1. Summarize the foundational theories of managerial decision-making.
2. Examine the rational decision-making process.
3. Explore the psychological aspects of decision-making.
4. Describe the role of fairness and ethics in managerial decision-making.
5. Explain how motivation and emotion impact managerial decision-making.
6. Outline the decision-analysis approach to negotiations.
7. Discuss the methods for improving managerial decision-making.
8. Summarize best practices for managerial decision-making. Reading Assignment Chapter 12: Improving Decision Making In order to access the following resource, click the link below. Bartram, P. (2014). 8 ways to…improve the decision-making process. Financial Management (UK), 44–45.
http://link.galegroup.com.libraryresources.columbiasouthern.edu/apps/doc/A393953118/AONE?u=ora n95108&sid=AONE&xid=9acb8567
Unit Lesson Improving Decision-Making In this course, we have reviewed the rational decision-making process and the steps that should be followed to make a high-quality decision. We have studied a great deal about judgment biases and learned much about how decisions are made. The discussion of cognitive bias covered approaches for minimizing the biases that can negatively influence the decision process. Several tactics for building consensus and avoiding groupthink were presented in Unit III on group decisions under bounded awareness. In this final lesson, we cover some additional areas of best practice that help people and organizations make effective decisions. Creativity Creativity is an integral part of decision-making. One of the benefits of group decision-making is the diversity of views, knowledge, and expertise that can be brought to bear on a problem, but it is not always easy to take advantage of a group’s potential to come up with new approaches or novel solutions. There are three techniques that can enhance a group’s creative capability to generate ideas and reach better decisions. These techniques are brainstorming, decision-support systems, and analytics.
UNIT VIII STUDY GUIDE Improving Decision-Making