0324302592_62401 - Chapter 6: Managerial Decision Making...

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Chapter 6: Managerial Decision Making CHAPTER 6 MANAGERIAL DECISION MAKING LEARNING OBJECTIVES 1. Describe the nature of the decision-making process and explain each of its seven steps. 2. Describe the rational-economic model of decision making. 3. Discuss the behavioral decision model and its related concepts of bounded rationality, intuition, satisficing, and escalation of commitment. 4. Describe the participative approach to decision making. 5. Discuss the advantages and disadvantages of participative decision making. 6. List the various techniques used to improve participative decision making. 7. Discuss the basic classifications for managerial decisions. 8. Describe the nature of strategic decision making as well as the strategic decision-making matrix approach for strategy selection. 9. Identify the differences between the growth-share matrix and the industry attractiveness/business strength matrix approaches for evaluating business portfolios. CHAPTER OVERVIEW One of the principle roles that a manager fulfills is that of a decision maker. This chapter provides an overview of the managerial decision-making process, with particular emphasis on the antecedents to effective decision making and the limitations that we all face when trying to make optimal decisions. The steps in the decision-making process are introduced and discussed. Group decision-making and strategic decision-making models are also included. Finally, the ethical and social implications of decision making and the impact of information technology on the decision-making process are addressed. PEDAGOGY GRID Chapter Boxes Main Points Facing the Challenge/Meeting the Challenge: Goodbye Cypress Gardens / Hello Cypress Gardens Adventure Park Cypress Gardens could not compete against huge ride-based theme parks like Disney World and Universal Studios. Kent Buescher revitalized the park with a variety of rides, shows, shopping, and other attractions. At the Forefront: Danger Drives Demand for Armored-Car Makers Armored-car makers take advantage of business opportunities to protect others from very real threats. Leaders in Action: Nike Executive Seizes the Moment Chris Mike took advantage of a naturally occurring event to create an advertising 78
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Chapter 6: Managerial Decision Making campaign for a new Nike golf ball. Now Apply It: Assessing Your Decision- Making Skills This exercise helps students evaluate their decision-making skills. LECTURE NOTES I. Introduction A. The decisions people make can sometimes have a critical impact on personal and organizational lives. Other times, decisions are more routine but still require the selection of an appropriate course of action. II.
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0324302592_62401 - Chapter 6: Managerial Decision Making...

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