GMS 200 Chapter Notes -Representativeness Heuristic, Decision-Making, Bounded Rationality

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

Information data made useful for decision making. Information technology helps us acquire, store, and process information. Information systems- use it to collect, organize and distribute data for use in decision making. Management information systems meet the information needs of managers in making daily decision. Problem solving involves identifying and taking action to resolve problems. Decision choice among possible alternative courses of action. Systematic thinking approaches problems in a rational and analytical fashion. Intuitive thinking approaches problems in a flexible and spontaneous fashion. Multidimensional thinking ability to address many problems at once. Strategic opportunism focuses on long term objectives while being flexible in dealing with short term problems. Structured problems are straightforward and clear with respect to information needs. Programmed decision applies to solution from past experience to a routine problem. Unstructured problems have ambiguities and information deficiencies. Nonprogrammed decision applies a specific solution crafted for a unique problem.