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  • 9-1-16 (Manager As Decision Maker)

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    As a manager, there are different approaches to decision making including rationality, bounded rationality, and intuition. Rational decision making aims to objectively maximize value through research and justification within the organization's best interests. Bounded rationality recognizes limitations in fully processing information, instead aiming for satisfactory solutions. Intuitive decision making draws on experience, feelings, and judgment accumulated over time. Managers also consider the structure of the decision, whether it follows established rules, policies, and precedents or requires a unique solution due to new, unusual, or incomplete information.

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    As a manager, there are different approaches to decision making including rationality, bounded rationality, and intuition. Rational decision making aims to objectively maximize value through research and justification within the organization's best interests. Bounded rationality recognizes limitations in fully processing information, instead aiming for satisfactory solutions. Intuitive decision making draws on experience, feelings, and judgment accumulated over time. Managers also consider the structure of the decision, whether it follows established rules, policies, and precedents or requires a unique solution due to new, unusual, or incomplete information.

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    6 views13 pages

    9-1-16 (Manager As Decision Maker)

    Uploaded by

    n_126015398
    As a manager, there are different approaches to decision making including rationality, bounded rationality, and intuition. Rational decision making aims to objectively maximize value through research and justification within the organization's best interests. Bounded rationality recognizes limitations in fully processing information, instead aiming for satisfactory solutions. Intuitive decision making draws on experience, feelings, and judgment accumulated over time. Managers also consider the structure of the decision, whether it follows established rules, policies, and precedents or requires a unique solution due to new, unusual, or incomplete information.

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    of 13

    Manager

    As a Decision Maker
    Making Decisions

    • Rationality
    Objective
    Logical
    Best interest of the organization
    – Consistent choice to maximize value
    – Proper research
    – Justification
    Making Decisions
    • Bounded Rationality

    – Act decisively & prudently


    BUT
    – Bounded by ability to process information

    – Only satisfies NOT maximize i.e. good enough


    Intuitive Decision Making

    • Decision making
    – Experience
    – Feelings
    – Accumulative Judgment

    • 5 Aspects of Intuition
    Types of Decision Making Conditions

    • Structure and Programmed decisions


    – Rules and policies
    • The customer always comes first and should always be
    satisfied
    • We promote from within, whenever possible
    • Employee wages shall be competitive within
    community standard
    Types of Decision Making Conditions

    • Unstructured problems and Non-Programmed


    decisions
    – New
    – Unusual
    – Information ambiguous or incomplete
    • Unique, non-recurring and custom made decisions

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