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Decision Making notes.docx

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Department
Management
Course
MGMT 1000
Professor
Ed Leach
Semester
Fall

Description
October. 12, 2012 Decision Making Chapter Decision: A choice from two or more alternatives Decision­Making process: A set of 8 steps that includes identifying a problem, selecting  an alternative and evaluating the decisions effectiveness. Problem: A discrepancy between an existing and desired state of affairs 8 Steps to Decision Making pg. 138­139 1. Identify a Problem\ 2. Identify Decision Criteria  3. Allocate Weights to Criteria 4. Develop alternatives 5. Analyze alternatives 6. Select an alternative 7. Implement the alternative 8. Evaluate effectiveness of decision  Decision Criteria (step 2): Criteria that define what is relevant in making a decision ­ Cost, efficiency, etc. Rational Decision­making: Making decisions that are consistent and value maximizing  with specified constraints Bounded Rationality: Limitations on a person’s ability to interpret, process and act on  information Satisfice: To accept solutions that are “good enough” Intuitive Decision Making: Making decisions on the basis of experience, feelings and  accumulated judgment  Uncertainty: A condition in 
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