Information and Decision Making
Problem Solving - answersThe process of identifying a discrepancy between actual and
desired performance and taking action to resolve it.
Classical Model - answers-Structured problem
-Clearly Defined
-Certain Envi
-Compete info
-All alternatives and consequences known
Optimizing Decision - answersChoose absolute best among alternatives
Bounded Rationality - answersActs with cognitive limitations
Behavioral Model - answers-unstructured problem
-Not clearly defined
-Uncertain environment
-Incomplete info
-Not all alternatives and consequences known
Satisficing Decision - answersChoose first "satisfactory" alternative
Framing Error - answersTendency to evaluate and resolve problem in the context in
which it is perceived- either positively or negatively
Confirmation Error - answersThe tendency to focus only on info that confirms decision
already made
Data - answersRaw facts and observations
Information - answersData made useful for decision making
Problem Solving - answersThe process of identifying a discrepancy between actual and
desired performance and taking action to resolve it.
Classical Model - answers-Structured problem
-Clearly Defined
-Certain Envi
-Compete info
-All alternatives and consequences known
Optimizing Decision - answersChoose absolute best among alternatives
Bounded Rationality - answersActs with cognitive limitations
Behavioral Model - answers-unstructured problem
-Not clearly defined
-Uncertain environment
-Incomplete info
-Not all alternatives and consequences known
Satisficing Decision - answersChoose first "satisfactory" alternative
Framing Error - answersTendency to evaluate and resolve problem in the context in
which it is perceived- either positively or negatively
Confirmation Error - answersThe tendency to focus only on info that confirms decision
already made
Data - answersRaw facts and observations
Information - answersData made useful for decision making
