CIS 310 Chapter 2

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CIS 310 Chapter 2
2013-05-01 19:04:41
CIS 310 Chapter

CIS 310 Chapter 2
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  1. Managerial decision-making challenges
    •Analyze large amounts of information•Apply sophisticated analysis techniques•Make decisions quickly
  2. The six-step decision-making process
    • 1.Problem identification
    • 2.Data collection
    • 3.Solution generation
    • 4.Solution test
    • 5.Solution selection
    • 6.Solution
    • implementation
  3. Operational decision making
    Employees develop,control, and maintain core business activities required to run the day-to-day operations
  4. Structured decisions
    Situations where established processes offer potential solutions
  5. Managerial decision making
    Employees evaluate company operations to identify, adapt to, and leverage change
  6. Semi-structured decisions
    Occur in situations inwhich a few established processes help to evaluate potential solutions, but notenough to lead to a definite recommended decision
  7. Strategic decision making
    Managers develop overall strategies, goals, and objectives
  8. Unstructured decisions
    Occurs in situations in which no procedures or rules exist to guide decision makers toward the correct choice
  9. Project
    A temporary activity a company undertakes to create a unique product, service, or result
  10. Metrics
    Measurements that evaluate results to determine whether a project is meeting its goals
  11. Critical success factors (CSFs)
    The crucial steps companies make to perform to achieve their goals and objectives and implement strategies
  12. What are some Critical success factors (CSFs)?
    • •Create high-quality products•Retain
    • competitive advantages•Reduce product costs•Increase
    • customer satisfaction•Hire and retain the best professionals
  13. Key performance indicators (KPIs)
    The quantifiable metrics acompany uses to evaluate progress toward critical success factors
  14. What are some Key performance indicators (KPIs)?
    •Turnover rates of employees•Number of product returns•Number of new customers•Average customer spending