PWO wk 11_07 - Week 11 Decision Making Decision making is...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 11: Decision Making Decision making is the process of identifying a problem or opportunity and choosing among alternative courses of action. The quality of a decision must be evaluated on the basis of the decision maker’s alternatives, information and values at the time the decision was made
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Managerial Decisions Routine problems addressed with standard responses ie. Programmed decisions Non-routine problems calls for creative problem solving ie. Crafted decisions that deal specifically with a situation at hand
Background image of page 2
Decision Environments Certain environments : can predict the results of each alternative Risk environments : conditions of uncertainty: includes probabilities Uncertain environments : unable to assign probabilities: requires unique, novel and innovative alternatives.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Steps in the decision process 1. Recognise and define the problem 2. Identify and analyse the alternatives 3. Choose a preferred choice of action 4. Implement the decision Refers Fig. 12.2, p. 422, Wood et al
Background image of page 4
Approaches to Decision making OB theorists maintain there are two alternative approaches to decision making – classical and behavioural. Classical Decision Theory (Rational Decision model) A theory that views the manager as acting in a world of complete certainty.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 21

PWO wk 11_07 - Week 11 Decision Making Decision making is...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online