MGMT 340 Ch.

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Author:
tv
ID:
43890
Filename:
MGMT 340 Ch.
Updated:
2010-10-20 23:04:42
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Decision Making
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Decision Making
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  1. Decision Making
    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.

    Slide 63
  2. RATIONAL DECISION-
    MAKING USES DATA AND TANGIBLE INFORMATION TO MAKE DECISIONS RATHEER THAN EMOTIONS AND FEELINGS -- GROUNDED IN CONCRETE DATA

    Slide 65
  3. 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

    Slide 70
  4. DIVERGENT THINKING
    Thinking that goes away from normative/usual (Norm) thinking.

    Slide 73
  5. CONVERGENT THINKING
    Thinking that is consistent with normative/usual thinking. Hard to think away from the norm.

    Slide 73

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