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Judgment in Managerial Decision Making (5th Edition) Paperback – July 13, 2001

ISBN-13: 978-0471398875 ISBN-10: 047139887X Edition: 5th

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Editorial Reviews

From the Back Cover

IS YOUR JUDGEMENT INFLUENCED BY PERSONAL BIASES?

In situations requiring careful judgment, we're all influenced by our own biases to some extent. But, with Max Bazerman's JUDGMENT IN MANAGERIAL DECISION MAKING, you can learn how to overcome those biases to make better managerial decisions.

The text examined judgment in a variety of organizational contexts, and provides practical strategies for changing your decision-making processes and improving these processes sp that they become part of your permanent behavior. Throughout, you'll find numerous hands-on decision exercises and examples from the author's extensive executive training experience that will help you improve the quality of your managerial judgment.

Now with a brand new chapter on investing
Revised to address the exciting new field of behavioral finance, the new Fifth Edition features a completely new chapter, Common Investment Mistakes (Chapter 7). The new chapter applies the book's main concept to the domain of investing.

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Product Details

  • Paperback: 192 pages
  • Publisher: Wiley; 5th edition (July 13, 2001)
  • Language: English
  • ISBN-10: 047139887X
  • ISBN-13: 978-0471398875
  • Product Dimensions: 6.1 x 0.3 x 9.4 inches
  • Shipping Weight: 9.8 ounces
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #704,712 in Books (See Top 100 in Books)

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3.7 out of 5 stars
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Most Helpful Customer Reviews

24 of 24 people found the following review helpful By A Customer on November 9, 1997
Format: Paperback
Max Bazerman had one central purpose in mind when he wrote his book, Judgment In Managerial Decision Making. He hoped to improve the judgment and decision making skills of his audience, whether they be managers of multi-billion dollar corporations or consumers deciding how much to offer a salesman for a new car. Through the use of vivid real-world examples Max Bazerman identifies systematic ways in which judgment and decision making skills deviate from rationality under uncertain conditions. The end result is that the reader can readily comprehend the concepts outlined in the book and easily apply them to his or her own life.
The only major weakness in the book has to do with its discussion of the multiparty decision-making process. Because of the complex dynamics of these multiparty situations, Bazerman is forced to limit his coverage to only a select number of issues that he believes are especially pertinent to understanding decision making among several groups. Academics have also spent less formal research time on multiparty decision-making versus two-party and individual decision making. Therefore, the number of real-world contemporary examples are quite limited, making the reader less inclined to believe the results.
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19 of 20 people found the following review helpful By A Customer on November 6, 1997
Format: Paperback
In his book, Judgment in Managerial Decision Making, Max Bazerman applies behavioral decision research into an organizational setting. He acknowledges that even though the rational decision-making process will lead to optimal decisions, the process is too time consuming to use in reality. Therefore, managers must rely on their intuitive judgment to find satisficing solutions to the problems they confront on a daily basis. The first half of the book examines the reader's judgment by explaining how the utilization of heuristics, rules of thumb used by managers to simplify problem solving in complex situations, can lead to irrational decisions when inappropriately applied. Cognitive biases are the cause of irrational decisions when heuristics are used improperly. In addition, Bazerman also offers an analysis of how uncertainty, escalation of commitment, and concern for fairness affect managerial decision-making. The second half of the book addresses how the decision-making process relates to both two-party and multiparty situations. Bazerman discusses the difficulty individuals face when trying to act rationally in competitive negotiations. He also describes the complexities work groups or project teams face when they hold a cooperative as well as a competitive position. The final chapter presents four strategies for improving the decision-making process. The first and second strategies are eliminating biases, and acquiring experience and expertise through feedback on the outcome of previous decisions. Both strategies are designed to alter intuitive responses to various decision-making situations. The third and fourth strategies offer techniques for improving decisions using linear models and accounting for the biases that influence the decisions of others.Read more ›
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13 of 13 people found the following review helpful By Amazon Customer on January 24, 2004
Format: Paperback
There are many quantitative books on Decision Making Theory but this book deals basically with the subjective aspects of Decision Making. I used it at the University of São Paulo as textbook for a graduate class on Decision Making under Uncertainty together with Clemen & Reilly's book "Making Hard Decisions".
Bazerman's focus on common decion biases and heuristics makes us think a lot about how we make decisions and normally has nothing to do with rational quantitative "perfect world" decision making normally teached at business schools. Do read this book if Decision Making Theory is important for you, this is really a classic on this subject!!!! With less than 200 pages you really can't afford not reading it.
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