MGT 3200 Study Guide - Midterm Guide: Bounded Rationality, Product Manager, Industrial Revolution
Document Summary
Exam two objectives (from the notes & outside reading) No, it is part of every function, nut not separate function. Non-programmed=new, complex situation: do managers make more programmed or non-programmed decisions, in general? more programmed ex. Programmed=certainty and risk ex. admissions into lsu based on act (enlarged) 2: what does the traditional economic model assume about decision-makers? (2 assumptions) There are limits to your rationally that keeps you from knowing things; If something is easily recalled in memory it has to be frequent; there are other things besides the frequency of an event that helps you to recall things easier. If an event is frequent it will cause you to overestimate; We judge the likelihood of occurrence by some similar event or stereotype. You have bounded rationality, so you can"t know everything; risk and. 3. we want quantity of ideas; don"t worry about quality.
