Managerial+Decision+Making


 * [[image:https://sites.google.com/site/profcraigarmstrong/_/rsrc/1268140721592/cimbavantaggio/managerial-decision-making/CIMBA_Pictionary2.JPG?height=205&width=320 link="http://www.ted.com/talks/lang/eng/dan_ariely_asks_are_we_in_control_of_our_own_decisions.html"]] || Compared to **//rational decision making//** processes in which we have all the information we need to make the **//optimal//** choice, we usually have to engage in **//incremental decision making//** where we gather some information, shape the problem a little bit, then gather more information and so on until we can create a few //**satisficing**// choices. We also learned about the differences between **//structured problem solving//**, which involves following a predetermined rule when a previously identified problem occurs, and **//poorly structured problem solving//**, which involves incremental gathering of information to formulate the problem. In the TED video, behavioral economist Dan Ariely demonstrates how we can be tricked into thinking we have control over our decision making processes, even in very simple settings. Click on the image if you want to watch his talk again. For an explanation of Bernie Madoff's insanely criminal behavior, [|read this blog on TED.com] . ||