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Terms in this set (31)Decision Choice made from available alternatives Decision Making The process of identifying problems and opportunities and then resolving them. Programmed Decisions - Rules developed from frequent occurrences Nonprogrammed Decisions - Unique, poorly defined and unstructured Certainty all the information is fully available Risk - Decision has clear goals Uncertainty - Managers know which goals they wish to achieve Ambiguity - Goals to be achieved or the problem to be solved is
unclear Three Decision-Making Models 1. Classical Model Assumptions: - Operates to accomplish goals that are known and agreed upon Strives for condition of certainty Gathers complete information Normative Describes how a manager should and provides guidelines for reaching an ideal decision Administrative Model (How managers make "difficult" decisions) - Bounded rationality: people have limits or boundaries on how rational they can be Bounded rationality (Administrative Model (How managers make "difficult" decisions)) People have limits or boundaries on how rational they can be Satisficing (Administrative Model (How managers make "difficult" decisions)) Means that decision makers choose the first solution alternative that satisfies minimal decision criteria Administrative Model (contd.) - Decision goals often are vague, conflicting and lack consensus among managers Descriptive is how managers actually make decisions (Administrative Model (contd.)) Not how they should. Intuition (Administrative Model (contd.)) When managers lean on past experiences. Political Model - Closely resembles the real environment in which most managers and decision makers operate Coalition (Political Model) Informal alliance among manages who support a specific goal Analysis of Causes Managers make a mistake if they jump into generating alternatives without first exploring the cause of the problem more deeply Diagnosis Analyze underlying causal factors Underlying Causes Kepner /Tregoe - What is the state of disequilibrium affecting us? Evaluate Risk Propensity Using managerial, administrative, and persuasive abilities to translate alternative into action Implement Alternative Using managerial, administrative, and persuasive abilities to translate alternative into action Evaluation and Feedback How well was the decision implemented? Was it effective in achieving the goal? Personal Decision Framework Not all managers make decisions the same. Directive Style - People who prefer simple, clear-cut solutions to problems Analytical Style - Complex solutions based on as much data as they can gather Conceptual Style - More socially oriented Behavioral Style - Deep concern for others Sets with similar termsMGMT chapter 936 terms bcoughlin0498 management 210 chapter 927 terms zelda_nickles MGMT 210 Chapter 927 terms Tiffany_Lovrovich20 management chapter 643 terms dogs_dean Sets found in the same folderPrinciples of Management Chapter 6 Quiz19 terms chris_felton7 AP US GOV CH 3 Federalism18 terms hkug93 Federalism Terms15 terms mfs312 Bureaucracy48 terms jennifurlee Other sets by this creatorRetail Management Exam 1 - Chapter 247 terms Jose_Rodrigues Retail Management Exam 1 - Chapter 1483 terms Jose_Rodrigues Retail Management Exam 1 - Chapter 850 terms Jose_Rodrigues Retail Management Exam 1 - Chapter 163 terms Jose_Rodrigues Verified questions
ADVANCED MATH What integer does each of the following one's complement representations of length five represent? a) 11001, b) 01101, c) 10001, d) 11111. Verified answer
ADVANCED MATH Let p and q be odd primes with $p \equiv q \equiv 3$ (mod 4) and let a be a quadratic residue of n = pq. Show that exactly one of the four incongruent square roots of a modulo pq is a quadratic residue of n. Verified answer ADVANCED MATH Use the theory of congruences to verify that $89 | 2^{44}-1 \quad$ and $\quad 97 | 2^{48}-1$ Verified answer
ADVANCED MATH Examine the proof of the Urysohn lemma, and show that for given r, $f^{-1}(r)=\bigcap_{p>r} U_{p}-\bigcup_{q<r} U_{q}$ p, q rational. Verified answer Recommended textbook solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Book of Proof2nd EditionRichard Hammack 340 solutions Numerical Analysis2nd EditionTimothy Sauer 385 solutions A Concise Introduction to Logic11th EditionPatrick J. Hurley 1,907 solutions Other Quizlet setsPPA II Lecture 2.115 terms Marsha_Keller1 Phi Mu Alpha 2022 National Exam19 terms Dg_foster Từ vựng của Ngọc A2367 terms ngock56ktqdPLUS BTE 210 FINAL231 terms Lianastern Related questionsQUESTION Labor cost and labor availability often drive the location decision in the call center industry. 15 answers QUESTION Ethnographic research is used in B-to-B companies like Intel. 9 answers QUESTION The time series pattern which reflects a multi year pattern of being above and below the trend line is? 15 answers QUESTION T/F When a decision is made, the opportunity cost should usually be greater than the benefits of the decision. 3 answers What does it mean when a decision involves satisficing?Satisficing is a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution. Instead of putting maximum exertion toward attaining the ideal outcome, satisficing focuses on pragmatic effort when confronted with tasks.
What is the meaning of satisficing quizlet?Satisficing refers to: the tendency to choose an alternative that is good enough rather than the best.
Which of the following best describes satisficing?Which of the following best describes satisficing? Decision makers search only until they find an alternative that meets some minimum standard of sufficiency.
What is a decision quizlet?Decision. A choice made from among available alternatives. Decision making. The process of identifying and choosing alternative courses of action.
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When a decision involves satisficing This means that quizlet?
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