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Decision making
- 2. Types • Programmed • Non-programmed • Top-down • Empowered
- 4. Processes - Individual Identify problem Establish decision criteria Weigh decision criteria Generate alternatives Evaluate alternatives Make a choice Implement choice Evaluate
- 5. Processes - Individual • Rational economic model • Bounded rationality • Satisficing • Intuitive decision-making • Creative decision-making
- 6. Processes – Group/Org • Brainstorming • Nominal group • Stepladder • Delphi
- 7. Factors affecting DM - individual • Styles • DIRECTIVE, • ANALYTICAL, • CONCEPTUAL, • BEHAVIOURAL
- 8. Factors affecting DM - individual • Individual differences • Styles • Risk taking • Values • Intuition • Creativity
- 9. Factors affecting DM – Group/Org • Groupthink • Asch’s experiment • Group polarization • Political pressures • Time pressures • Cultural context
- 11. • Video time!
- 12. Factors affecting DM • Traps, biases • Overconfidence • Framing • Anchoring • Status-quo • Sunk cost • escalation of commitment
- 13. Points to note • Awareness of traps in our thinking • Keep questioning assumptions • Seek various perspectives/frames • Understand decision styles of self, others • Encourage dissent • Cultivate culture of openness, failure acceptance • Awareness of yes-(wo)men, groupthink • Use nominal techniques to allow private votes
- 14. QUIZ – 3 [take home] Individually work and • Map which traps and biases from the reading would significantly affect which stages of the decision making process. Substantiate with examples [10 marks] • Submit a print copy in tomorrow’s class
- 16. Mental accounting • Imagine that you have decided to see a movie and have paid the admission price of $10 per ticket. As you enter the theater, you discover that you have lost the ticket. The seat was not marked, and the ticket cannot be recovered. Would you pay $10 for another ticket? • 46% ready to buy
- 17. • Imagine that you have decided to see a movie where admissionis $10, but you have not yet bought the ticket. As you walk to the theater, you discover that you have lost a $10 bill. Would you still pay $10 for a ticket to the movie? • 88% ready to buy