What does bounded rationality as defined by McShane mean to you as a decision maker?
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What does bounded rationality as defined by McShane mean to you as a decision maker?
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- Can you describe the difference between a rational decision and a non-rational decision? Is it possible to always make rational decisions?a, How is your rationality bounded with respect to your decisions in general, for example buying a new car? In what ways are you optimizing? In what ways are you satisficing? Explain. b. Which cognitive biases and behavioral challenges could affect your decision-making? How could noise, as described in this class, affect your decision-making? Explain. c. Suggest a heuristic that should be helpful when making this decision. Explain why it should usually help (which bias is it related to) and when it might lead to mistakes. d. How can you nudge yourself to a better decision? Why do you expect it to work? What other techniques can you use to limit the effects of biases and noise? e. How might the cognitive effects of scarcity (e.g. focus dividend, bandwidth tax) or present bias affect the financial aspect of your decision? How will you reduce this effect?What is bounded rationality? How is it related to decision making? What are the implications of bounded rationality and its relation to decision making for the workplace? Examples
- “Statistically we expect that good decisions will lead to favorable outcomes more often than will either poor decisions, or decisions reached by default. In a sense, this is a statement of faith on which all rational approaches to human affairs are based” (Amara and Lipinski, 2020). Discuss this statement, and assess the value of the analytical decision approach as an operational tool of management decision-making.Explain the steps of decision-making process using an example. What is the difference between rational decision making, bounded rationality and intuitive decision making?What role does prospect theory play in understanding decision-making under risk and uncertainty?
- What are some common biases that can affect decision making, and how can decision makers overcome them?Describe a problem or decision you might face in your personal or professional life and share which decision-making method from chapter 3 of your textbook you would use to resolve it. Why is it important to ask questions when problem-solving? Why do many employers specifically seek employees who are excellent problem-solvers?How do you solve a problem and handle decision making?
- Why is decision making often described as the essence of a manager’s job?Is there a difference between wrong decisions & bad decision?Why do good managers sometimes make wrong decision? Bad decision?How can managers improve their decision-making skills?Considering the different approaches to decision making, why are managers often unable to anticipate difficulties before they become problems? How could this issue be addressed?Write about an experience—positive or negative—that you have had that shows why decision-making is an integral part of good management.