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What is Decision Making?

References

“Decades Top 10 Executive Ethics Scandals.” The Wall Street Journal. Dow Jones &Company, 2013. Web. 15 Nov 2013.

Horovitz, Bruce "Starbucks aims Beyond Latte to Extend Brand." USA TODAY N.P 19 May. 2006. Web. 30 13 Nov. 2013

Kumar, Arun. “The Basics of Risk Management.” Bright Hub PM. Bright Hub Inc., 29 June 2013. Web. 01 Dec. 2013. http://www.brighthubpm.com/risk-management/71742-the-basics-of-risk-management/#imgn_0

Majumdar, Subir. “Programmed and Non Programmed Decision in Management.” ISC Technologies Kochi-India. Web. 09 Nov 2013

Poggi, Jeanine. “Blockbuster's Rise and Fall: The Long, Rewinding Road.” The Street. The Street Inc., 23 September 2010. Web. 01 Dec. 2013.

"Recycling & Reducing Waste." Starbucks N.P 2013. Web 6 Nov. 2013

Scott, Mark. “Top Social Media Gaffes You Wouldn't Want to Miss.” Social Media Today. Social Media Today LLC, 13 October 2013. Web. 01 Dec. 2013.

Tyrangiel, Josh. "Radiohead says: pay what you want." Time Magazine 1 (2007).

Henrickson, Kevin E., and John Scott. "Baggage Fees and Changes in Airline Ticket Prices." Advances in Airline Economics 3 (2011): 177-192.

Williams, Martyn. “PlayStation Network hack will cost Sony $170M.” Network World. Network World Inc., 23 May 2011. Web. 01 Dec. 2013

Any Questions?

The Decision Making Process

Risky Business: Social Media

Other Risks

COSO.org

The 5 Steps in Decision Making

-Financial

-Challenges to IS

-Natural Disasters

-Regulations

-Legal

-Formed in 1985,

-COSO is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management (ERM) internal control and fraud deterrence..

Define the Problem

The Decision Making Model

Stage that determines why a decision is needed and what it should accomplish through gathering information and deliberation

Analyze Alternatives

Stage where possible alternatives are evaluated with their potential costs and benefits

Ethics:

Make a Choice

This stage is where a choice is made to pursue one course of action.

Evaluate Results

Stage that measures performance results to initial goals and examines both expected and unexpected outcomes

Take Action!

Where actions are taken to put the preferred course of action into practice.

Ethics in Action

Risk Management

Risky Business: Cyber Crime

Ethical Reasoning & Decision Making

Risk Management

involves anticipating risks and factoring them into decision making

Starbucks sells about 10 million cups of coffee per day. Imagine the environmental impact that these cups make!

Moral Problem

Moral Dilemma

Strategic Risks

Poses serious ethical consequences for the decision maker or others.

Decision Makers face at least two ethically uncomfortable alternatives.

A Five-Point Theory

Threats to overall business success

Risky Business: Competition

Identify – Risk identification and categorizing

Analyze – Assessment of risks, importance, what-if analysis to see the impact of risks

Evaluate – Prioritize the risks by applying a rating system to help in treating the risks

Treatment – Avoid, transfer, accept, or reduce the risk impacts

Monitor and Review – Auditing of risk management plan

Operational Risks

“Threats inherent in the technologies used to reach business success”

Decision Environments

Types of Decisions

Reputation Risks

How is Starbucks approaching this problem?

Threats to a brand or to the firm’s reputation

To Minimize the environment impact, Starbucks is going to have 100% of their stores equipped with recycling bins by 2015. Doing so, they will save over 100,000 trees per year.

Criteria Questions for Assessing Ethics in Decision Making

Programmed Decisions

Three Types of Environment

Decisions that have already been determined by past experience.

Certain Environment: Provided full information on the expected results for decision-making alternative.

Risk Environment: Provided probabilities regarding expected results for decision-making alternatives.

Uncertain Environment: Provided with no information to predict an expected outcome.

Example: A student is caught cheating on an exam, administration is forced to make a decision based on the policies.

1. Utility – Does the decision satisfy all?

2. Rights – Does the decision respect the rights and duties of everyone?

3. Justice – Is the decision consistent with the canons of justice?

4. Caring – Is the decision consistent with my responsibilities to care?

Non programmed Decisions

Real Life Environment!

October 10, 2007 Radiohead (Rock Band) released their album In Rainbows for three months as an online download and asked their fans to pay whatever amount they thought the album was worth.

Decisions made in response to a unique situation.

Crisis Decision: Occurs when an unexpected problem can lead to a disaster if not resolved quickly and appropriately.

Now let's apply this to a real life scenario...

Spotlight Questions for Assessing Ethics in Decision Making

1. How would I feel if my family found out about this decision?

2. How would I feel if this decision were published in the local newspaper or posted on the internet?”

3. “What would the person you know or know of who has the strongest character and best ethical Judgment do in this situation?”

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