presents
The Decision Making Process
BY LARRY CHONKO, PH.D.
THE UNIVERSITY OF TEXAS AT ARLINGTON
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 Process
Key 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 Process
What 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
BIASES
 Obedience to Authority
 Process
 Social Proof
 Sunk Costs
 False Consensus Effect
 The Tangible and
the Abstract
 Over-Optimism
 Overconfidence
 Self-Serving Bias
 Framing
The Decision Making Process
 Time-Delay Traps
 Loss Aversion