ADM 1100 Lecture Notes - Lecture 4: Rationality, Tylenol (Brand)

• School: University of Ottawa
• Department: Administration
• Course: ADM 1100
• Professor: Alan O' Sullivan

Document Summary

Lecture 4 - management as the taking of decisions. One way to resolve uncertainty is thinking and analyzing. The fundamental managerial challenge: making decisions under uncertainty. Uncertainty is due to incomplete information, limited time and attention, delayed feedback, dynamic decision context. The more you think you can anticipate what"s going to happen. There is a level of uncertainty in the execution stage. Tries to eliminate uncertainty by thinking things through. Each level is handling a different level of uncertainty. Rational = decisions that rely on reason, and are consistent with the available evidence. Reasoning that is goal oriented i. e. profitable action. Irrational: not relying on reason and/or insensitivity to context. Top level handles the level of uncertainty is much broader than middle level. Code of ethics - a way to try to program decision making. code of ethics moves the question from the non program to programmed. Jhonson & jhonson they were revisiting their code of ethics.