BUS 2090 Chapter Notes - Chapter 11: Amos Tversky, Daniel Kahneman, Confirmation Bias
16 Aug 2016
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Decision making: the process of developing a commitment to some course of action. Because decision making is prone to error, and takes time, organizations use programs (standardized way of problem solving) to short-circuit the process. They are unusual and tend to be complex involving high degrees of uncertainty, frequently arouse controversy and conflict. Decision makers in these cases have to be more self-consciously analytical, can entail more political considerations. 11. 2 compleat decision maker- rational decision making model: perfect rationality is a decision strategy that is completely informed, perfectly logical and oriented toward economic gain. They constitute assumptions and shortcuts that can improve decision making efficiency but often lead to errors in judgment. March 3, 2016: information search: after a problem is identified, search for info begins. If there is too little information cognitive bias, people tend to be lazy and use readily available info, rely on familiar experiences, people can sometimes be over confident in decision making.
