What is Decision Making - Oct 18, 2010

What is Decision Making - Oct 18, 2010 - What is Decision...

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What is Decision Making? A process by which a choice is made between two or more alternatives: 4 elements in Decision Making: 1. An Objective 2. The Alternatives 3. The consequences 4. The Choice Types of Decision Making Programmed decisions: routine, almost automatic process Non-programmed Decisions : unusual situation that have been often addressed Who are Decision Makers? First level manager (Technical decisions) Middle level Managers (Managerial decisions) Top level Managers (Institutional decisions) Conditions affecting Managerial Decisions 1. Certainty - Very rare in today’s world - Manager knows exactly what will happen 2. Risk - The use of possibilities - The outcome can be estimated 3. Uncertainty - Rare today - not - Nothing is known; alternatives not known - Can’t assign probabilities Steps to Decision Making
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1. Recognize need for a decision: Managers must first realize that a decision must be made. Sparked by an event such as environment changes.
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