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Chapter 6
DECISION-MAKING
Decision
STEP 1: IDENTIFICATION OF A
PROBLEM
Problem
Characteristics of Problems
STEP 8: EVALUATION OF
DECISION EFFECTIVENESS
If
MAKING DECISIONS
Rationality
Managers
Assumptions
610
Bounded Rationality
Managers make decisions rationally, but are limited
(bounded) by their ability to process information.
Assumptions are that decision makers:
611
Escalation of Commitment
Increasing or continuing a
commitment to previous decision
despite mounting evidence that the decision may
have been wrong.
Role of Intuition
Intuitive
612
decision making
Structured Problems
Involve
Are
Are
Programmed Decision
A
613
A Procedure
A series of interrelated steps that a manager can use to
respond (applying a policy) to a structured problem.
A Rule
An explicit statement that limits what a manager or
employee can or cannot do in carrying out the steps
involved in a procedure.
A Policy
A general guideline for making a decision about a
structured problem.
614
Policy
Accept
Procedure
Follow
Rules
Managers
No
615
Unstructured Problems
Problems
Problems
solutions.
616
Nonprogrammed Decisions
Decisions
Decisions
DECISION-MAKING CONDITIONS
Certainty
A
Risk
A
618
DECISION-MAKING CONDITIONS
Uncertainty
Limited
619
620
Heuristics
Using
Overconfidence Bias
Holding
621
Anchoring Effect
Focusing
Selective Perception
Selectively
Confirmation Bias
Seeking
622
Framing Bias
Availability Bias
Randomness Bias
623
Representation Bias
Self-Serving Bias
for failures.
Hindsight Bias
624