PPT-Chapter 11 Self-Control and Decision Making

Three years of losses often turn investors with thirtyyear horizons into investors with threeyear horizons they want out Kenneth Fisher and Meir Statman 2 SelfControl People struggle between two personasa doer and a planner. Objectives. Structure uncertain decisions – tree format. Symmetric. Asymmetric. Sequential decisions and Information seeking. Analyze uncertain decisions. . Solve a decision tree – Maximize (or Minimize) the expected value. © John Wiley & Sons Canada, Ltd.. Business Leadership: Management Fundamentals. John R. . Schermerhorn. , Jr. ., . Barry Wright, and Lorie Guest. Data. Raw facts and observations. Information. Data made useful for decision-making. © John Wiley & Sons Canada, Ltd.. Business Leadership: Management Fundamentals. John R. . Schermerhorn. , Jr. ., . Barry Wright, and Lorie Guest. Understand the role of . information in . the management process. Prof. Dr. . . Y. İlker TOPCU. www.ilkertopcu.. net. . www.. ilkertopcu. .org. . www.. ilkertopcu. .. info. facebook.com/. yitopcu. . twitter.com/. yitopcu. instagram.com/. yitopcu. Credits: 3+0. .  .  . Learning Outcome Assessment 2. Sec/102. Summer 2012. Dr Ali . Alghazo. Jehad. . AlGhamdi. : 200900201. Bader Al-. Hamed. : 200901007. Outline. Evaluating Decision Making. The Logic of Decision Making. Learning Outcomes. Identify the steps in the decision-making process. Describe various models of decision making. Discuss the individual influences that affect decision making. Explain how groups make decisions. Learning Outcomes. Explain dominance structuring and how it impacts our ability to consider our options in a full and fair-minded . way. Describe and apply the strategies used by strong critical thinkers thoughtfully to manage, monitor, and self-correct their decision making. Section 2-2: Making Decisions & Setting Goals. I. Making Responsible Decisions. Decisions about major life issues must be made carefully & deliberately.. Treat decision making like you would approaching a busy intersection.. Decision Support Systems . For Business Intelligence. Figure 2.1: Nature of Decision Making. Figure 2.2: Forms of Rationality. Figure 2.3: Causes of Satisficing Behavior. Figure 2.4: Perception is . © 2015 Cengage Learning. MGMT7. © 2015 Cengage Learning. 5-1. discuss the benefits and pitfalls of planning. 5-2 . describe how to make a plan that works. 5-3 . discuss how companies can use plans at all management levels, from top to bottom. Statin Choice Decision Aid Share-Decision Making SCIP Shared Decision Making Shared Decision Making Glasziou and Haynes ACP JC 2005 Promote a process where patients and clinicians make a choice together. Unstructured. : Decision maker must provide judgment, evaluation, and insight to solve . problem. Structured. : Repetitive and routine; involve definite procedure for handling so they do not have to be treated each time as . . Academics and . Traditional Finance. Investors Behave Rationally!. Complete Exploitation of Information. Sound Reasoning. People are Unbiased in Their Predictions About the Future. Traditional Finance. Neil Harrison. University of Sussex. Formerly: Institute of Cognitive Neuroscience . & Wellcome Trust Centre for Neuroimaging. Multiple decision making systems. What happens when one or other breaks down?.