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Uncertainty - Human Resource - Lecture Slides, Slides of Human Resource Management

Shoolini University of Biotechnology and Management SciencesHuman Resource Management

In these Lecture Slides of HRM, the lecturer has illustrated the following major aspects of Human Resource Management : Uncertainty, Limited, Prevents, Probabilities, Estimation, Managers, Force, Maximax, Pessimistic Manager’S, Minimum Payoff

Typology: Slides

2012/2013

Uploaded on 07/26/2013

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23
Decision-making conditions
Uncertainty
Limited or information prevents estimation of outcome
probabilities for alternatives associated with the
problem and may force managers to rely on intuition,
hunches, and “gut feelings”.
Maximax: the optimistic manager’s choice to
maximise the maximum payoff
Maximin: the pessimistic manager’s choice to
maximise the minimum payoff
Minimax: the manager’s choice to minimize his
maximum regret.
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Decision-making conditions

 Uncertainty

 Limited or information prevents estimation of outcome

probabilities for alternatives associated with the

problem and may force managers to rely on intuition,

hunches, and “gut feelings”.

 Maximax: the optimistic manager’s choice to

maximise the maximum payoff

 Maximin: the pessimistic manager’s choice to

maximise the minimum payoff

 Minimax: the manager’s choice to minimize his

maximum regret.

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24

Decision-making styles

Figure 6.6 Docsity.com

26

Common decision-making errors and

biases

Figure 6.7 Docsity.com

Decision-making biases and errors

 Heuristics

Using “rules of thumb” to simplify decision making.

 Overconfidence Bias

Holding unrealistically positive views of one’s self and one’s performance.

 Immediate Gratification Bias

Choosing alternatives that offer immediate rewards and that to avoid immediate costs.

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Decision-making biases and errors

 Framing Bias

Selecting and highlighting certain aspects of a situation while ignoring other aspects.

 Availability Bias

Losing decision-making objectivity by focusing on the most recent events.

 Representation Bias

Drawing analogies and seeing identical situations when none exist.

 Randomness Bias

Creating unfounded meaning out of random events. Docsity.com

 Sunk Costs Errors

Forgetting that current actions cannot influence past events and relate only to future consequences.

 Self-Serving Bias

Taking quick credit for successes and blaming outside factors for failures.

 Hindsight Bias

Mistakenly believing that an event could have been predicted once the actual outcome is known (after-the- fact).

Decision-making biases and errors

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