Beruflich Dokumente
Kultur Dokumente
Chapter
4-1
Learning Objectives
Describe the decision making process. Explain the three approaches managers can use to make decisions. Describe the types of decisions and decisionmaking conditions managers face. Discuss group decision making. Discuss contemporary issues in managerial decision making.
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Implementing Decisions
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Common Errors
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Three Approaches
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Bounded Rationality
Bounded rationality Decisions that are rational within the limits of a managers ability to process information Satisfice Accepting solutions that are good enough Escalation of commitment An increased commitment to a previous decision despite evidence that it may have been a poor one
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Types of Problems
Structured problem A straightforward, familiar, and easily defined problem
Unstructured problem A problem that is new or unusual for which information is ambiguous or incomplete
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Decision-Making Conditions
Risk A situation where a decision maker estimates the likelihood of certain outcomes Certainty A situation where a manager can make accurate decisions because the outcome of every alternative is known Uncertainty A situation where a decision maker has neither certainty nor reasonable probability estimates available
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Contemporary Issues
National culture Influences the way in which decisions are made and the degree of risk a decision maker will take
Creativity The ability to produce novel and useful ideas
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Payoff Matrices
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Decision Trees
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Break-Even Analysis
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Ratio Analysis
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Linear Programming
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Queuing Theory
n = 3 customers arrival rate = 2 per minute service rate = 4 minutes per customer
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