Decision-making

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Decision-making (alternatively spelled, decision making) is the action, process, or creative behavior of making decisions.


Classifications

Programmed vs non-programmed

  1. Decision. A choice made from among two or more alternatives.
  2. Decision criteria. Criteria that define what's important or relevant to resolving a problem.


Individual vs collective

Approaches

Intuitive

Rational

Ad hoc

Tendencies

Optimizing vs. satisficing

Conservative vs aggressive

Process types

Agile vs rigid

Linear vs nonlinear

  1. Intuitive decision-making. Unconscious decision-making on the basis of distilled experience, feelings, and accumulated judgment.
  2. Rational decision-making. Decision-making that produces choices that are logical and consistent and maximize value.
    • Rationale. A reasoning characterized by making consistent, value-maximizing choices within specified constraints.
  3. Controlled expectancy. A situation in which a decision maker is able to estimate the likelihood of certain outcomes.
    • Certainty. A situation in which a decision maker can make accurate decisions because all outcomes are known.
    • Uncertainty. A situation in which a decision maker has neither certainty nor reasonable probability estimates available.
  4. Ad hoc decision-making.
  5. Core self-evaluation. Bottom-line conclusions individuals have about their capacities, competence, and worth as a person. In other words, self-believing in one's inner worth and basic competence.
    • General mental ability. An overall factor of intelligence, as suggested by the positive correlations among specific intellectual ability dimensions.
  6. Decisional tendency.
    • Bounded rationality. Decision-making that is rational, but limited (bounded) by an individual's ability to process information. In other words, bounded rationality is a process of making decisions by constructing simplified models that extract the essential features from problems without capturing all their complexity.
    • Escalation of commitment. An increased commitment to a previous decision despite evidence it may have been wrong.
    • Risk aversion. The tendency to prefer a sure gain of a moderate amount over a riskier outcome, even if the riskier outcome might have a higher expected payoff.
  7. Decision-making dilemma. Optimizing vs. satisficing, intuitive vs rational vs ad hoc, Agile vs rigid, conservative vs aggressive, linear vs nonlinear
    • Satisfice. Acceptance of solutions that are "good enough."
    • Allostasis. Working to change behavior and attitude to find stability.

Considerations

Self-regulation

  1. Self-regulation strategy.
    • Prevention focus. A self-regulation strategy that involves striving for goals by fulfilling duties and obligations.
    • Promotion focus. A self-regulation strategy that involves striving for goals through advancement and accomplishment.

Ethics

  1. Ethical dilemma. A situation in which individuals are required to define right and wrong conduct.