discuss the positive and negative aspects of applying satisficing in decision-making
1.Discuss the concept of satisficing. In your answer, discuss the positive and negative aspects of applying satisficing in decision-making.
Your response should consist of no less than 200 words.
2.Discuss how bias has blocked your ability to make a rational decision. In your answer, discuss the heuristic that you may have used and the bias associated with that heuristic. What could you have done to overcome the bias generated by the heuristic?
Your response should consist of no less than 200 words.
3.Discuss bounded rationality. In your discussion, explain the term as well as its importance in rational managerial decision-making.
Your response should consist of no less than 200 words.
4.Explain the availability, representativeness, and affect heuristics. In your answer, compare the three and discuss the positive and negative aspects of each.
Your response should consist of no less than 200 words.
Please Cite
Chapter 1 and 2
Book
Bazerman, M.H., & Moore, D.A. (2009). Judgement in managerial decision making (7th ed.). Hoboken, NJ: Wiley
Answer Preview
This is an aspect of decision making that involves choosing not from many alternatives but choosing the first option that is satisfactory. It is aimed at achieving adequate results rather than optimal results. This aspect of decision making may however be irrational and may not give room to choose the best option. Satisficing does not ensure that the best option is made…
(917 Words)