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Principles of Management- 3

Principles of Management- 3 - Principles of Management...

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Principles of Management Managerial Decisions - Risk, uncertainty, lack of structure, conflict 1. Lack of structure- problems are new/unstructured a. Programmed decision- encountered and made before b. Non programmed- new, complex decisions having no proven answers 2. Uncertainty/risk a. Certainty- decision maker has accurate info b. Uncertainty- has insufficient info c. Risk- probability of success is less than 100% and loses may occur 3. Conflict a. Conflict- opposing pressures from different sources Stages of decision making 1. Identify and diagnose problem 2. Generate alternative solutions a. Readymade solution- ideas that they have tried before b. Custom-made solutions- new and creative 3. Evaluate alternatives a. Contingency plan- alternative courses of action that can be implemented based on how the future unfolds 4. Make a choice a. Maximizing- decision with best possible outcome b. Satisficing- choosing a decision that is acceptable but not the best c.
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