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Effective Decision Making

  • Po L. Yu
  • Carl A. Scupin

Abstract

Recall from Section 7.1, that for each decision problem E, there is a perceived competence set HD*(E), a collection of ideas, knowledge and skills for its effective solution. When the decision maker believes that he/she has already acquired and mastered HD*(E), he/she would feel comfortable and confident about making a decision. Otherwise, he/she would hesitate to make a decision, especially when it involves high stakes. The perception, acquisition and mastering of HD*(E) thus play important roles in determining how fast and how effective a decision is made and executed. These topics and their applications will be the focus of study in this chapter. In particular, we shall discuss decision cycles in Section 8.1; core of habitual domains in Section 8.2; learning processes in Section 8.3; classes of decision problems in Section 8.4; decision quality, confidence, risk taking and ignorance in Section 8.5; effective decision making in Section 8.6; and decision assistance in Section 8.7. In the appendix (Section 8.8), decision situations and competence sets are further explored.

Keywords

Decision Maker Decision Problem Effective Decision Decision Quality Routine Problem 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag 1990

Authors and Affiliations

  • Po L. Yu
    • 1
  • Carl A. Scupin
    • 1
  1. 1.School of BusinessUniversity of KansasLawrenceUSA

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