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Judgment in Managerial Decision Making

Summary:

The book explores the psychological biases and heuristics that affect the decision-making processes of managers, offering insights and strategies for improving judgment. It covers topics such as overconfidence, framing effects, and ethical dilemmas, providing tools for more rational analysis and effective decision-making in a business context.

Key points:

1. Bounded Rationality: Herbert Simon's concept that people can't process all information, leading to less-than-ideal decisions. Managers should use strategies to improve decision-making despite these limits.

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