BY LARRY CHONKO, PH.D.THE UNIVERSITY OF TEXAS AT ARLINGTON

The Decision Making Processpresents

The Decision Making Process

The Decision Making Process Problem Recognition and

Information Gathering

Identify Alternative Courses of Action

Evaluate Alternative Courses of Action

Estimate Probabilities

Calculate the Expected Values and Make a Decision

Justify the Course of Action Chosen

The Decision Making Process

The Decision Making ProcessKey Questions Concerning Decision Making When Ethics Are In Play

Which alternative respects the rights and dignity of the stakeholders and can be universally applied?

Which alternative will produce the most good and the least harm?

Do any of the alternatives violate a conventional moral rule?

Which alternative can you personally live with?

The Decision Making Process

The Decision Making Process

Additional Thoughts

Focus on consequences that have a high probability of occurring

The greatest good for the greatest number of people

Think broadly

Consider importance of stakeholders

The Decision Making Process

The Decision Making ProcessWhat Is Your Ethics Confidence?

Have I/we thought broadly about the ethical issues associated with the decision I/we have made?

Have I involved those who might have some right to input or involvement in the decision I/we have made?

Does my/our decision respect the rights and dignity of stakeholders? (which?)

Does this decision product the most good and the least harm to stakeholders? (which?)

Does the decision I/we have made uphold moral rules by which I/we live?

Can I/we live with this decision in the long-run?

Does the decision I/we have made allow for growth in my/our character?

The Decision Making Process

The Decision Making Process

BIASES

Obedience to Authority

Social Proof

False Consensus Effect

Over-Optimism

Overconfidence

Self-Serving Bias

Framing

BIASES

Process

Sunk Costs

The Tangible and the Abstract

Time-Delay Traps

Loss Aversion