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