Summarize the key concepts this unit and the take-aways. Unit 6: Decision Making

Summarize the key concepts this unit and the take-aways.
Unit 6: Decision Making and Ethics
Learning Topics:
The rational decision-making model and concept of rationality
Learning Objectives:
After completing unit 6, it is expected that you will be able to:
• Describe the different types of decisions (strategic, tactical, operational).
• Understand the rational decision making model and its limitations.
• Understand the concepts of bounded rationality, intuitive decision-making, and creative decision-making.
• Examine the pros and cons of individual and group decision-making.
• Understand what Groupthink is and the impact that it has within group decision making.
• Understand different techniques of group decision making.
In 1909, Henry Ford the founder of the Ford Motor Company wrote the now famous quote “Any customer can have a car painted any color that he wants so long as it is black.” In 1909, the choice to purchase a car was pretty simply. Ford made the decision of color for a new Ford simple, black! Unfortunately many decisions that we face are not as simple as selecting the color of a 1909 Ford. In unit 6, we will look at the rational decision model and learn why it is simply not possible to be rational in our decision-making. We will learn that since we cannot make the best decision, we must strive to make good enough decisions, which our text refers to as satisficing. In unit 6, we will also explore the benefits and challenges of group decision making. We will also explore group decision-making techniques.

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