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

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 272
• Professor: Lieketen Brummelhuis

Document Summary

Decisions the choice made from two or more alternatives. 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 (cid:862)(cid:373)ost sig(cid:374)ifi(cid:272)a(cid:374)t de(cid:272)isio(cid:374)s are (cid:373)ade (cid:271)(cid:455) judge(cid:373)e(cid:374)t, rather tha(cid:374) (cid:271)(cid:455) a defi(cid:374)ed pres(cid:272)ripti(cid:448)e (cid:373)odel(cid:863) Bounded rationality li(cid:373)itatio(cid:374)s o(cid:374) a perso(cid:374)"s a(cid:271)ilit(cid:455) to i(cid:374)terpret, pro(cid:272)ess, a(cid:374)d act on information. Bounded rationality decision making accepts these cognitive limits. A solution is: satisficing to provide a solution that is both satisfactory and sufficient choice rather than optimal. E(cid:454). if (cid:455)ou did(cid:374)"t get a(cid:272)(cid:272)epted i(cid:374)to fu (cid:455)ou (cid:272)ould have been working. Intuition decision making a(cid:374) u(cid:374)(cid:272)o(cid:374)s(cid:272)ious pro(cid:272)ess (cid:272)reated out of a perso(cid:374)"s (cid:373)a(cid:374)(cid:455) e(cid:454)perie(cid:374)(cid:272)es. Is complex and based off years of experience and learning.