Ch8 AC - Chapter EIGHT Decision Making What you need to...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Decision Making What you need to know: 1. Types of decisions 2. Classical (rational) Vs Behavioral theory of decision making 3. Obstacles to decision making -heuristics (availability and representativeness), biases, escalation of commitment, groupthink 4. Techniques for improving decision making 5. Issues in decision making- Creativity and Ethics Chapter EIGHT
Background image of page 1

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

View Full DocumentRight Arrow Icon
Organizational Decisions Decision- Making a choice between two or more alternatives to avail of an opportunity or to solve a problem Decision making is the most central activity of management, the essence of a manager’s job Two classifications: Personal versus organizational  Programmed versus non-programmed
Background image of page 2
Type of Decision depends on type of problem Structured Problems Involve goals that clear. Are familiar (have  occurred before). Are easily and  completely defined— information about the  problem is available and  complete. Programmed Decision A repetitive decision that  can be handled by a  routine approach. Unstructured Problems Problems that are new or  unusual and for which  information is ambiguous  or incomplete. Problems that will require  custom-made solutions. Non-programmed Decisions Decisions that are unique  and nonrecurring. Decisions that generate  unique responses.
Background image of page 3

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

View Full DocumentRight Arrow Icon
Theories of decision making Classical Vs Behavioral Opportunity/Problem Generate Alternatives/solutions Gather information Evaluate information Select a solution Implement Evaluate effectiveness Opportunity/Problem Satisficing criteria Evaluate information that is known Select an acceptable solution Implement Evaluate effectiveness
Background image of page 4
Assumptions
Background image of page 5

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

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/17/2011 for the course BUS 365 taught by Professor Anjalichoudhry during the Fall '10 term at St. Xavier.

Page1 / 16

Ch8 AC - Chapter EIGHT Decision Making What you need to...

This preview shows document pages 1 - 6. Sign up to view the full document.

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