Management and Organizational Studies 2181A/B Chapter Notes - Chapter 11: Delphi Method, Satisficing, Social Loafing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2181A/B
• Professor: Victoria Digby

Document Summary

Decision making: the process of developing a commitment to some course of action. Problem: a perceived gap between an existing state and a desired state. Well structured problem: a problem that follows 3 conditions: existing state is clear, desired state is clear, how to get from one state to another is clear. Ill-structured program: a problem for which the existing & desired states are unclear and the method of getting to the desired state is unknown; a. k. a. the complete opposite of a well-structured problem. Perfect rationality (economic man): a decision strategy that is complete informed, perfectly logical, and oriented toward economic gain. Bounded rationality: the decision strategy that relies on limited info, and reflects time constraints and political considerations (e. g. need to please others); reflects more on decisions made in reality. Framing bias: aspects of presentation of info about a problem that are assumed by the decision maker; e. g. assumption on limits of problem, possible outcomes.