Rationality and Decision-Making

Decision-Making and Rationality Sense-Making Value-Driven Agent Analysis Intention Judgement

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

“ It is our choices that show what we truly are.”

Contributing to the Enterprise A traditional view ,[object Object],[object Object],[object Object],[object Object],[object Object],manager worker technology brainpower reward $$$$ musclepower reward $ ?? return ?? E N T E R P R I S E

If decision-making is what managers do for a living, does this mean that higher-paid managers are better at decision-making? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

One of the ways IT is supposed to “add value” to business is by supporting better decisions. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

IT may be necessary but never sufficient ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Normative & Descriptive Models ,[object Object],[object Object],Define Problem Decide Preferences or Goals Identify Available Options Devise Criteria to Evaluate Options Evaluate Options Select Best Option Do things appear to be running smoothly? Focus on something else Search for problem fix Does solution work? Put into practice Change goals

Three Views of Decision-Making Identifying the Components ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Decision as Rational Choice (Herbert Simon) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Search (Intelligence) Looking for things that call for problem-solving and/or decision-making Design Inventing, developing and analysing possible courses of action Choice Selecting a particular course of action from those available ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Decision and Value ( Geoffrey Vickers) ,[object Object],[object Object],[object Object],[object Object],[object Object],Value Judgement (evaluation) Judgement of the desired outcome Reality Judgement (appreciation) Making sense of the system and its environment Action Judgement Deciding what to do on the basis of value judgements and reality judgements

Limits to Rationality ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Explaining Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Manager Situation Decision Intended Outcome

Types of Rationality ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Do I do the job or do I do what is needed?

Styles of Decision-Making ,[object Object],[object Object],[object Object],Thought Feeling Sensation Intuition ST IT SF IF

A Theory of Human Capability (Jaques) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How do managers deal with uncertainty? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],What are the limitations of these various strategies?

Information and Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sometimes increasing the quantity and quality of information may increase management effectiveness. Sometimes increasing the quantity or quality of information may actually reduce management effectiveness.

Punctuating Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Time and Decision (Jacques Lacan) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Instant of seeing Time for understanding Moment of decision

Contrasting Cultural Styles of Time and Decision ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Balance Both extremes carry risk. Is there a middle way?

Why don’t all managers decide things the same? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Decisions and Incentives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Management Decisions Organization Performance Management Rewards

Decision- making systems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],How can we break habits of thinking? Type of Goal Type of Decision Type of Manager

Discussion Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Case Studies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sample Exam Question ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

References and Further Reading ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

We taught this course at City University, London, between 2002 and 2005 ,[object Object],[object Object],[object Object],Aidan Ward Antelope Projects Richard Veryard Veryard Projects BLOG WIKI SLIDES

Rationality and Decision-Making

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