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Principles of Management Notes March 15th: Decision Making

by: Robin Silk

Principles of Management Notes March 15th: Decision Making BCOR 2001

Marketplace > University of Colorado at Boulder > Business > BCOR 2001 > Principles of Management Notes March 15th Decision Making
Robin Silk

GPA 3.871

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About this Document

This weeks notes (class canceled on Thursday the 17th).
Principles of Marketing and Management
Emily Edwards and Kevin McMahon
Class Notes
notes, CU, Emily, Edwards, Leeds, 15th, 17th, decision, making
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This 3 page Class Notes was uploaded by Robin Silk on Sunday March 20, 2016. The Class Notes belongs to BCOR 2001 at University of Colorado at Boulder taught by Emily Edwards and Kevin McMahon in Winter 2016. Since its upload, it has received 21 views. For similar materials see Principles of Marketing and Management in Business at University of Colorado at Boulder.


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Date Created: 03/20/16
March 15th Decision Making    1. The Unconscious Mind  a. Used to make quick decisions  b. When people are allowed to just “think” through problems, they usually utilize  their unconscious mind    2. Decision Making  a. Programed Decision Making  i. Routine; Automatic decision making that follows rules and guidelines  1. Based on experience  2. Little ambiguity  b. Common Sense  i. What to eat, wear, how to cross the street etc.  ii. Behaving in a reasonable way  c. Non Programmed Decision Making  i. Occurs in response to unusual, unpredictable opportunities and threats  ii. No ready­made decision rules can be applied  iii. Intuition might be used to solve these problems  1. Feelings, personal beliefs, hunches etc.  iv. Reasoned judgement might be used    3. The Classical Model  a. Flawed model  i. Assumes that decision makers have all relevant information readily  available  ii. Assumes managers possess the mental facility to process all information    4. Administrative Model  a. Satisfactory decisions are usually made instead of optimum decisions  i. Bounded rationality  1. Too many alternatives, too much information  ii. Incomplete information  1. Time and cost constraints  iii. Satisficing (Incomplete information)      5. Pareto Principle   a. 80% ­ 20% rule  b. Influences decision making  i. How to focus resources  ii. Identify your star employees  iii. Focus on regular patrons/customers  6. Decision Making Process  a. 7 Steps involved  i. Recognize the need for a decision  ii. Generate alternatives  iii. Assess alternatives  1. Consider legal, ethical, economical, and practical elements  iv. Choose among alternatives  v. Implement the chosen alternative  vi. Learn from feedback    7. Group Decision Making  a. Potential Benefits  i. Diverse ideas  ii. Different skills and abilities  iii. Greater acceptance  iv. Managers can process more information  v. Probability of idea implementation    b. Potential Problems  i. Wasted time  ii. Disruptive conflict   iii. Group leader intimidation  iv. Groupthink  1. “The Abilene Paradox”  a. Everyone goes along because they think it’s what the  group wants  2. This can be countered with “Devil’s Advocacy”  a. Analyzing the strengths and weaknesses of an alternative  before implementation  3. Brainstorming can be used  a. Sharing ideas and generating alternatives  i. No ideas is a bad one  b. Production blocking might be an issue  i. Lost productivity because of all the alternatives  c. Nominal group technique can be used to counter this  i. Decision making by rank ordering alternatives  d. Delphi Technique  i. Decision making by written response  e. 1­3­6ing  i. Brainstorm individually and then in larger and larger  groups      8. Entrepreneurship and Creativity  a. Entrepreneurs  i. Notice opportunities and decide how to mobilize necessary resources to  produce new and improved goods and services  b. Social entrepreneurs  i. Focus on social problems to improve society  c. Intrapreneurship  i. Creative decision making within an organization that gives way to  new/improved goods or services  d. Characteristics of Entrepreneurs  i. High on openness to experience  1. Daring; willing to take risk  ii. High internal locus of control  iii. High level of self esteem  iv. High need for achievement     


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