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DECISION-MAKING

DECISION-MAKING. Chapter 16 Lecture 4. Rational Decisions are Based on These Assumptions:. The problem is clear and unambiguous A single, well-defined goal is to be achieved All alternatives and consequences are known Preferences are clear Preferences are constant and stable

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DECISION-MAKING

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  1. DECISION-MAKING Chapter 16 Lecture 4

  2. Rational Decisions are Based on These Assumptions: • The problem is clear and unambiguous • A single, well-defined goal is to be achieved • All alternatives and consequences are known • Preferences are clear • Preferences are constant and stable • There are no time or cost constraints • Final choice will maximize economic payoffs

  3. Intuitive Decision-Making • Does not rely consciously on rational or linear thought processes • May be based on experience • Synthesizes isolated data into an integrated picture • Views relationships and connections

  4. Examine Your Own Decision Style • Complete and score the Problem-Solving Style Questionnaire (PSSQ) • As a class, we will show hands to see where each had the highest score • In cases of ties, vote for each high score

  5. Comparisons of Thinking and Feeling Types

  6. Comparisons of Sensing and Intuitive Types

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