Principles of Management- 3

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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. Optimizing- choosing decision with best balance among several goals
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

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