Risky business : making decisions off the cuff

Lings, Ian, Durden, Geoff, & Souchon, Anne (2010) Risky business : making decisions off the cuff. In Proceedings of Academy of Marketing Conference 2010, Coventry University, Coventry, UK.

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In line with accepted decision making theory, individuals engage in rational decision making. Decisions made under conditions of bounded rationality may have serious adverse consequences. Employees making decisions on behalf of their employer are often faced with situations where perfect and complete information is not available, and time is limited. Under such conditions, we posit that employees will make decisions that are increasingly bounded. At its most extreme neither time nor information is available to make a decision and rational decision making, bounded or not, reaches its limits. Many authors suggest that this is the point at which improvisation takes place. Although opinion in the literature is mixed regarding the efficacy of improvised decisions, we argue that improvised decisions place the organisation at considerable risk and as a consequence are undesirable.

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ID Code: 39509
Item Type: Conference Paper
Refereed: Yes
Keywords: business, decision making, employees, improvisation
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > MARKETING (150500) > Marketing not elsewhere classified (150599)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Advertising, Marketing & Public Relations
Copyright Owner: Copyright 2010 [please consult the authors]
Deposited On: 10 Jan 2011 23:23
Last Modified: 10 Aug 2011 17:34

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