...Craighead, W. E., & Nemeroff, C. B. (Eds). NY: Wiley. (pp. 913-915). MANAGEMENT DECISION MAKING A major concern in management has been to understand and improve decision making. Various approaches have been proposed by psychologists, most based on a “divide-and-conquer” strategy. This strategy – also labeled “problem decomposition” – involves breaking a large decision problem into smaller parts. The idea is not new: In a “Letter to Joseph Priestly,” Benjamin Franklin was one of the first to describe a decomposition strategy. The theoretical justification for this approach was outlined by Simon (1957) in his account of “bounded rationality.” This concept says that cognitive processing limitations leave humans with little option but to construct simplified mental models of the world. As Simon (p. 198) put it, a person “behaves rationally with respect to this model . . . (although) such behavior is not even approximately optimal with respect to the real world.” There have been two approaches to management decision making (Huber, 1980). The first is concerned with development and application of normative decision rules based on formal logic derived from economics or statistics. The second involves descriptive accounts of how people actually go about making judgments, decisions, and choices. NORMATIVE ANALYSES As initially outlined by von Neumann and Morgenstern (1947) in Theory of games and economic behavior, a variety of techniques have been derived for making optimal decisions. A distinction...
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...GROUP INTERACTION JOURNAL ARTICLES Compiled by Lawrence R. Frey University of Colorado at Boulder Aamodt, M. G., & Kimbrough, W. W. (1982). Effects of group heterogeneity on quality of task solutions. Psychological Review, 50, 171-174. Abbey, D. S. (1982). Conflict in unstructured groups: An explanation from control-theory. Psychological Reports, 51, 177-178. Abele, A. E. (2003). The dynamics of masculine-agentic and feminine-communal traits: Findings from a prospective study. Journal of Personality and Social Psychology, 85, 768-776. Abele, A., Gendolla, G. H. E., & Petzold, P. (1998). Positive mood and in-group—out-group differentiation in a minimal group setting. Personality and Social Psychology Bulletin, 24, 1343-1357. Aberson, C. L., Healy, M., & Romero, V. (2000). Ingroup bias and self-esteem: A meta-analysis. Personality and Social Psychology Review, 4, 157-173. Abougendia, M., Joyce, A. S., Piper, W. E., & Ogrodniczuk, J. S. (2004). Alliance as a mediator of expectancy effects in short-term group psychotherapy. Group Dynamics: Theory, Research, and Practice, 8, 3-12. Abraham, A. (1973a). Group tensions as measured by configurations of different self and transself aspects. Group Process, 5, 71-89. Abraham, A. (1973b). A model for exploring intra and interindividual processes in groups. International Journal of Group Psychotherapy, 23, 3-22. Abraham, A. (1974-1975). Processes in groups. Bulletin de Psychogie, 28, 746-758. Abraham, A., Geffroy, Y., & Ancelin-Schutzenberger...
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...Public Policy Scholars view decision-making as public participation and explore how various stakeholders (e.g., citizens, industry representatives, governmental agencies) can impact decision making processes, such as environmental issues (Depoe, Delicath, & Elsenbeer, 2004). This research examines how engagement in decision-making is impacted by the ways in which problems and solutions are communicatively defined and framed (Depoe et al., 2004). Health Communication Health communication research on decision-making focuses on the communication that occurs between patient-provider, patient-family, and among health professionals in making decisions. This research focuses on how decisions are made regarding treatment and prevention options (Marks, Ok, Joung, & Allegrante, 2010; Quillin, Tracy, Ancker, Mustian, Ellington, Viswanath, Miller, 2009), donor decisions (Brown et al., 2008; Smith et al., 2010), and health risk communication (Ozanne, Wittenberg, Garber, Weeks, 2010). This research tends to be both descriptive and prescriptive in approach, as the potential health outcomes studied are crucial and linked to illnesses such as cancer (Marks et al., 2010). In these contexts, decision-making is usually shared, defined as “a process in which the patient and providers consider outcome probabilities and patients’ preferences and reach a health care decision based on mutual agreement” (Orchard, King, Khalili, & Bezzina, 2012, p. 60). Embedded in this is an emphasis on the active...
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...|a learning and growth perspective. | |d. |all of the above. | |e. |(a) and (b) only. | ANS: D PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation 2. The level of marketing control that examines whether the strategy is being implemented as planned and whether it produces the intended results is termed: |a. |strategic control. | |b. |annual plan control. | |c. |strategic component control. | |d. |profitability control. | |e. |incremental control. | ANS: A PTS: 1 NAT: AACSB Reflective Thinking | CB&E Model Strategy | R&D Managing strategy & innovation 3. The level of marketing control that examines how well resources have been...
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...Theoretical models of decision-making, and their neuroscientific underpinnings Introduction In this essay I would like to focus the theoretical models of decision making that have come from psychology, cognitive and ecological alike, and review relevant literature from cognitive neuroscience that may or may not provide neural foundation for the claims that they have formulated. The reason for which I find it interesting to contrast these two approaches is there different outlook on the concept of “bias”. Traditional – closed systems - approaches to decision-making The investigation of decision-making is a multidisciplinary endeavor with researchers approaching the area from different fields and applying numerous different models (Hastie, 2001). The normative model of decision-making originates from mathematics and economics and the most prominent normative model is perhaps Subjectively Expected Utility (SEU; Savage, 1954). This model of rational behavior implies that people act as if they are calculating the "expected utility" of each option, choosing the one that they believe has the highest value. It has been criticized however, as some researchers doubted whether humans actually perform the mental multiplications and additions suggested by SEU. Simon (1955) was the first to challenge the assumptions of optimizing decision theories (such as SEU) making strong arguments concerning the limited capacity of the decision maker, for which he introduced the term “bounded rationality”...
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...ENGINEERING MANAGEMENT, VOL. 49, NO. 1, FEBRUARY 2002 59 R&D Project Selection Using the Analytic Network Process Laura M. Meade and Adrien Presley Abstract—The analytic network process (ANP) is presented as a potentially valuable method to support the selection of projects in a research and development (R&D) environment. This paper first discusses the requirements of the R&D project selection problem, which requires the allocation of resources to a set of competing and often disparate project proposals. Among the factors complicating this task is the need to make the decision within the framework of an enterprise’s strategic objectives and organizational structure while considering and integrating financial and strategic benefits of each project. The paper discusses the use of the ANP, a general form of Saaty’s analytic hierarchy process, as a model to evaluate the value of competing R&D project proposals. A generic ANP model developed by the authors, which includes in its decision levels the actors involved in the decision, the stages of research, categories of metrics, and individual metrics, is presented. The paper concludes with a case study describing the implementation of this model at a small high-tech company, including data based on the actual use of the decision making model. Index Terms—Analytic hierarchy process, analytic network process, multicriteria decision making, project selection, R&D management, R&D projects. I. INTRODUCTION OR MANY firms, especially those...
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...INFORMS Multiple Criteria Decision Making, Multiattribute Utility Theory: Recent Accomplishments and What Lies Ahead Author(s): Jyrki Wallenius, Peter C. Fishburn, Stanley Zionts, James S. Dyer, Ralph E. Steuer and Kalyanmoy Deb Source: Management Science, Vol. 54, No. 7 (Jul., 2008), pp. 1336-1349 Published by: INFORMS Stable URL: http://www.jstor.org/stable/20122479 Accessed: 15-10-2015 13:28 UTC Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://www.jstor.org/page/ info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. INFORMS is collaborating with JSTOR to digitize, preserve and extend access to Management Science. http://www.jstor.org This content downloaded from 130.243.57.230 on Thu, 15 Oct 2015 13:28:04 UTC All use subject to JSTOR Terms and Conditions SCIENCE MANAGEMENT WjEE. Vol. 54, No. 7, July 2008, 1336-1349 pp. DOI io.l287/nmsc.l070.0838 ISSN 0025-19091EISSN1526-55011081540711336@2008 INFORMS Criteria Decision Making, Multiattribute Multiple Utility Theory: Recent Accomplishments and What Lies Ahead School Helsinki Jyrki Wallenius of...
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...Organisational Change and Employee Turnover Kevin M. Morrell, John Loan-Clarke and Adrian J. Wilkinson Total Word Count: 4515 K v Mor ls f ayaD c r R sa h t et iP Ditl ‘ dln ei r liai l er ot a eer Su n h h sie Moei n e n ol c d ,s td lg E p ye unvr k.m.morrell@lboro.ac.uk m l e T roe , o ’ John Loan-Clarke is a Lecturer in Organisational Behaviour, j.loan-clarke@lboro.ac.uk Professor Adrian Wilkinson is Professor of Human Resource Management, a.j.wilkinson@lboro.ac.uk All authors are based at: Loughborough University Business School, Loughborough LE11 3TU, UK. Key Words: Employee Turnover, Organisational Change, NHS 1 Organisational Change and Employee Turnover Abstract This paper investigates employee turnover, using data from a recent study of 352 NHS nurse leavers. We explore individual decisions to quit in a context characterised by change, and suggest a mechanism whereby organisational and contextual change can prompt individual leaving decisions. We develop and test hypotheses designed to shed light on the links between organisational change and individual decisions to quit. We then develop a theoretical, heuristic model describing the relationship between organisational change and turnover. The managerial implications of this model are outlined and the paper concludes with an agenda for future research. Introduction Employee turnover is a much studied phenomenon (Shaw, Delery, Jenkins and Gupta 1998: 511). Indeed, one recent meta-analysis (Hom...
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...Crossing r ok g the Chasm, recently wrote an article in the t w e Harvard Bu H usiness Review about a growth t h portfolio fra p amework cal lled Horizon 1-2-3 (H1n 2-3). The fra 2 amework, originally de o eveloped by y Mehrdad Ba M aghai, Step phen Coley, and David d White, esta W ablished a view that companies s that are su t uccessful in the long term have n e growth initi g iatives in th hree stages: Horizon 1, : , the mature slow growt businesses; Horizon t th n 2, 2 the emerging high growth businesses; and g d Horizon 3, t embryon ideas an pilots ofH the nic nd ten found in R&D. Moore asserts in the art n s ticle that h has obs t he served a t tendency of f companies, particularl technolo c ly ogy companies, to ta n ake promising H3 pr rojects and d launch them directly in H1 whe they ofl m nto ere ten are un t nsuccessful under the weight of f near-term fi n inancial pre essures and the need to o conform to the curren business model and c nt d organization norms. The Clarion Group has o nal T n s used the H u H1-2-3 framework with dozens of h f clients over the years, and we hav seen the c ve e phenomenon Moore describes o p n d occasionally. . However, using the H1-2-3 framework as a H H diagnostic, we have also seen ot d a ther trends s more freque m ently – tren nds which impede our r clients’ abili to grow. c ity st es occupied wit existth Mos companie are preo ing businesses; they must learn to p ; t pay more ention to w where they are headed versus d atte chan...
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...AUTOMATIC CONTROL, VOL. ON AC-29,NO. 4, APRIL 1984 The Control of a Prosthetic Arm by EMG Pattern Recognition Abstract -An electromyographic (EMG) signal pattern recognition system is constructed for real-lime control a prostheticarm through precise of identificationof motion and speed command. A probabiistic modelofthe EMG patterns is f i i formulatedinthe featurespace of integralabsolute d u e (IAV) to describetherelation betweena command, represented by motion and speed variables, and location and shape of the corresponding pattern. The model provides the sample probability density function of pattern classes in the decision space relations between L4V, of variance zero and crossings based on the variance, and zero crossings established in this paper. Pattern classification is carried out through a multiclass sequential decision procedure designed with an emphasis on computational simplicity. The upper bound of probability of error and the average number of sample observationsareinvestigated. Speed andmotionpredictionsareusedin conjunctionwiththe decision proceduretoenhance decision speed and reliability. A decomposition ruleis famulated for the direct assignment of speed to each primitive motion involved ina combined motion..4 learning procedure i also designedforthedecisionprocessorto s adaptlong-termpattern variation. Experimental results are discussed in the Appendix. I. INTRODUCTION HE electromyographc (EMG) signals are the electric manifestation of neuromuscular...
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...(IS) Com ponents of an IS Data vs Inform ation Characteristics of Valuable Information What is a System ? What is a Model ? Com puter-Based IS (CBIS) Technology Infrastructure Business Inform ation System s (BIS) Special-Purpose BIS 1 Concepts of Information Systems (IS) IS are ev erywhere! e.g ? ATM ¨ cash withdrawal / deposit, check balance, transfer m oney to another A/c ? Internet ¨ online trading, searching, etc.. ? Touch N Go system, Movie Ticketing System ? HandPhone, PDA, ? scanners, bar codes,etc.. ¡ ¡ ¡ ¡ ¡ Can we live without IS ??? What is an IS ? - a s et of interr elat ed c om pon ents th at c ollect, manipu late, an d diss emin at e dat a/inf orm ation an d pr ovide a f eedback m ech anism t o m eet an objective. Com pon ent s of an IS collect manipulate disseminate f eedback Components of an IS ? Input (I/P) ¨ the activity of collecting, capturing or gathering of raw data. E.g to produce a paycheck for an em ployee ? No. of hours work, h ourly r at e ¨ can be m anual or autom atic ¨ input device i.e. scanner, keyboard etc.. 2 Components of an IS ¡ c o n t¡ ? Process ¨ the activity of manipulating, converting or transforming data into useful outputs. ¨ involves calculations or com parisons ¨ E.g to produce a paycheck for an em ployee ? Multiply No. of hours work by h ourly r at e ¨ can be done m anually or with the assistance of computers Components of an IS ¡ c o n t¡ ? Output (O/P) ...
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...recurring activity in many organizations. There are many techniques available to assist in this process, but no integrated framework for carrying it out. This paper simpli®es the project portfolio selection process by developing a framework which separates the work into distinct stages. Each stage accomplishes a particular objective and creates inputs to the next stage. At the same time, users are free to choose the techniques they ®nd the most suitable for each stage, or in some cases to omit or modify a stage if this will simplify and expedite the process. The framework may be implemented in the form of a decision support system, and a prototype system is described which supports many of the related decision making activities. # 1999 Published by Elsevier Science Ltd and IPMA. All rights reserved Keywords: Project portfolio selection, project management, integrated framework, decision support Introduction Project portfolio selection and the associated activity of managing selected projects throughout their life cycles are important activities in many organizations,1± 3 since project management approaches are so commonly used in many industries for activities such as research and development of new products, implementing new systems and processes in manufacturing and information systems, and contracting engineering and construction projects. But there are usually more projects...
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...S(t)imulating Creativity in Decision Making Niamh O Riordan, Philip O’Reilly Business Information Systems, University College Cork. Ireland. niamhmoriordan@yahoo.com | philip.oreilly@ucc.ie The significance of the earliest phase of decision making stems from the fact that decision makers 'frame' problems during this phase. These frames shape all subsequent decision making phases (Beach, 1997), fundamentally conditioning decision making outcomes (Daly et al., 2008). Avenues not considered at this stage are unlikely to be considered in the future (Adam, 2008). Further, decision making is most creative at these stages: there is a great deal of uncertainty at play but there are fewer constraints and there is less at stake. This paper argues that virtual worlds offer a potent combination of social, sensory and simulational capabilities that can stimulate creativity in decision making; and it also reports the findings of an investigation of the behavioural and cognitive aspects of creative decision making in Second Life®. The findings illustrate that Second Life users are faced with a kind of "tyranny of freedom": if anything is possible, where does one start? The answer appears to lie in a kind of "retrospective foresight" whereby decision makers draw upon prior experiences and use analogical reasoning to articulate metaphorical systems of thought. ABSTRACT. KEYWORDS: problem definition; framing; creative decision making; virtual worlds Journal of Décision Systems. Volume x –...
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...M P BIRLA INSTITUTE OF MANAGEMENT ASSOCIATE BHARATIYA VIDYA BHAVAN MANAGERIAL ECONOMICS SYNOPSIS DR. S. BISALIAH* * Support for computerising the material by Mrs. R. Kalavathi as well as of Dr. N. S. Viswanath in providing the basic framework for developing this material is hereby acknowledged. Module 1 1. INTRODUCTION: 1. Economics: Science of Scarcity, Choice and Efficiency. • Scarcity of resources ( Choice. • Scarcity of resources ( Efficiency. Question: How to organize the system which promotes the most efficient use of resources? 2. Economics combines the rigour of science and poetry of humanities: Elaborate. 3. Three Fundamental Choice Problems of Economic Systems: • What commodities shall be produced and in what quantities? • How shall these commodities be produced? • For whom shall these commodities be produced? 4. Micro and Macro Economics: • Micro Economics: Concerned with the behaviour of individual economic units and their interactions – consumers and producers/business firms. ← Major type of interactions in the market: Between Buyers and Sellers: ← Three major components of Microeconomics: ← Product pricing ← Input (Factor) pricing ← Welfare economics ← Major uses of Microeconomics: ← Provides basic tools of economic analysis for application...
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...and Jisun Yu under the supervision of Professor Andrew H. Van de Ven of the Carlson School of Management at the University of Minnesota. We also appreciate the editorial assistance of Julie Trupke and useful comments of Gyewan Moon and Margaret Schomaker. We gratefully acknowledge Stuart Bunderson, Shawn Lofstrom, Russel Rogers, Frank Schultz, and Jeffery Thompson who assisted in collecting data during this eightyear longitudinal study of MMG’s integration journey. The case was prepared to promote class discussion and learning. It was not designed to illustrate either effective or ineffective management. Used with permission from Rhonda Engleman. both05.indd 511 11/11/08 11:37:27 AM 512 C A S E 5 : M I D W E S T E R N M E D I C A L G R O U P ’ S I N T E G R AT I O N J O U R N E Y journey within the Midwestern Health System (Midwestern), the MMG management team experienced many encouraging moments, achievements, and successes as well as many struggles, disappointments, and conflicts. She was scheduled to meet with the board chair the next day to talk about the major issues her successor would need to address as president of MMG. Knowing this might be her last contribution to MMG before she retired, Olsen wanted to provide the board chair with helpful advice to pass on to her successor. Olsen pondered the historical events in MMG’s integration journey as she thought about what to say in that meeting. (See Exhibit 5/1...
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