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E. FRANK HARRISON

The Managerial. Decision-Making Process. E. FRANK HARRISON. Fifth Edition. The Managerial Decision-Making Process Fifth Edition. Author: E. Frank Harrison, Ph.D. Slides by Monique A. Pelletier, Ph.D. Chapter 6. The Psychology of Decision Making. Personality in Decision Making.

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E. FRANK HARRISON

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  1. The Managerial Decision-Making Process E. FRANK HARRISON Fifth Edition

  2. The Managerial Decision-Making ProcessFifth Edition Author: E. Frank Harrison, Ph.D. Slides by Monique A. Pelletier, Ph.D.

  3. Chapter 6 The Psychology of Decision Making

  4. Personality in Decision Making • Biological, subconscious and hereditary forces • Common traits and unique individuality • Holistic approaches to personality • Empirical perspectives on personality • Personality effects on decision making

  5. Risk Acceptance/Avoidance • Empirical perspectives • A conceptual model of risk acceptance/avoidance

  6. Figure 6.1 A Conceptual Model of Risk Acceptance/Avoidance A E F C B D I H G Propensity for risk acceptance Desirability of the outcome J Propensity for risk avoidance 0 0.5 1.0 Probability of success

  7. Perception in Decision Making • The perceptual process • Characteristics of the perceiver and the perceived • Forming impressions of others: lstereotyping lhalo effect lprojection lperceptual defense • Situational influences on perception • Empirical perspectives on perception

  8. Subconscious Influences on Decision Making • Freudian influences: lidlegolsuperego • Mind levels: lconscious lsubconsciouslpreconscious • Intuition: leffects on decision making

  9. Psychological Parameters in Decision Making • Personality influences decision making. • There is a human tendency to avoid uncertainty and highly risky situations. • Perception pervades the entire process of decision making. • Preconscious and subconscious thoughts invariably influence the decision parameters.

  10. Psychological Parameters in Decision Making (cont’d) • Knowing one’s self is the best way to counter psychological parameters. • The psychology of decision making militates for: la judgmental strategy, lbounded rationality, and la satisficing outcome.

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