HSA 4180 Chapter Notes - Chapter 13: Satisficing, Wishful Thinking, Hubris
1 Dec 2016
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Knowledge management: a system for finding, organizing, and making available an organization"s knowledge, including its experience, understanding, expertise, methods, judgment, lessons learned, and know-how - 254. Human ability to be rational is limited. The human brain can only process a limited amount of information, consider a limited number of factors, and evaluate a limited set of alternatives 254 (limits of rational decision making) Bounded rationality: limits to human rational decision making - 255. Because of bounded rationality, people cannot (and do not) make the choice that will maximize outcomes and results 255 (satisficing) Satisfice: to decide on a satisfactory alternative that will suffice, although it might not be the best - 255. Intuition: knowing or deciding based on experience, hunches, or unconscious processes rather than on rational thinking and reasons - 255. Intuition is commonly used, especially when time is short, problems are complex, precedents do not exist, and facts are scarce 255 (intuition)
