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Terms in this set (53)8 Step Decision-Making Process 1. Identification of a Problem 2. Identification of decision criteria 3. Allocation of weights to criteria 4. development of alternatives 5. Analysis of Alternative 6. Selection of an Alternative 7. Implementation of the Alternative 8. Evaluation of Decision Effectiveness A Problem is The existence of a discrepancy between an existing and a desired state of affairs In Allocating weights to the decision criteria... Assign the most important criterion a score, and then assign weights against that standard Allowing those impacted by the outcome to participate in the process is important in effectively implementing the chosen alternative Managers are assumed to be rational because... They make consistent value maximizing choices. Managers can make rational decisions if the alternatives are limited Rational Decision Making A type of decision making in which choices are logical and consistent and maximize value Bounded Rationally When managers circumvent the rational decision making model and find what to satisfice satisficing The type of decision making in which the solution is considered "good enough" Programmed Decision Making is Relatively simple and tends to rely heavily on previous solutions A rule is An explicit statement that tells a manager what he or she can or cannot do A policy In the majority of cases, contains an ambiguous term The difference between a policy and a rule is A policy is very broad and establishes parameters A certainty is A situation in which a manager can make accurate decisions because the outcome of every alternative is known Example: If an individual knows the price of three similar cars at different dealerships, he is operating under certainty The retail clothing store manager who estimates how much to order for the current spring season based on last spring's outcome is operating under... risk Non programmed decisions are typically made under a condition of uncertainty An optimistic Manager will follow maximizing the maximum possible payoff called a maximax choice A Pessimist Manager Will follow Maximing the minimum possible payoff called a maximin choice A Manager who desires to minimize his maximum regret will op for a... minimax choice heuristics Many Managers use Rules of Thumb to simplify their decision making overconfidence bias When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance confirmation bias When decision makers seek out information that reaffirms their past choice discount information that contradicts past judgements representation bias When decision makers access the likelihood of an event based on how closely it resembles other events To make Effective decisions 1. In today's fast moving world, managers need to know when it is time to call it quits A characteristic that the experts say an effective decision making process has is that it requires only as much information and analysis as is necessary Managers of highly reliable organizations (HROS)... Get the input of frontline supervisors and let them make decisions (Kasain/Theory Z) Managing Change is an integral part of every manager's job The Sarbanes-Oxley Act is an example of government laws and regulations Assembly Line technology is changing dramatically as organizations replace human labor with robots Global Economic Pressures force organizations to become more... cost efficient The 4 External forces for change 1. Changing consumer needs and wants 2. new government laws 3. Changing technology 4. Economic changes The 4 Internal Forces for change 1. New Organizational strategy 2. Change in composition of workforce 3. new equipment 4. Changing employee attitudes Calm Water Metaphor 1. Change is seen as an occasional disruption in the normal flow of events (Occasional storm in calm predictable trip) White Water Rapids Metaphor Small raft navigating a raging river with uninterrupted white water rapids. Is consistent with uncertain and dynamic environments continual process. Lewin's Theory Is consistent with calm waters theory. Unfreezing the status quo 2. Changing to a new state (direct away from the status quo) 3. Refreezing to make the change permanent (stabilizing the new situation) Organizational Change is Classified as (Manger's options) What three things? 1. People 2. Structure 3. Technology Intergroup Development (OD technique) Involves 1. Changing the attitudes, stereotypes and perceptions that work groups have about each other An individual is likely to resist change because of 1. Uncertainty 2. Concern over personal loss 3. Belief the change is not in the organization's best interest To cope with the complexity of life Individual's rely on habits or programmed responses Stress symptoms can be grouped in what three categories? 1. Physiological 2. Psychological (irritability) 3. Behavioral (Eating Habits) (stress itself is not necessarily bad) Strategic Management The collection of managerial decisions and actions that determine the long run performance of an organization Business Model A strategic design for how a company intends to profit from its strategies, work processes, and work activities Studies of the factors that contribute to organizational performance have shown positive relationship between strategic planning and performance In the first step of strategic management the mission of the firm answers the question... what is our reason for being? In analyzing the environment, managers should know pending legislation that might affect the organization Opportunities and threats are outcomes from a study of the external environment resources An organization's financial, physical, human and intangible assets that are used to develop, manufacture and deliver products or services to its customers.
Core competencies The organization's major value-creating skills capabilities and resources that determine the organization's competitive weapons The merging of the analysis 1. of internal and external factors influencing the organization's strategies is known as SWOT analysis The three main types of corporate strategies 1. Growth 2. Stability 3. Renewal The three types of growth strategies 1. concentration 2. integration 3. Diversification Growth through Concentration is achieved when an organization chooses to... grow by increasing its own business operations In forward vertical integration The organization gains control of its outputs by becoming its own distributor Horizontal Integration When an organization attempts to combine with other organizations in the same industry Sets with similar termsManagement diagnostic #5 (Chapters 11, 12, 13)84 terms ashlynnkinzel Chapter 1132 terms Bria_Edgar Management Chapter 1124 terms jacksonluke Intro to Management Chapter 949 terms raddish555 Other sets by this creatorEnvironmental Science Final Exam78 terms libbyjoy427 Environmental Science Exam III67 terms libbyjoy427 Consumer Behavior Midterm64 terms libbyjoy427 Economics Chapter 105 terms libbyjoy427 Verified questions
ADVANCED MATH Let two points p(t) and q(t) move with the same speed, p starting from (0, 0, 0) and moving along the z axis and q starting at (a, 0, 0), $a \neq 0,$ and moving parallel to the y axis. Show that the line joining p(t) to q(t) describes a set in $R^{3}$ given by y(x - a) + zx = 0. Is this a regular surface? Verified answer
ADVANCED MATH Determine whether the following definitions are stipulative, lexical, precising, theoretical, or persuasive. “Diadem” means an ornamental headband worn as a badge of royalty; a crown. Verified answer
ADVANCED MATH Desiree drove north for 30 minutes at 50 miles per hour. Then, she drove south for 60 minutes at 20 miles per hour. How far and in what direction is Desiree from where she started? Verified answer
ADVANCED MATH Use the counterexample method to prove each of the following arguments invalid. All FHA loans are living-standard enhancers for the following reasons. All reverse mortgages that are FHA loans are either living-standard enhancers or home-equity depleters, and all reverse mortgages are home-equity depleters. Verified answer
Recommended textbook solutionsBook of Proof2nd EditionRichard Hammack 340 solutions Elementary Differential Geometry2nd EditionBarrett O'Neill 297 solutions A Concise Introduction to Logic13th EditionLori Watson, Patrick J. Hurley 1,967 solutions
Differential Geometry of Curves and Surfaces1st EditionManfredo P Do Carmo 336 solutions Other Quizlet setsStudy Guide Physics Semester 2; Chapter 6 and 726 terms MariaTheGreatest CHS Dalton APUSH Unit 1 201455 terms kooglerc Module 615 terms Angela_Parker2 Test 3 Chapter 610 terms quizlette8395292 Related questionsQUESTION *What is the typical goal of applying EMV to capacity decisions? 15 answers QUESTION Gasoline is mostly a mixture of molecules such as octane. What happens to the atoms in a molecule of octane when it burns inside a car? 7 answers QUESTION How does the text suggest prioritizing your decisions? 15 answers QUESTION Brilliante Pens, a 125-year-old pen manufacturer, markets very high-quality pens, many of which cost more than $1,000 each, to executives globally, always maintaining its reputation of superior value in its narrow market. Brilliante is using a cost-focus strategy. 9 answers What decisionProgrammed decision-making is relatively simple and tends to rely heavily on previous solutions. In many cases, programmed decision-making becomes decision making by precedent.
What is decisionDecision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
What is decisionDefinition of a Decision. A decision is a choice whereby a person performs a conclusion about a situation. This represents a course of behavior about what must or what must not be done.
What are the 4 types of decisionThe four categories of decision making. 1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. ... . 2] Influencing outcomes. ... . 3] Placing competitive bets. ... . 4] Making strategic decisions. ... . The constraint of decision making research.. |
Decision making is relatively simple and tends to rely heavily on previous solutions
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