MGMT 320 1st Edition Lecture 14Outline of Last Lecture I. Midterm 1Outline of Current Lecture I. Decision makingCurrent LectureMGMT 320 – Decision Making1. Decision making a.Individual vs. group decisionsb. Behavioral decision trapsi. Framing error: information is perceived how it is presentedThese 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.1. Negatively presented information is interpreted as negative information2. Positively presented information is interpreted as positive informationii. Escalation of commitment: being locked into a decision because quitting is socially (peer pressure) or personally difficultiii. Overconfidence: the greater the degree of task difficulty, the more likely overconfidence may be a problemiv. Representative Heuristics: using simple rules to explain complex issuesv. Availability Heuristics: giving too much meaning to information because it is easy to rememberc. Victor Vroomd. What determines if subordinate participation in decision making isnecessary?i. Quality of the decision requirementii. Manager’s knowledge of the situationiii. Is the subordinate commitment needed to make the solution work?e. Levels of subordinate involvementi. None: The manager may make the decision on his/her ownii. Minimal: The manager asks questions of the subordinates but does not share the decision requirement with themiii. The manager asks questions of the individual subordinates &shares decision requirement with themiv. Manager brings the subordinates together, shares the decision requirement, asks for input &makes the decision with the subordinatesv. Complete: The manager turns the decision over to the
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