bmgt364.9.29.2010

bmgt364.9.29.2010 - WhatIsRationalDecisionMaking? Decision...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
© 2005 Robert H. Smith School of Business University of Maryland What Is Rational Decision Making? Decision Making The process of choosing a solution from available alternatives. Rational Decision Making A systematic process of defining problems, evaluating alternatives, and choosing optimal solutions.
Background image of page 1

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

View Full DocumentRight Arrow Icon
© 2005 Robert H. Smith School of Business University of Maryland Steps to Rational Decision Making Define the problem Define the problem Identify decision criteria Identify decision criteria Weight the criteria Weight the criteria Generate alternative courses of action Generate alternative courses of action Evaluate each alternative Evaluate each alternative Compute the optimal decision Compute the optimal decision 1 1 2 2 3 3 4 4 5 5 6 6 Do we really make rational decisions?
Background image of page 2
© 2005 Robert H. Smith School of Business University of Maryland Strategic Management Does Strategy Matter? Does Vision and Mission Matter?
Background image of page 3

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

View Full DocumentRight Arrow Icon
© 2005 Robert H. Smith School of Business University of Maryland Vision, Mission, Objective Vision Highly selective about what they sell Dedicated to stringent quality standards Committed sustainable agriculture. Mission Whole Foods, Whole People, Whole Planet Objectives Supports organic farmers Recycles, reuses, and reduces waste Uses alternative energy Uses green building techniques http://www.cbsnews.com/video/watch/?id=1680216n
Background image of page 4
© 2005 Robert H. Smith School of Business University of Maryland What is strategy? “Competitive strategy is about being different.” “Strategy is the creation of a unique and valuable position in your industry.” “Activities are the basic units of competitive advantage.” “Strategy is about combining activities.” “Strategy is about creating fit among a company’s activities.” “Strategy is choosing what not to do.”
Background image of page 5

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

View Full DocumentRight Arrow Icon
© 2005 Robert H. Smith School of Business University of Maryland Southwest Airlines’ Activity System
Background image of page 6
© 2005 Robert H. Smith School of Business University of Maryland STRATEGY IS IMPORTANT, BUT… What is difficult to imitate is the ability to execute, which comes from culture and
Background image of page 7

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

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 19

bmgt364.9.29.2010 - WhatIsRationalDecisionMaking? Decision...

This preview shows document pages 1 - 8. Sign up to view the full document.

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