age is also relevant: can be
positive, such as wisdom gained from more experience, or negative,
if, for example, you fear change.
Cultural Factors
For example, people from East Asian
countries have been found to use more compromising strategies
than those from North American cultures (Briley, Morris and Simonson,
2000). US managers more likely to take risks than Japanese, who
are more interested in long term-term strategy . Managers from
collectivist societies are more likely to follow a utilitarian
(greatest good for the greatest number of people) strategy, while
those from individualistic societies such as the US emphasize
their own personal good (Robertson and Fadil, 1999).
Environmental Attributes
(refers to issues of
stability and change in this context) Rational decision-making
may require a lot of time, that may not be available in a crisis
or a fast-paced business environment. Another environmental factor,
technological complexity, may also affect decision-making. :
as the technological complexity of an industry increases (such
as nuclear power), individual decision-making ability decreases
(Perrow, 1984).
Organizational Attributes
A decision-maker in a
very conservative organization may be less likely to take risks.
if
all of these factors may be relevant to decision-making, and
if it is almost impossible for everyone to possess all of the
m in equal amounts, what are the implications for decision making?