COMMERCE 1BA3 Lecture Notes - Lecture 11: Delphi Method, Groupthink, Group Polarization

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1BA3
• Professor: Firat Sayin

Document Summary

Developing commitment to a course of action: making a choice, a process, commitment of resources. A process of problem solving: problem perceived gap between current and desired state. Existing state and desired state is clear: path from existing to desired state is obvious. Existing state and desired state is unclear: path from existing to desired state is unknown. A standardized way of solving a problem: rules, routines, standard operating procedures, rules of thumb. Progra(cid:373)s wo(cid:374)"t likely work: generally unique and new, often complex and high in uncertainty, arouse conflict and controversy. A decision strategy that is completely informed: perfectly logical and oriented towards economic gain, how decisions should be made. A decision strategy that relies on limited information: reflects time constraints and political considerations, how decisions are made. Economic person: does not exist in real decision makers. Framing: aspects about a problem that are assumed. Cognitive biases: tendency to acquire/process information in an error prone way.