Topic 5

Topic 5

1. Decision Making Process

   • Identification of Problem
   • Decision Criteria
   • Allocation of weights to criteria
     • PCWAAAAE
   • Development of alternatives
   • Analysis of alternatives
   • Selection of an alternative
   • Implementation of the alternative
   • Evaluation of decision effectiveness

2. Three Approaches to Decision Making

   • Rational decision making
     • Because cost was higher than the death/injury costs cheaper to keep the car the same
   • Bounded rational decision making
   • Intuitive decision making

3. Types of managerial decisions

   • Procedures
   • Rules
   • Policies

4. Decision Making conditions

   • Certainty
   • Risk
   • Uncertainty

5. Group Decision Making

   • Advantages
   • Disadvantages
   • Improving Group Decision Making
     • Brainstorming
     • The nominal group technique
     • Electronic meetings

6. Contemporary Issues

   • National Culture
   • Creativity
   • Design Thinking
   • Big Data