Class notes
COMM151 Post Midterm Summary Notes
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- Institution
These notes are a summary of all topics covered after the midterm in this class. All notes are based of the slide shows taught in class by the professor.
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Individual Decision-making:
Explanations for escalation of commitment
·
self-justification / dissonance reduction
·
failure to treat sunk costs as sunk
·
social norm of consistency in behaviour
avoiding the appearance of being wasteful
framing
help prevent escalation of commitment
change the frame
set specific goals , that must be met first
place more emphasis on decision making over the outcome
Rational-economic/ perfect Rationality
analytical information processing is
:
through and systematic
Bounded Rationality
heuristic information processing relies on rules that simplify
decision making
GROUP THINK :
mode of thinking when deeply involved in a cohesive
group, Members strive for unanimity
Avoid groupthink :
·
assign role of 'devils advocate
bring in outsiders
·
avoid being for directive
generate comprehensive
alternatives
search for info. to determine
quality
examine pros & cons of
alternatives
·
examine costs benefits & risks
,
·
monitor the results & react
know risks become a reality
, Negotiation
:
Process of making Joint decisions when the Parties involved have
different preferences
goals of negotiations :
maximize the amount of value that you create
claim as much of that value as possible
Proper Prep :
BARGAINING ZON :
self-assessment 150K 152k 154K 155
other Party assessment
I
-
bargaining zone
situational assessment
company your the company YR
reservation reservation offer
Rule 1 : know yourself
:
What is my target ?
: Best alternative to a negotiated agreement /BATNA) ?
: Reservation Point ?
Distributive Negotiation strategy
Rule 2 :
know your opponent threats and promise
Who is my opponent ? firmness vs Concessions
·
:
.
What is opponents position ? Persuasion
:
my
:
opponents interests ?
:
Opponents BATNA ? Integrative Negotiation strategies
do not compromise
Rule 3 :
know your situation share info
:
environment matters frame differences as opportunities
negotiation a one-off or part cut the costs
of an ongoing relationship ? and issues to make package
agreement required ? deals
introduce superordinate goals
Sub-Arctic Survival
>
- do teams make better decisions
than individuals?
>
- yes !
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