×

### Let's log you in.

or

Don't have a StudySoup account? Create one here!

×

or

by: windwalkerr

6

0

1

# October 7th: Foundations of Problem Solving & Decision MGT 3304

Marketplace > Virginia Polytechnic Institute and State University > MGT 3304 > October 7th Foundations of Problem Solving Decision
windwalkerr
Virginia Tech

Enter your email below and we will instantly email you these Notes for Management Theory and Leadership Practice

(Limited time offer)

Unlock FREE Class Notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

These notes cover the fundamentals of problem-solving and some basic elements of rational decision making.
COURSE
PROF.
Steve C Matuszak
TYPE
Class Notes
PAGES
1
WORDS
CONCEPTS
KARMA
Free

## Popular in Department

This 1 page Class Notes was uploaded by windwalkerr on Friday October 7, 2016. The Class Notes belongs to MGT 3304 at Virginia Polytechnic Institute and State University taught by Steve C Matuszak in Fall 2016. Since its upload, it has received 6 views.

×

## Reviews for October 7th: Foundations of Problem Solving & Decision

×

×

### What is Karma?

#### You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/07/16
MGT notes 10.7.16 Foundations of Problem Solving & Decision making:  Problem: where are you & where would you like to be  Solution: gap btw existing/desired state; tactic to close the gap  Problem solving: process of identifying the gap; what is it that we want & where are we really Problem solving/analyzing: 1. Identify problem: frame it a. If you don’t frame it correctly, could solve the wrong problem 2. Determine characteristics of appropriate solutions 3. Identify/develop alternative solutions 4. Analyze/evaluate alternative solutions 5. Select alternative solution 6. Implement solution 7. Evaluate whether solution closed gap  Keys to problem solving:  Frame problem well 2 frequent problems:  Jumping to identification of solutions before problem is understood  Stopping identification of solutions too soon Rational decision making:  Rational o Choices are consistent & value­maximizing  Expected value  Bounded rationality o Behavior is rational within parameters of simplified/constrained model that captures  essential features of a problem  Eliminating by aspects  Satisficing  Biases & Heuristics  Heuristics: using judgmental shortcuts o Availability: tendency for ppl to base judgments using only info readily available to  them o Representativeness: tendency to generalize from small sample/single event o Confirmation bias: seek info to support you POV o Sunk cost bias: managers add up \$ already spent on project & conclude it’s too costly to  abandon

×

×

### BOOM! Enjoy Your Free Notes!

×

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

## Why people love StudySoup

Steve Martinelli UC Los Angeles

#### "There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Anthony Lee UC Santa Barbara

#### "I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Bentley McCaw University of Florida

#### "I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

#### "It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!
×

### Refund Policy

#### STUDYSOUP CANCELLATION POLICY

All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email support@studysoup.com

#### STUDYSOUP REFUND POLICY

StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here: support@studysoup.com

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to support@studysoup.com