The Manager As A Decision Maker

The Manager As A Decision Maker - The Manager As A Decision...

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The Manager As A Decision Maker What is decision making? A process by which a choice is made between 2 or more alternatives. 3 Types of Managers Managers that make things happen Managers that watch things happen Managers that wonder what happened 4 elements of Decision Making Objective: understand problem that exists Alternatives: look at reasonable viable options Consequences: Evaluate each Choice: Make a choice Types of Decision Making Programmed: routine auto process Non-programmed : unusual situations that have not been addressed. Initially can become a programmed decision. Rational Model A prescriptive approach to decision making based on the idea that the decision maker can identify all possible alternatives and their consequences and rationally choose the most suitable course of action. Assumes that managers have all the info they need to make the optimum decision. Administrative Model Developed by March and Simon, an approach to decision making that explains why decision making is basically uncertain and risky and why managers usually make satisficing rather than optimum decisions. Based on: Bounded Rationality: cognitive limitations that constrain one’s ability to interpret, process, and act on info. Incomplete Information: uncertainty Satisficing: search for choosing acceptable, or satisfactory ways to respond to problems and opportunities rather than trying to make the best decision. Who are decision makers?
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The Manager As A Decision Maker - The Manager As A Decision...

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