Chapter_7_Outline management fall 2019.docx - Outline Chapter 7(pp196-210 1 Essence of Decision Making – Most crucial element of business management

Chapter_7_Outline management fall 2019.docx - Outline...

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Outline Chapter 7 (pp196-210) 1. Essence of Decision Making – Most crucial element of business management. Decisions – a choice made from alternative courses of action in order to deal with a problem 2. Types of Decisions 1. Programmed decisions – decisions made in response to situations that are routine, structured, and fairly repetitive. 2. Non-programmed decisions – decisions made in response to situations that are unique, relatively unstructured, undefined, and/or major consequence to the organization. 3. Conditions Affecting Decision Making define. Provide an example where one would find each NOT listed in text. Certainty – the condition that exists when decision makers are fully informed about a problem, its alternative solutions, and its respective outcomes Risk – the conditions that exists when decision makers must rely on incomplete, yet reliable information Uncertainty – the condition that exists when little or no factual information is available about a problem, its alternative solutions, and its respective outcomes.
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