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Sample flowchart representing a decision process when confronted with a lamp that fails to light. In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.
Leader accepts any decision and does not try to force his or her idea. Decision accepted by the group is the final one. Vroom and Yetton formulated following seven questions on decision quality, commitment, problem information and decision acceptance, with which leaders can determine level of followers involvement in decision.
Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met, without necessarily maximizing any specific objective. [1]
Multiple possible solutions are explored in a short amount of time, and unexpected connections are drawn. After the process of divergent thinking has been completed, ideas and information are organized and structured using convergent thinking to decision making strategies are used leading to a single-best, or most often correct answer. [2]
Vroom [1] [3] identified five types of decision-making processes, each varying on degree of participation by the leader. Decide: The leader makes the decision or solves the problem alone and announces his/her decision to the group. The leader may gather information from members of the group.
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference. [14]A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
The distinction between "maximizing" and "satisficing" was first made by Herbert A. Simon in 1956. [1] [2] Simon noted that although fields like economics posited maximization or "optimizing" as the rational method of making decisions, humans often lack the cognitive resources or the environmental affordances to maximize.
For illustrative purposes consider a choice between two simple gambles of the type “a chance c of winning monetary amount x; a chance (100 - c) of winning amount y.”A choice between two such gambles contain four reasons for choosing: the maximum gain, the minimum gain, and their respective chances; because chances are complementary, three reasons remain: the minimum gain, the chance of the ...