MGMT 5 Lecture Notes - Lecture 12: Dan Ariely, Delphi Method, Standard Operating Procedure
Document Summary
Decision making: the most important managerial activity; specifying the nature of a particular problem/ selecting among available alternatives to solve the problem. The first criteria for good decision making is good information: timely, high quality, complete, relevant, easily understood. Classical/ rational decision making model: popular among economists. >generate alternatives(new/old)->analyze alternatives (feasibility, best result, minimally acceptable result)->select-> implement (assess sources and reasons for potential resistance; plan the steps and actions; assessment of the resources needed; and whether or not to delegate the implementation steps. )->monitor and evaluate results (whether or not good decision): problem/mistakes selective perception (a way one sees a situation based on experience, personality and current needs) bias may lead to wrong problem identification: problem or. You (cid:272)a(cid:374)(cid:859)t (cid:449)rite a(cid:374)d edit u(cid:374)til the e(cid:454)act minute its due to make it absolutely perfect (maximizing) or you can just do your best, work for se(cid:448)eral hours, a(cid:374)d ha(cid:374)d it i(cid:374) (cid:449)he(cid:374) (cid:455)ou thi(cid:374)k it(cid:859)s good e(cid:374)ough (satisficing).
