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Decision Making

Data raw facts and observations
Information data made useful
Information is truly useful if Timely, High quality, complete, relevant, understandable
Information technology (IT) acquire store and process information
External Information intelligence info - deal with customers competitors, etc outside company public info - info that goes to the stakeholders and those in external environment
information systems use IT to collect organize and distribute data for use in decision making
management information systems meet the information needs of managers in making daily decisions
IT advantages planning, organizing, leading, controlling
problem solving identifying and taking action to resolve problems
systematic thinking approaches problem is a rational and analytical fashion
intuitive thinkign approaches problems in a flexible and spontaneous fashion
multidimensional thinking ability to view many problems at once across both long and short time horizons
Cognitive styles sensation thinkers, sensation feelers, intuitive thinkers, intuitive feelers
sensation thinkers impersonal and realistic approach to problem solving; hard facts, clear goals and certainty
sensation feelers both analysis and human relations; open communicators and sensitive to feelings and values
intuitive thinkers comfortable and unstructured situations; idealistic and prone toward intellectual and theoretical positions, logical and impersonnal but also avoid details
intuitive feelers broad global issues; insightful and avoid details, value flexibility and human relationships
structured problems familiar straightforward problems require programmed decisions
unstructured problems new and unusual situations full of ambiguities require nonprogrammed decisions
certain environment offers complete information on possible action alternatives and their consequences
risk environment lacks complete information but offers "probabilities" of the likely outcomes for possible action alternatives
uncertain environment lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives
5 steps Decision Making Process 1.Define problem 2.Alternative Solutions 3.Make decision ethic doublecheck 4.Implement 5.Evaluate
Cost-benefit analysis part of alternative courses of action; comparing costs and benefits of each course of action
Classical decision model decision making with complete information
optimizing decision chooses the alternative giving absolute best solution to a problem; can only make under classical decision model
behavioral model not the most amount of info you could have; only act in terms of own perception
satisficing decision decision made based on the first satisfactory alternative; made based on behavioral model
bounded rationality making decisions within the constraint of limited info and alternatives
heuristics simplifying strategies used in decision making
availability heuristic readily available info from memory-problem: fallible and often irrelevant
representativeness heuristic similarity to other situations; problem: masks factors important and relevant to the decision
anchoring and adjustment heuristic incremental adjustments from a prior decision point; problem: original anchor may be wrong or unrepresentative
framing error trying to solve a problem in the context it is perceived in
implicit favorite make decision "just because"
confirmation error we only seek out information that justifies our answer or decision
escalating commitment throwing money and time into a sinking ship
Created by: gwellnvrmind
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