Management and Organizational Studies 2181A/B Lecture : chapter 11 lecture

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2181A/B
• Professor: Tony Francolini

Document Summary

What is decision making: the process of developing a commitment to some course of action. Decision: how to characterize the decision, quality of information, quality of cognitive input, time and resources. Rational decision-making process: a rational decision maker might use a model that involves a sequence of steps that are followed when making a decision, assumptions, perfect information. Criteria for correct decision known: homo-economicus. Oriented toward common gain: resources available, a potentially unrealistic starting point, decision quality is dependent on, quality of information, quality of cognitive input, time & resources. Time and money available to be able to dedicate oneself to decision process. The problem: well structured ill structured. Problem structure: well structured problem, a problem with, clear existing state, clear desired state, clear path between states, these problems are simple, and their solutions arouse little controversy, they are repetitive and familiar and they can be programmed.