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Copy of Decision Making
Transcript of Copy of Decision Making
Reaction to a problem
Whether a decision needs to be made is based on perception Escalation of Commitment: staying with a decision even when there is clear evidence it’s wrong Decision: choice from among 2 or more alternatives Anchoring Bias: tendency to fixate on initial information and fail to adequately adjust for subsequent information Organizations can constrain decision making Constraints on Decision Making Performance Evaluation
System Imposed Time Constraints
Historical Precedents What about Ethics in Decision Making? 3 Ethical Decision Criteria •Utilitarianism: decisions are made solely on the basis of their outcomes, ideally to provide the greatest good for the greatest number Creative Potential: learn to think about a problem in divergent ways 3 Component Model of Creativity Expertise- foundation for all creative work. Potential for creativity is enhanced when individuals have abilities, knowledge, proficiencies, expertise in their field
Creative-thinking skills- personality characteristics associated with creativity, ability to use analogies
Intrinsic task motivation: desire to work on something because its interesting, involving, exciting, satisfying or personally challenging Global Implications
Adjust decision approach
Be aware of bias & minimize impact
Combine rational analysis and intuition
Enhance creativity Conclusion Focus on Goals Rational Decision Making Model Look for information that disconfirms beliefs
Don't try to create meaning Increase your options How do managers and employees make decisions? Confirmation Bias: tendency to selectively gather information rather than objectively; seek information that reaffirms past choices Availability Bias: tendency to base judgments on information readily available Risk Aversion: tendency to prefer a sure thing over a risky outcome Hindsight Bias: tendency to believe falsely, after the outcome is known, that we’d have accurately predicted it •Rights: make decisions consistent with fundamental liberties and privileges, respecting and protecting the basic rights of individuals •Justice: impose and enforce rules fairly and impartially to ensure justice or equitable distribution of benefits and costs
Improve creativity to appraise and understand problems Overconfidence Bias: tendency to be overoptimistic Questions?