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MGHB02H3 (292)
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Chapter 11

Chapter 11 Notes

4 Pages
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Department
Management (MGH)
Course Code
MGHB02H3
Professor
Zweigh

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Chapter 11
Decision making (problem solving) - develop commitment to some course of action
- make a choice, make a commitment of resources (time, money, personnel )
Problem - a gap between some existing state and some desired stat
W ell-structured problem clear existing state and desired state
-clear how to get from one state to the other is fairly obvious
Program (standardized way) - solve a problem with well-structured problems
- enable to go directly from problem identification to solution
I ll-structured problem - unclear existing and desired states
-unknown method of getting to the desired state
-unique, complex, and have not been encountered before
-cannot be solved with programmed decisions
-gather more information and be more self-consciously analytical in their approach
-entail high risk and stimulate political considerations
Traditional Analytical Model
Identify the problem define objectives make a predecision generate alternatives
evaluate alternatives make a choice implement choice follow up
Perfect rationality - completely informed, perfectly logical, and oriented toward economic gain
Herbert Simon:
Bounded rationality - try 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 alternatives
O peration of B ounded R ationality
Framing - information about a problem that are assumed by decision makers
-Error in judgment arising from the selective use of perspective (i.e., the way in which
information is presented) that alters the way we view a situation in forming a decision
Cognitive biases - acquire and process information in an error-prone way
-assumptions and shortcuts that improve decision making efficiency but lead to serious
errors in judgment
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Description
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
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