Unit Ii: Essay-Managerial Decision Making Manage

Unit II: Essay-Managerial Decision MakingNameInstitutionManagerial Decision MakingQuestion 1: Discuss the following statement. “It is important that organizational managers understand that bounded awareness can and will occur in decision making.” Bounded awareness refers to the situation where cognitive blinders limit one’s ability to see, seek, use or share highly relevant, accessible and perceivable information in decision making process (Foreman & Selly, 2001). Research on social and cognitive psychology shows that human mind has a tendency to focus on specific information, while failing to utilize other equally important information that is relevant to the situation and readily accessible (Roy & Conolly, 2005). In an organizational setting, bounded awareness can occur in three different contexts. Firstly, management or the executive often fails to seek and use important and relevant information in decision making (Frame, 2012). Secondly, the executive may fail to utilize information that they see but are not aware of its relevance to the decision making process (Bazerman & Moore, 2009). Thirdly, the bounded awareness of the executive where they fail to share crucial information may limit the organization’s awareness scope (Frame, 2012). From the above discussion, it is