MGMT 340 Ch.
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Decision making is a conscious process of making choices among one or more alternatives with the intention of moving toward some desired goal or end product.
MAKING USES DATA AND TANGIBLE INFORMATION TO MAKE DECISIONS RATHEER THAN EMOTIONS AND FEELINGS -- GROUNDED IN CONCRETE DATA
Escalation of Commitment aka “Concorde fallacy.”
When we put more effort and resources into a failing decision or course of action, e.g., continuing to buy a stock on its way down.
Escalation of commitment occurred when the British government continued funding the Concorde supersonic jet long after it’s lack of commercial viability was apparent. Some scholars refer to escalation of commitment as the “Concorde fallacy.”
Ex: Stock Market; Invest in Worldcom
Thinking that goes away from normative/usual (Norm) thinking.
Thinking that is consistent with normative/usual thinking. Hard to think away from the norm.
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