Chapter 6 Management

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Author:
alexbura
ID:
209413
Filename:
Chapter 6 Management
Updated:
2013-03-25 14:23:59
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Managerial Decision Making
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chapter 6
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  1. A decision
    Is a choice made from available alternatives
  2. Decision Making
    is the process of identifying problems and opportunities and then resolving them. Decision making involves effort both before and after the actual choice.
  3. Programmed decisions
    involve situations that have occurred often enough to enable decision rules to be developed and applied in the future
  4. Non programmed decisions
    Are made in response to situations that are unique, are poorly defined and largely unstructured, and have important consequences for the organization.
  5. Certainty
    means that all the information the decision maker needs is fully available.
  6. Risk
    means that a decisions has a clear cut goal and that good information is available but the future outcomes associated with each alternatives are subject to change.
  7. Uncertainty
    means that managers know which goals they wish to achieve, but information about alternatives and future events is incomplete.

    Factors that may affect a decision such as price , production cost, volume, or future interest rates are difficult to analyze and predict.
  8. Ambguity
    means that the goals to be achieved for the problem are unclear.
  9. The Political Model
    Nonprogrammed decisions that involve managers with diverse interest

    • Managers must engage in coalition building 
    • - Informal alliance to support specific goal

    Without a coalition, powerful groups can derail the decision making process.

    Political Model resembles the real environment.
  10. Assumptions of Political Model
    • Organizations are made of groups with diverse interest, goals, and values.
    • Information is ambiguous and incomplete

    Managers do not have the time,resources, or mental capacity to identify all dimensions of a problem.

    Managers debate goals and alternatives.
  11. Risk propensity
    An individuals willingness to take risk.
  12. Implementation
    steps involves using managerial, administrative, and persuasive abilities to translate the chosen alternative into action.
  13. Classical, Administrative  and Political Decision - Making Models
  14. Problem
    Is a situation in which organizational accomplishments have failed to meet established goals.
  15. Decision Making Steps
    Recognition of Decision Requirement- identify problem or opportunity.

    Diagnosis- analyze underlying casual factors

    Develop Alternatives - define feasible alternatives

    Selection of Desired Alternative - Alternative with most desirable outcome

    Implementation of Chosen Alternative - use of managerial and persuasive abilities to execute.

    Evaluation and Feedback - gather information about effectiveness.
  16. Personal Decsion Styles
    Directive Style - people who prefer simple, clear cut solutions to problems

    Analytical Style - managers perfer complex solutions based on a lot of data

    Conceptual style - managers like a broad amount of information

    Behavioral Style - Managers with a deep concern for others.

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