Decisions can be categorized into four conditions that are, making a decision under
-certain
-risky
-uncertain, and
-conflicting or competitive
circumstances.
In certain circumstances, resources and time are available, so the choise is easy. In risky situations, some options may have risk. In uncertain circumstances, informations are not complete. There are also conflicting situations which make decision making a harder task.
I also briefed you about the Daft's three models of DM, the classical model, administrative and political models. The classical is based on the assumption that everything is available, the information, time, finance, etc. The administrative model is based on Simon's view that we are in reality bounded by ratiionality (hence the term 'bounded rationality'), we aspire to decide on many things but things do not come too easy, there are incomplete information, limited time and no money around. The third model, political model puts forth the view that decision makers reconcile their views and collaborate with others in order to achive a good decision.
Next week's lecture will be given by Dr khairul. See you on August 27th.
Students who qualify to get bonus mark are:
