MMM132 Lecture Notes - Lecture 5: Decision-Making, Group Conflict, Nominal Group Technique
Document Summary
Explain the 3 approaches managers can use to make decisions: rational decision making: choices are consistent and value-maximising within specific constraints, bounded rational decision making: decisions are rational within the limits of a managers ability to process information. Intuitive decision making: decisions are made on the basis of experience, feelings, and accumulated judgement. This can complement both rational and bounded rational decision making. Describe the types of decisions and decision making conditions that managers face: Define group and describe the stages of group development: A group is defined as 2 or more interacting and independent individuals who come together to achieve specific goals. Groups that are determined by the organisation chart and composed of individuals who report directly to a given manager. Groups composed of individuals brought together to complete a specific job task; their existence is often temporary because when the task is complete the group disbands.
