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Chapter 7

Chapter 7. Decision Making, Learning, Creativity, and Entrepreneurship. Decision Making. Programmed Decision Routine, virtually automatic decision making that follows established rules or guidelines. Non-Programmed Decisions

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Chapter 7

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  1. Chapter 7 Decision Making, Learning, Creativity, and Entrepreneurship

  2. Decision Making • Programmed Decision • Routine, virtually automatic decision making that follows established rules or guidelines. • Non-Programmed Decisions • Non-routine decision made in response to unusual or novel situations • Intuition • Feelings, beliefs, and hunches that come readily to mind and result in on-the-spot decisions MGMT 321 – Chapter 7

  3. The Classical Model MGMT 321 – Chapter 7

  4. The Administrative Model • Bounded rationality • Managers cannot consider all alternatives and available information • Decisions are by cognitive limitations • Incomplete information • Due risk and uncertainty, ambiguity, and time constraints • Satisficing • Choosing the first acceptable decision MGMT 321 – Chapter 7

  5. Why Information Is Incomplete MGMT 321 – Chapter 7 Figure 7.2

  6. Steps in Decision Making MGMT 321 – Chapter 7

  7. Cognitive Biases • Heuristics • Rules of thumb that simplify decision making • Used to deal with bounded rationality • Types • Prior Hypothesis Bias • Representativeness • Illusion of Control • Escalating Commitment MGMT 321 – Chapter 7

  8. Group Decision Making • Usually superior to individual making • Choices less likely to fall victim to bias • Able to draw on combined skills of group members • Improve ability to generate feasible alternatives • Allows managers to process more information MGMT 321 – Chapter 7

  9. Group Decision Making • Potential Disadvantages • Usually takes much longer than individual decision making • Can be difficult to reach agreement • Can be undermined by biases • Groupthink MGMT 321 – Chapter 7

  10. Improving Decision Making MGMT 321 – Chapter 7

  11. Organizational Learning and Creativity • Organizational Learning • Improving employees’ desire and ability to understand and manage the organization and its task environment • The Learning Organization • Maximizing employees’ ability to behave creatively to maximize organizational learning • Creativity • The ability to discover novel ideas leading to a feasible course of action MGMT 321 – Chapter 7

  12. Senge’s Principles MGMT 321 – Chapter 7

  13. Creating a Learning Organization • Personal mastery • Mental models • Team learning • Build a shared vision • Systems thinking MGMT 321 – Chapter 7

  14. Building Group Creativity • Brainstorming • Production blocking • Nominal group technique • Delphi technique MGMT 321 – Chapter 7

  15. Entrepreneurship • Entrepreneurs • Intrapreneurs • Characteristics • Open to experience • Internal locus of control • High self-esteem • High need for achievement MGMT 321 – Chapter 7

  16. Entrepreneurship and Management • People can become involved in entrepreneurial ventures by starting a business from scratch • Frequently need to hire other people to help them run the business • Frequently, founding entrepreneur lacks the skills, patience, and experience to manage the people and processes MGMT 321 – Chapter 7

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