Chapter 9 - 0 Managerial Decision Making CHAPTER 9 0...

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Managerial Decision Making CHAPTER 9 0
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Learning Objectives Explain why decision making is an important component of good management. Explain the difference between programmed and nonprogrammed decisions and the decision characteristics of risk, uncertainty, and ambiguity. Describe the classical, administrative, and political models of decision making and their applications. Identify the six steps used in managerial decision making. 0
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Learning Objectives (contd.) Explain four personal decision styles used by managers. Discuss the advantages and disadvantages of participative decision making. Identify techniques for improving decision making in today’s turbulent environment. 0
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Decisions and Decision Making Decision - choice made from available alternatives Decision Making - process of identifying problems and opportunities and resolving them 0
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Categories of Decisions Programmed Decisions Situations occurred often enough to enable decision rules to be developed and applied in the future Made in response to recurring organizational problems Nonprogrammed Decisions in response to unique, poorly defined and largely unstructured, and have important consequences to the organization 0
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Decisions and Decision Making Many decisions that managers deal with every day involve at least some degree of uncertainty and require nonprogrammed decision making Made amid changing factors Information may be unclear May have to deal with conflicting points of view 0
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Certainty, Risk, Uncertainty, Ambiguity Certainty all the information the decision maker needs is fully available Risk decision has clear-cut goals good information is available future outcomes associated with each alternative are subject to chance Uncertainty managers know which goals they wish to achieve information about alternatives and future events is incomplete managers may have to come up with creative approaches to alternatives Ambiguity by far the most difficult decision situation goals to be achieved or the problem to be solved is unclear alternatives are difficult to define information about outcomes is unavailable 0
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Chapter 9 - 0 Managerial Decision Making CHAPTER 9 0...

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