TOPIC: Foundations of Decision Making
What are the steps? Why are they needed?
Imagine you have identified high absenteeism in your organisation, how would you use the steps in the decision-making process to decide how to deal with this?
Rational decision-making: making logical and consistent decisions using decision-making process. What assumptions does this approach make?
Bounded rationality: decisions are rational within limits of manager’s ability to store and process large amounts of data. Is this a realistic approach?
Intuitive decision-making: decisions made on basis of experience, judgement, feelings. Can this approach complement both rational and bounded rational decision-making?
Are all three approaches relevant to managers today? What do you think?