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Establishing the overall consequences of the options and making the final decision

In: Successful Decision-making

Author

Listed:
  • Rudolf Grünig

    (Université de Fribourg LS für Unternehmensführung)

  • Richard Kühn

    (Universitét Bern Fak. Rechts-/Wirtschaftswissenschaften Inst. Marketing/Unternehmungsführung)

Abstract

The last step in the heuristic decision-making procedure represents a double task: establishing the overall consequences of the options and making the final decision. However Figure 8.1 shows that a heuristic loop can occur if the evaluation does not produce an option that satisfies the requirements of the actor, but hope remains that better options can still be found. In this case the procedure proposes working through Steps 3 to 7 once again. If the heuristic has developed only one option and this is compared with the status quo in Step 7, it is highly likely that several run-throughs will take place. It would be a fortunate accident if the first solution corresponded to the actor’s requirements.

Suggested Citation

  • Rudolf Grünig & Richard Kühn, 2009. "Establishing the overall consequences of the options and making the final decision," Springer Books, in: Successful Decision-making, chapter 8, pages 115-147, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-00854-2_9
    DOI: 10.1007/978-3-642-00854-2_9
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