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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
C. The Problem must be 1. such that is exerts some type of pressure on the manager to act
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
EX: communicating with customers in their own languages worldwide.
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
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