Mgt503 short lec 17 | NATURE AND TYPES OF MANAGERIAL DECISIONS | principle of managment | exam prep скачать в хорошем качестве

Mgt503 short lec 17 | NATURE AND TYPES OF MANAGERIAL DECISIONS | principle of managment | exam prep

Welcome to Lecture 17 of the MGT503 Principles of Management series! After learning the ideal way to make decisions (the Rational Model), we now dive into the **Realities of Managerial Decision Making**. This lecture explores how real-world managers make choices under pressure, with limited information, and how human biases and group dynamics come into play. We will cover: 1. *Bounded Rationality & Satisficing:* Why managers don't always find the "perfect" solution. 2. *Role of Intuition:* The power of "gut feelings" based on experience. 3. *Types of Problems & Decisions:* Structured vs. Unstructured, and Programmed vs. Non-Programmed Decisions. 4. *Decision-Making Conditions:* Certainty, Risk, and Uncertainty revisited. 5. *Decision-Making Styles:* (Directive, Analytic, Conceptual, Behavioral) 6. *Decision-Making Biases & Errors:* The common mental shortcuts that lead to bad decisions (e.g., Overconfidence, Sunk Costs, Confirmation Bias). 7. *Group Decision Making:* Advantages and Disadvantages (including Groupthink). *⏰ TIMESTAMPS:* 0:00 - Introduction: Realities of Decision Making 1:40 - Bounded Rationality & Satisficing 3:20 - Role of Intuition 4:30 - Types of Problems (Structured vs. Unstructured) 6:10 - Types of Decisions (Programmed vs. Non-Programmed) 7:30 - Decision-Making Conditions (Certainty, Risk, Uncertainty) 9:00 - Decision-Making Styles (Directive, Analytic, Conceptual, Behavioral) 12:00 - Decision-Making Biases & Errors (Heuristics) 12:45 - Overconfidence & Immediate Gratification Bias 13:50 - Anchoring Effect & Confirmation Bias 15:00 - Availability & Randomness Bias 16:10 - Sunk Costs Error & Self-Serving Bias 17:40 - Group Decision Making (Advantages & Disadvantages) 19:30 - Conclusion --- *📚 IMPORTANT RESOURCES & LINKS* Here you will find all the important links for MGT503 Handouts, Notes, and our community channels. *Highlighted MGT503 Handout (Google Drive):* https://drive.google.com/file/d/1WEah... *Complete MGT503 Lecture Playlist:*    • mgt503 short lecture playlist   *Join our WhatsApp Channel:* https://whatsapp.com/channel/0029vb78... *Follow us on Facebook:*   / pfbid0335mshd7jfefng1rkfqqxmjzsbi3b4bppwxy...   *Access All Notes (Google Doc):* https://docs.google.com/document/d/1d... --- *CONTACT:* 03447216506 [email protected] #MGT503 #PrinciplesOfManagement #MGT503Lecture17 #DecisionMakingRealities #BoundedRationality #DecisionBiases #GroupDecisionMaking #Satisficing