Topic: Decision Making Biases and Errors /Decision Making Problems, Conditions, and Styles

1. Describe a decision you have made that closely aligns with the assumptions of perfect rationality. Compare this with the process you used to select your major. Did you depart from the rational model in your choice of major? Explain.
2. Is the order in which alternatives are considered more critical under assumptions of perfect rationality or bounded rationality? Why?
3. Explain how a manager might deal with making decisions under conditions of uncertainty.
4. Give an example drawn from your personal decision making that illustrates satisficing. What steps would be necessary to make a better decision in that situation?
5. How does escalation of commitment affect decision making? Have you had an example of this in your decision making?
6. Discuss the role that stakeholders play in the four approaches to corporate social responsibility.