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Boundless Management
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Chapter 10

Decision Making

Book Version 10
By Boundless
Boundless Management
Management
by Boundless
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Section 1
Decision Making in Management
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Defining Decision Making

Decision making is the mental process of selecting a course of action from a set of alternatives.

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Decision-Making Styles

Decisions are driven by psychological, cognitive, and normative styles, each of which take into account varying influences on the final decision.

Types of Decisions

Three approaches to decision making are avoiding, problem solving and problem seeking.

Section 2
Rational and Nonrational Decision Making
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Rational Decision Making

Rational decision making is a multi-step process, from problem identification through solution, for making logically sound decisions.

Problems with the Rational Decision-Making Model

Critics of the rational model argue that it makes unrealistic assumptions in order to simplify possible choices and predictions.

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Non-Rational Decision Making

People frequently employ alternative, non-rational techniques in their decision making processes.

Section 3
Conditions for Making Decisions
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Evidence-Based Decision Making

The practice of evidence-based decision making involves using current information to make empirically supported decisions.

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The Value of Analytics in Decision Making

Analytics help decision makers determine risk, weigh outcomes, and quantify costs and benefits associated with decisions.

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Making Decisions Under Conditions of Risk and Uncertainty

Conditions of risk and uncertainty frame most decisions rendered by management.

Section 4
Decision Making Process
Identify and Define the Problem

Identifying, defining, and understanding a problem is essential to analyzing and choosing between alternatives.

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Generate Alternatives

Identifying a range of potential choices is essential to any decision-making process.

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Evaluate Alternatives

In order to eliminate bias in a decision, one can use tools such as influence diagrams and decision trees to evaluate alternatives.

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Determine a Course

A good decision maker will always try to eliminate personal biases and understand his personal risk tolerance when determining a course.

Implement the Course

Implementing a decision requires the decision maker to make and execute a plan of action.

Evaluate the Results

Decision makers must evaluate the results of a decision to improve the processes and outcomes of future decisions.

Section 5
Considering Ethics in Decision Making
Moral Principles in Management

Business ethics deals with the beliefs and principles that guide management decisions.

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Applying the Ethical Decision Tree

Decision trees are useful analytic tools for considering the ethical dimensions of a decision.

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Applying the Decision Tree

Decision tree analysis can be a useful tool for evaluating ethical decisions.

Section 6
Barriers to Decision Making
Cognitive Biases as a Barrier to Decision Making

Individual cognitive biases will influence decision making.

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Time Pressure as a Barrier to Decision Making

Time pressure forces decision makers to shift from logical processes (ideal) to intuitive processes (sub-ideal).

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Group Conflict as a Barrier to Decision Making

Group dynamics, which involves the influence of social behavior, is the primary determining factor in the success of group outcomes.

Section 7
Managing Group Decision Making
Advantages and Disadvantages of Group Decision Making

Group decision making can lead to improved outcomes, but only if a variety of conditions pertaining to group chemistry are satisfied.

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The Manager's Role in Group Decisions

The manager's role in group decision making is to create a supportive context for the group.

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Employee Involvement in Decision Making

Involving employees in key decisions gives managers access to unique skills and tells the employees that their contributions are valued.

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Techniques for Reaching a Group Consensus

Reaching consensus typically requires identifying and addressing the underlying concerns of group members.

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Boundless Management by Boundless
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Leadership
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Decision Making
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