weeks 1-4

Question 1

rationality

Answer 1

perfectly recognise, identify and diagnose a problem
id and establis criteria (objectively)
weigh the importance
know the alternative
asses them
calculate the highest value

Question 2

bounded rationality

Answer 2

satisfy+suffice= satisfice
1) asses the situation
2) recognise situation cues
3) recall similar sit/outcomes
4) choose situation in the memory closest
5) initiate action
depending the time, information we have and the cognitive capacity we have limits

Question 3

Miswanting

Answer 3

we dont really know what we want is what we need or like

Question 4

Managers/experts decision making

Answer 4

rationality+intuition/judgement/heuristics
context issues: politics,lack of time, cognitive limitations, emotions, biases (), poor information, information overload
timeline limitation and reference points

Question 5

Evidence-based management

Answer 5

1. scientific literature empirical studies
2. internal and external data
3. practitiones profesional experience
4. stakeholders values and concerns