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The Manager as a Decision Maker

The Manager as a Decision Maker - 1)anObjective...

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The Manager as a Decision Maker October 16, 2008 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 situations that have not been often addressed. Who are the Decision-Makers? First level managers (Technical decisions) Middle level managers (Managerial Decisions) Top level managers (Institutional Decisions) Conditions Affecting Managerial Decisions Certainty Risk Uncertainty
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Conditions of Certainty Very rare in today’s world The manager knows exactly what will happen Conditions of Risk The use of probabilities The outcome can be estimated Conditions of Uncertainty Nothing is known Alternatives are not known Can’t assign probabilities Decision Making Steps 1. Recognize need for a decision:
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