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Decision making

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Dinesh Pupala

This document discusses various topics related to decision making, including different types of decisions, individual and group decision making processes, and factors that influence decision making. It covers programmed versus non-programmed decisions, top-down versus empowered decisions, rational versus intuitive decision making models, and group decision techniques like brainstorming, nominal group technique, and Delphi method. It also outlines factors like decision making styles, individual differences, groupthink, biases, and traps that can influence the decision making process.

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Decision making
Types Programmed Non-programmed Top-down Empowered
Decision making
Processes - Individual Identify problem Establish decision criteria Weigh decision criteria Generate alternatives Evaluate alternatives Make a choice Implement choice Evaluate
Processes - Individual Rational economic model Bounded rationality Satisficing Intuitive decision-making Creative decision-making
Processes Group/Org Brainstorming Nominal group Stepladder Delphi
Factors affecting DM - individual Styles DIRECTIVE, ANALYTICAL, CONCEPTUAL, BEHAVIOURAL
Factors affecting DM - individual Individual differences Styles Risk taking Values Intuition Creativity
Factors affecting DM Group/Org Groupthink Aschs experiment Group polarization Political pressures Time pressures Cultural context
Decision making
Video time!
Factors affecting DM Traps, biases Overconfidence Framing Anchoring Status-quo Sunk cost escalation of commitment
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
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 tomorrows class
Decision making
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
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

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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 Aschs experiment Group polarization Political pressures Time pressures Cultural context
  • 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 tomorrows 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