tailieunhanh - Lecture Judgment in managerial decision making (8e) - Chapter 1: Introduction to managerial decision making

Chapter 1 - Introduction to managerial decision making. After studying this chapter, you should be able to: Answer the question: What is management? Explain why management must be understood within the context of organizations and how organizations affect the practice of management, describe the role of working with and through people in effective management,. | Judgment in Managerial Decision Making 8e Chapter 1 Introduction to Managerial Decision Making Copyright 2013 John Wiley & Sons The human mind can accomplish some remarkable things. However, because our minds are so complex, we often fail to recognize when it can fail to make quality decisions. Psychological research has uncovered many shortcuts that we use to make decisions and has identified the situations in which these shortcuts are the most likely to fail us. Even the most intelligent of people are susceptible to being misled by these mental shortcuts. 1 The Anatomy of Decisions Judgments involve cognition. Common decision situations: How to select a post-MBA job? Who to hire for your company? What startups should you fund? Which firm to acquire? What do these scenarios have in common? The term judgment refers to the cognitive aspects of our decision-making process. Examples of decisions: You are finishing your MBA at a well-known school. Your credentials are quite good, and you | Judgment in Managerial Decision Making 8e Chapter 1 Introduction to Managerial Decision Making Copyright 2013 John Wiley & Sons The human mind can accomplish some remarkable things. However, because our minds are so complex, we often fail to recognize when it can fail to make quality decisions. Psychological research has uncovered many shortcuts that we use to make decisions and has identified the situations in which these shortcuts are the most likely to fail us. Even the most intelligent of people are susceptible to being misled by these mental shortcuts. 1 The Anatomy of Decisions Judgments involve cognition. Common decision situations: How to select a post-MBA job? Who to hire for your company? What startups should you fund? Which firm to acquire? What do these scenarios have in common? The term judgment refers to the cognitive aspects of our decision-making process. Examples of decisions: You are finishing your MBA at a well-known school. Your credentials are quite good, and you expect to obtain job offers from a number of consulting firms. How are you going to select the right job? You are the director of the marketing division of a rapidly expanding consumer company. You need to hire a product manager for a new “secret” product that the company plans to introduce to the market in fifteen months. How will you go about hiring the appropriate individual? As the owner of a venture capital firm, you have a number of proposals that meet your preliminary considerations but only a limited budget with which to fund new projects. Which projects will you fund? You are on the corporate acquisition staff of a large conglomerate that is interested in acquiring a small-to-moderate-sized firm in the oil industry. What firm, if any, will you advise the company to acquire? These scenarios share the following in common: Each proposes a problem. Each has a number of alternative solutions. 2 Six Steps to Rational Decisions Define the problem Identify the criteria Weight the criteria

• Quản trị kinh doanh
• Managerial decision making
• Judgment in managerial decision making
• Decision making
• Anatomy of decisions
• System 1 thinking
• System 2 thinking
• Ethics in decision making
• Fairness in decision making
• Improving decision making
• Strategies for better decisions
• Operations strategy
• Product design objectives
• Making rational decisions
• Claiming value in negotiation
• Game theoretic approaches
• Emotional influences
• Decision mak
• Implicit attitudes
• Social responsibility
• Individual ethics
• Ethical decision making
• Lecture Management
• Managerial environment
• Decision making model
• Administrative model
• Forms of overconfidence
• Consequences of overestimation
• Common biases
• Batting averages
• Bounded awareness
• Role playing exercise
• The reversal of preferences
• Big positive gamble
• Perceptions of certainty
• Common investment mistakes
• Poor investment decisions
• Investment decisions
• Negotiator cognition
• Common mistakes of negotiators
• Escalation of conflict