Management involves decision making. Management is an integrating process. 6. Management is dynamic not rigid. Nonetheless, the themes reveal rapid progress in mapping the psychology of emotion and decision making. Definition(Models!of!decision!making!attempt!to!describe,!using!stochastic!differential!equations! Decision making is becoming the basis of competitive advantage and value creation for organisations. Decision making under different states of nature: Every decision situation can be organized on a scale according to the availability of information and the possibility of failure. Nature of Management / 3 4. Management co-ordinates all activities and resources. It is included here as a convenient way of drawing attention to issues that might warrant consideration when making strategic decisions. Decision making … decision making under risk to decision making with certainty –Build the large plant if you know for sure that a favorable market will prevail –Do nothing if you know for sure that an unfavorable market will prevail States of Nature Favorable Unfavorable Decision p = 0.5 p = 0.5 Large plant $200,000 -$180,000 Small plant $100,000 -$20,000 Decision(Making,Models(! The four positions on the scale are certainty, risk, uncertainty, and ambiguity. Management is getting things done through others. 1. • Beliefs and preferences are often constructed/generated through the process of decision-making, as opposed to individuals having known, well-defined preferences which they bring to a decision-making situation. Example: A decision that depends on states of nature • Options: – Plan picnic outdoors – Plan picnic indoors • Possible states of nature – Rain – No rain • Choice depends on likelihood of rain, relative quality of picnic indoors/outdoors with and without rain Improving decision making could be the key to superior business performance if global markets give all organisations access to similar resources and competition causes many business processes to converge on world-class standards. ! Management applies economic principles. 7. Management is a universal activity. mental questions about the nature of emotion and decision making rather than refinements about known phenomena. • Heuristics are chosen on the basis of the nature of the task problem. 5. Decision Making at the Top, depicts some important constraints on strategic decision-making. October 1994; Applied Psychology 43(4):433 ... Download full-text PDF Read full-text. 2. 8. 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