BUS 237 Chapter Notes - Chapter 8: Olap Cube, Online Transaction Processing, Online Analytical Processing

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 237
• Professor: Peter Tingling

Document Summary

Decision making = rational act, indivs/groups consider possible choices & likely consequences & choose what they think is best alternative. Process of decision making more complicated that it may define: concept of rationality hard to define. Processes considered rational if they result in outcomes deemed good/likely to lead to good outcomes tautological/circular: good outcomes may result rom irrational processes, bad outcomes can result from good processes. Can skip uni to buy lottery ticket, but not rational: humans try to be rational, but there are limits to our cognitive abilities. Bounded rationality, we are not capable to think thru all options & permutation avail to us. Instead of seeking optimal solution, we should satisfice (choose most reasonable & avail solution rather than perfect choice) Human beings tend to settle/satisfice w/ alternative that is generally good enough across array of criteria. On occasion, managers have been known to make decisions first then construct evidence to support positions.