Premium
Cognitive simplification processes in strategic decision‐making
Author(s) -
Schwenk Charles R.
Publication year - 1984
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.4250050203
Subject(s) - management science , cognition , selection (genetic algorithm) , identification (biology) , decision theory , decision engineering , decision field theory , affect (linguistics) , business decision mapping , computer science , decision analysis , operations research , process management , psychology , decision support system , artificial intelligence , business , economics , engineering , microeconomics , mathematical economics , botany , communication , neuroscience , biology
Strategic decision‐making can be viewed as a special kind of decision‐making under uncertainty. Such decision‐making involves the activities of goal formulation, problem identification, alternatives generation, and evaluation/selection. Researchers in cognitive psychology and behavioural decision theory have identified a number of cognitive simplification processes which may affect the way decision‐makers perform these tasks. Within this paper, the research on these processes is summarized and their possible effects on strategic decision‐making are discussed. Implications for future research in this area are also drawn.