GMS 200 Lecture Notes - Lecture 2: Neve Electronics, Bounded Rationality, Representativeness Heuristic

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborahde Lange

Document Summary

How info tech is changing organizations: management information systems- use it to collect, organize, and distribute data for use in decision-making, it is also breaking barriers between organizations and key elements in the external environment. Managers as information processors: advantages to it. Planning advantages- better and more access to useful info, involving more people in the planning process. Organizing advantages- more ongoing and informed communication among all parts, improving coordination and integration. Leading advantage- more frequently and better communication with staff and diverse stakeholders, keeping objectives clear. Controlling advantages- more immediate measures of performance results, allowing real-time solutions to problem: the manager as an information-processing neve centre in the management process. Types of managerial decision conditions: structured problems are straightforward and clear with respect to information needs, solved with: Programmed decision applies a solution from past experience to a routine problem: unstructured problems have ambiguities and information deficiencies, these problems require.