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Chapter 7

MHR 405 Chapter Notes - Chapter 7: Subjective Expected Utility, Availability Heuristic, Scenario Planning


Department
Human Resources
Course Code
MHR 405
Professor
Sathy S.Sritharakumar
Chapter
7

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Organizational Behaviour
Chapter 7 Notes
Decision-Making
Rational Choice Paradigm
view that effective decision makers identify, select and apply the best possible
alternative
subjective expected utility - determines choice with the highest value (maximization)
decision making process - systematic stages of decision making
Problems with maximization
people don’t try to select choice with highest value
alternatives appear sequentially, not all at once
people lack motivation/ability to process volumes of information
satisficing - choose first “good enough” alternative
oversimplifying decision calculations
avoid the decision
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