, ability to share information, ability to communicate. Modes of communication: verbal, sign, & written, denotation vs. Connotation: words account for 7-35% of communication, non-verbal. What is decision making: a particular form of communication, decision making defined, cognitive, emotional, and neuropsychological process. Types of decision making: programmed decisions, routine, occur when things are working well, examples, sitting at your desk, turning your computer on, nonprogrammed decisions, not routine. Infrequent: significant implications, examples, choosing your career, choosing to invest in a new product line. Methods of decision-making: three general models of decision-making, classical decision theory (rational model, behavioral decision theory. Assumptions of the rational decision-making model: optimizing: achieving the best possible balance among several goals, model assumptions, problem clarity, known options, clear preferences, constant preferences, no time or cost constraints, maximum payoff. Ex(a) = 1,000,000: b: 10% of getting ,500,000, 89% of getting ,000,000, and 1% of getting sh.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents