WEEK #10

Question 1

what is decision making ?

Answer 1

Decision-making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives. This approach increases the chances that you will choose the most satisfying alternative possible.

Question 2

how many steps to effectice decison making are there ?

Answer 2

7

Question 3

what are the 7 steps to effective decision making ?

Answer 3

1)Identify the decision
2) Gather information
3) Identify alternatives
4) Weight the evidence
5) Choose among alternatives
6) Take action
7) Review your decision

Question 4

describe “Heuristics and biases” :

Answer 4

People often rely on simple heuristics and biases which can lead to decisions that are against their own self-interest. For example, people tend to care more about avoiding losses than achieving gains. Worked before - will work again. (instincts that ultimately take over our decisions, may not always be right)

Question 5

describe “Anchoring” :

Answer 5

People tend to rely too heavily on the initial anchor, which can lead to skewed conclusions. For example, in negotiations, the first offer made can influence the final outcome. Real estate strategy.

Question 6

describe “System 1 and system 2” :

Answer 6

The mind operates in two ways : system 1 is fast and intuitive,k while system 2 is slow and analytical. Both modes are necessary, but relying too much on system 1 can lead to poor decisions. Gut decisions - instinct. Slow down.

Question 7

describe “Feedback” :

Answer 7

Providing feedback on performance can help people become more aware of their biases and improve the consistency of their judgements. Deconstruct - mulligan.

Question 8

describe “Premortems” :

Answer 8

Encouraging people to use “ prospective hindsight” can help them generate better decisions and plans. Prepare - anticipate.

Question 9

how many levels of decision rules are there ?

Answer 9

5

Question 10

Clarify the decision rules :

Answer 10

• Level #1 - leader makes alone
• Level #2 - leader asks for input but makes decisions
• Level #3 - lots of debate/dialogue - leader makes the decision in the end
• Level #4 - group decision - leader gets one vote
• Level #5 - colleagues make the decision exclusively (Note - collective agreements/policy manuals often outline most decision-making processes)

Question 11

define the kin examples

Answer 11

• Level 1 – leader makes alone – re-order office supplies
• Level 2 – leader asks for input but makes the final decision – changing a brand – office supply
• Level 3 – lots of debate/dialogue – Leader makes the decision in the end – own business – new offering/new direction
• Level 4 – group decision – leader gets one vote – strategic - public sector hiring committee
• Level 5 – colleagues make the decision exclusively – public sector – new Collective Agreement

Question 12

describe the “DEPARTMENT/ORGANIZATIONAL DECISION-MAKING ACTIVITY” :

Answer 12

The Situation
You are an employee in a large corporation. The organization has four strong departments, each with a Department Chair who will need to make final decisions if the group can’t reach a consensus. Like any organization or department, you need to make decisions. There are rewards for making the right decision.
These instructions are purposely vague – as is often the case in organizational life. At my call, your group needs to make a decision to pursue decision X or pursue Decision Y. The departments will be numbered, and the order of decision-making will be systematic.

Again, consider the rewards as you make your decision.

Department Performance (points)
X = 4 Y = 2

• Organizational Performance (points)
  4X and 0 Y = 0
  3X and 1 Y = 1
  2X and 2Y = 2
  1X and 3 Y = 3
  X and 4 Y = 4