BUSI 3310 Lecture Notes - Lecture 56: Brainstorming, Nominal Group Technique, Satisficing
19 Apr 2018
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Document Summary
Module 10 we consider decision making, the next interpersonal process. Decision making is an important management function. Decision making is defined as one of the management roles in mintzberg"s model: many other scholars have argued that making decisions is one of the key functions of managers. In this module, we will review the theory and practice of this central interpersonal process. The rational decision making model is clearly the preferred approach to decision making. It was developed as the economically optimal way to make decisions. Numerous assumptions must be made in order for one to be confident that the optimal decision is being made. While you may question whether these assumptions are reasonable ones, there is no doubt that if the assumptions are satisfied, the decision that the model leads to will be the optimal one. As a response to the implausibility of the rational decision making model, the notion of bounded rationality was suggested.
