Managerial Decision Making: Overconfidence, Bounded Awareness, and Fairness and Equity
VerifiedAI Summary
This report critically analyzes the concepts of over-confidence, fairness and equity, and bounded awareness in the light of Herbert A Simon's statement on the capacity of the human mind for formulating and solving complex problems. It discusses the benefits and negatives of overconfidence, the drawbacks of bounded awareness, and the implementation of fairness and equity in decision-making. The report concludes with recommendations for managers to improve decision-making in organizations.