COMMERCE 1BA3 Chapter Notes - Chapter 11: Sunk Costs, Selective Perception, Information Overload
2 Jun 2016
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Chapter 11: decision making decision making: the process of developing a. Problems with producing programs: the program is only as good as the decision-making process that led to the adoption of the program. When it comes to framing problems, rational decision makers should: be self-conscious about how they frame the problems; where definitive statements of problems should be carefully used try out alternative frames avoid overarching, universal frames. Maximization: the choice of the decision alternative with the greatest expected value. During bounded rationalization, it is more likely to use satisficing over maximizing, satisficing: stabling an adequate level of acceptability for a solution to a problem and then screening solutions until one that exceeds this level is found. Too much information: the quality of the decision making is flawed. Writing a reasoned report formal presentation on the development of the decision explore alternatives (find a consulting firm)
