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Canada (162,462)
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COMM 292 (97)
Chapter

Ch 12 - Decision Making, Creativity & Ethics

14 Pages
108 Views

Department
Commerce
Course Code
COMM 292
Professor
Leah Sheppard

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Description
How should decisions be made Decisionthe choice made from two or more alternativesDecision makingreaction to a problem or opportunityProblemdiscrepancy between some current state of affairs and some desired stateOpportunitywhen something unplanned happens giving rise to thoughts about new ways of proceedingTop management decisions orgs goals what productsservices to offer how to finance operationsMiddlelow management decisions production schedules select new employees decide how pay raises are to be allocatedThe Rational DecisionMaking ProcessRationalrefers to choices that are consistent and valuemaximizing within specified restraintsRational decision making modela sixstep model that describes how individuals should behave in order to maximize some outcomeAllocate weights to Develop Evaluate the Define the problem Identify the criteria Select best option the criteria alternatives alternatives Identify the criteria determine what is relevant in making the decisioninterests values personal preferences o Any factors not identified in this step are considered irrelevant by the decision makerAssumptions of the ModelProblem clarityproblem is clear and unambiguous decision maker has complete infoKnown optionsDM can identify all relevant criteria and can list all possible alternatives aware of all consequences of each alternativeClear preferencescriteriaalternatives are ranked and weighted based on perceived importanceConstant preferencescriteriaalternatives and weights assigned are stable over timeNo time or cost constraints Maximum payoffDM will choose whichever yields highest perceived value
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