Textbook Notes (363,314)
Canada (158,331)
MGHB02H3 (268)
Zweigh (8)
Chapter 11

Chapter 11 Notes

4 Pages
Unlock Document

University of Toronto Scarborough
Management (MGH)

Chapter 11Decision making problem solvingdevelop commitment to some course of action make a choice make a commitment of resources time money personnel Problema gap between some existing state and some desired statW ellstructured problemclear existing state and desired stateclear how to get from one state to the other is fairly obviousProgram standardized waysolve a problem with wellstructured problemsenable to go directly from problem identification to solutionIllstructured problemunclear existing and desired statesunknown method of getting to the desired stateunique complex and have not been encountered beforecannot be solved with programmed decisionsgather more information and be more selfconsciously analytical in their approachentail high risk and stimulate political considerationsTraditional Analytical ModelIdentify the problemdefine objectivesmake a predecisiongenerate alternatives evaluate alternativesmake a choiceimplement choicefollow up Perfect rationalitycompletely informed perfectly logical and oriented toward economic gainHerbert SimonBounded rationalitytry to act rationally limited in their capacity to acquire and process information time constraints and political considerations may not know all alternative solutions ignorant of the ultimate values and probabilities of success for known alternativesOperation of Bounded RationalityFraminginformation about a problem that are assumed by decision makersError in judgment arising from the selective use of perspective ie the way in which information is presented that alters the way we view a situation in forming a decisionCognitive biasesacquire and process information in an errorprone wayassumptions and shortcuts that improve decision making efficiency but lead to serious errors in judgmentwwwnotesolutioncom
More Less

Related notes for MGHB02H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.