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B&S3StudentVersion - Chapter Three Managerial...

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Chapter Three Managerial Decision Making
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Decision choice made from available alternatives Importance of decision making linking process - pervades all management functions “The best managers make decisions constantly” (p. 86) Characteristics of Decisions relationship to responsibility - Elliot Jaques prescribed content discretionary content sensed as responsibility equitable pay
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Programmed Nonprogrammed Alternatives Limited Unknown Problem Type Routine Unique Resolution Method Decision Rule (SOP) Problem Solving Decision Maker Lower-level Top-level Characteristics of Decisions (cont.) Lack of structure (p. 87) P r o g a m e d N n p M S t u c L s Operational Control Management Control Strategic Planning Transaction Processing Goods and Services
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Characteristics of Decisions (cont.) Certainty (p. 87) – state that exists when decision makers have accurate and comprehensive information Risk (p. 88) – state that exists when the probability of success is less than 100 percent and losses may occur Uncertainty – state that exists when decision makers have insufficient information can’t identify all potential consequences can’t’ assess the likelihood a various consequences Conflict (p. 88) – opposing pressures from different sources, occurring on the level of psychological conflict or of conflict between individuals or groups approach-approach avoidance-avoidance
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Stages of Decision Making – Figure 3.2 (p. 89) Identifying and diagnosing the problem Generating alternative solutions Evaluating alternatives Making the choice Implementing
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This note was uploaded on 02/16/2012 for the course BUSINESS 300 taught by Professor Daniels during the Spring '10 term at Rutgers.

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B&S3StudentVersion - Chapter Three Managerial...

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