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Chp10 Notes.docx

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Department
Commerce
Course Code
COMM 222
Professor
All

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Chapter 10Decision Making1 WHAT IS DECISION MAKINGDecision Making process of developing a commitment to some course of actioninvolves making a choice among several action alternatives process that involves more than simply the final choice want to know how involves some commitment of resources time money personnelTYPES OF PROBLEMSWellStructured ProblemIllStructured ProblemExisting state and desired state are clearExisting and desired states are unclearHow to get from one state to another is obviousMethod of getting to the desired state is unknown Complex and high degree of uncertaintyFrequently arouse controversy and controlProgram is used to solve the problem shortThe full rational decisionmaking model is circuit from problem identification to solutionused to solve problemsSolutions are right or wrongMany possible solutions2 THE RATIONAL DECISIONMAKING MODELPerfect vs Bounded RationalityIN THEORYdecision maker has perfect rationality completely informed perfectly logical and oriented toward economic gainIN REALITYdecision maker has bounded rationality relies on limited inforeflects time constraints political considerations and cognitive limitationsFraming refers to the aspects of the presentation of information about a problem that are assumed by decision makers includes assumptions about boundaries of problem possible outcomes of a decision reference points used to decide if decision is successfulCognitive biases tendencies to acquireprocess info in a particular way that is prone to error include assumptionsshortcuts that can improve decisionmaking efficiency but lead to serious errors in judgment RATIONAL DECISIONMAKING MODELSTEPS 1 Identify Problem Perfectly rational decision maker should be a great problem identifier
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