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BUS 272 Study Guide - Final Guide: Triple Bottom Line, Confirmation Bias, Corporate Social Responsibility

Business Administration
Course Code
BUS 272
Lieketen Brummelhuis
Study Guide

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Chapter  - Decision Making & Ethics
1 - How Decisions SHOULD be made
- Decisions the choice made from two or more alternatives
1.2 Rational Decision-Making Model
- rational - refers to choices that are consistent and value maximizing within specified constraints
- these choices are made following a 6 step rational decision making process model that
describes how individuals should behave in order to maximize some outcome
not the best model for everything as it takes too long ex. finding the one you want to marry
assumptions of this model: the decision maker has complete info and is able to identify all the
relevant options in an unbiased manner
2 How do we ACTUALLY make Decisions
- ost sigifiat deisios are ade  judgeet, rather tha  a defied presriptie
- Rationality vs satisficing vs intuition
2.1 Bounded Rationality
- Bounded rationality liitatios o a perso’s ailit to iterpret, proess, ad act on
1) Define the
2) Determine
3) Allocate
weight to
4) Develop
5) Evaluate
6) Select Best
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