MGT 201 11th Edition Lecture13 Outline of Last Lecture I. Discuss the diversification strategy II. Discuss business level strategies Outline of Current Lecture III. Discuss diagnosis and analysis causes IV. Describe the selection of desired alternative & making the decision V. Go over group decision makingCurrent LectureChapter 9: Managerial Decision Making *Graph 9.3 in book- 6 steps of the managerial decision making process Diagnosis & Analysis of Causes Stumbling blocks for problem solvers: Diagnosing problems in terms of their symptoms Defining the problem according to a possible solution Focusing on narrow, low-priority areas Development of Alternatives Brainstorming Encourage debate - Devil’s Advocate- Point-counter point Selection of Desired Alternative & Making the Decision Classical Model- rational, logical, orderly Administrative Model Bounded Rationality Satisficing- going with your first choice Intuition- going with your gut feeling Political Model- builds structure Why do managers make bad decisions? First impression bias Justifying past decisions Search for confirming information Influence of emotion Overconfidence These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Illusion of control Framing effects Group Decision Making Advantages: Larger pool of information More perspectives and approaches Intellectual stimulation Greater understanding Greater buy-in Disadvantages: Takes longer Dominated by a vocal few Goal displacement Social pressure may stifle creativity
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