This document discusses managerial decision making. It describes the classical and administrative models of decision making and notes that managers often have incomplete information due to uncertainty, ambiguity and time/cost constraints. The steps of decision making are recognized need, generate alternatives, evaluate alternatives, choose, implement, and learn from feedback. Group decision making can reduce biases but also risks groupthink. Techniques to improve decision making include devil's advocacy, dialectical inquiry, and building a learning and creative organization culture.
1) Decision making is defined as a conscious process of choosing among alternatives to move toward a desired outcome. The rational choice process involves identifying problems, choosing a decision process, developing and identifying alternatives, choosing the best alternative, implementing it, and evaluating the results.
2) Problem identification can be challenging due to stakeholder framing, perceptual defenses, mental models, and lack of decisive leadership. Evaluating alternatives involves bounded rationality since people can only process limited information and aim for satisfactory rather than optimal solutions. Emotions and intuition also influence decision making.
3) Employee involvement in decision making can lead to better problem identification, more alternatives, choosing better options, and higher commitment. It works best when employees have relevant knowledge
This document discusses decision making and problem solving. It begins by defining decision making as choosing between alternatives. It then describes the classical model of rational decision making, involving gathering all information to logically choose the best alternative. However, the document notes that in reality, decisions are influenced by bounded rationality, incomplete information, political forces, intuition, and escalation of commitment. Group decision making is discussed, including advantages like more information but also disadvantages like compromise and groupthink.
Managerial decision making involves cutting off undesirable alternatives to select the best option. It is a complex process that requires analyzing problems, developing alternative solutions, and selecting and implementing a desired alternative. There are different models of decision making, including the classical, administrative, and political models, that take different approaches depending on factors like the level of certainty, risk, and organizational goals. Effective decision making follows a process of defining the problem, gathering information, developing and analyzing alternatives, selecting the best option, and evaluating outcomes.
This document discusses decision making models and processes. It begins by defining decision making and listing common decision making models, including the rational model, bounded rational model, and emotional model. It then discusses types of decisions, conditions for decision making, goals in decision making, decision making skills, and quantitative versus qualitative decisions. Finally, it outlines the typical 7 step rational decision making process and discusses techniques for group decision making such as brainstorming, the nominal group technique, the Delphi technique, and electronic meetings.
The document discusses decision making, including the typical steps of recognizing and defining a problem, identifying alternative courses of action, choosing a preferred action, implementing it, and evaluating the results. It also covers decision traps like lack of participation. Alternative decision models and environments like certainty, risk and uncertainty are examined. Ethical considerations and ways to enhance creativity in decision making are also summarized.
Ch09 managing decision making and problem solvingChandra Pandey
Bob Diamond made several important decisions to turn around Barclays Capital division. He focused on hiring top performers, emphasizing teamwork, and forming client-based teams. These decisions led to the creation of innovative products and Barclays Capital becoming a top global bank. Effective decision making, recognizing mistakes, and responding quickly were keys to Diamond's success in transforming the division.
STAT Part 5: Failure at Uber: adaptive innovation without preventative controlDavid Denyer
This article is the fifth of a 5-article series on the Strategic Tensions Model for Organizational Resilience.In this series of articles, I will discuss each of the four approaches to Organizational Resilience (preventative control, mindful action, performance optimization, and adaptive innovation).
This document summarizes key concepts around perception and decision making from an organizational behavior textbook. It discusses how perception influences behavior, factors that influence perception, common biases and errors in judgment, and how decisions are made in organizations. It also addresses individual and cultural differences in decision making and ways to improve decision making processes.
1) Decision making is defined as a conscious process of choosing among alternatives to move toward a desired outcome. The rational choice process involves identifying problems, choosing a decision process, developing and identifying alternatives, choosing the best alternative, implementing it, and evaluating the results.
2) Problem identification can be challenging due to stakeholder framing, perceptual defenses, mental models, and lack of decisive leadership. Evaluating alternatives involves bounded rationality since people can only process limited information and aim for satisfactory rather than optimal solutions. Emotions and intuition also influence decision making.
3) Employee involvement in decision making can lead to better problem identification, more alternatives, choosing better options, and higher commitment. It works best when employees have relevant knowledge
This document discusses decision making and problem solving. It begins by defining decision making as choosing between alternatives. It then describes the classical model of rational decision making, involving gathering all information to logically choose the best alternative. However, the document notes that in reality, decisions are influenced by bounded rationality, incomplete information, political forces, intuition, and escalation of commitment. Group decision making is discussed, including advantages like more information but also disadvantages like compromise and groupthink.
Managerial decision making involves cutting off undesirable alternatives to select the best option. It is a complex process that requires analyzing problems, developing alternative solutions, and selecting and implementing a desired alternative. There are different models of decision making, including the classical, administrative, and political models, that take different approaches depending on factors like the level of certainty, risk, and organizational goals. Effective decision making follows a process of defining the problem, gathering information, developing and analyzing alternatives, selecting the best option, and evaluating outcomes.
This document discusses decision making models and processes. It begins by defining decision making and listing common decision making models, including the rational model, bounded rational model, and emotional model. It then discusses types of decisions, conditions for decision making, goals in decision making, decision making skills, and quantitative versus qualitative decisions. Finally, it outlines the typical 7 step rational decision making process and discusses techniques for group decision making such as brainstorming, the nominal group technique, the Delphi technique, and electronic meetings.
The document discusses decision making, including the typical steps of recognizing and defining a problem, identifying alternative courses of action, choosing a preferred action, implementing it, and evaluating the results. It also covers decision traps like lack of participation. Alternative decision models and environments like certainty, risk and uncertainty are examined. Ethical considerations and ways to enhance creativity in decision making are also summarized.
Ch09 managing decision making and problem solvingChandra Pandey
Bob Diamond made several important decisions to turn around Barclays Capital division. He focused on hiring top performers, emphasizing teamwork, and forming client-based teams. These decisions led to the creation of innovative products and Barclays Capital becoming a top global bank. Effective decision making, recognizing mistakes, and responding quickly were keys to Diamond's success in transforming the division.
STAT Part 5: Failure at Uber: adaptive innovation without preventative controlDavid Denyer
This article is the fifth of a 5-article series on the Strategic Tensions Model for Organizational Resilience.In this series of articles, I will discuss each of the four approaches to Organizational Resilience (preventative control, mindful action, performance optimization, and adaptive innovation).
This document summarizes key concepts around perception and decision making from an organizational behavior textbook. It discusses how perception influences behavior, factors that influence perception, common biases and errors in judgment, and how decisions are made in organizations. It also addresses individual and cultural differences in decision making and ways to improve decision making processes.
The document discusses various aspects of decision making in businesses. It defines strategic, tactical and operational decisions and provides examples. It also discusses tools that can help in decision making such as SWOT analysis, structured decision making models and use of IT. Constraints on decision making such as availability of resources and external factors are also highlighted.
Individual decision making ppt @ becdomsBabasab Patil
The document discusses individual decision making under uncertainty using decision trees. It provides an example of a decision facing Sarah Chang about whether to continue R&D on a new product or abandon the project. It frames the decision as a choice between two alternatives, maps it out as a decision tree showing probabilities and payoffs, and solves the tree to determine the optimal decision is to continue R&D. It also briefly discusses another example of Indiana Jones choosing which cup is the Holy Grail.
The document discusses the steps involved in decision making. It begins by defining decision making as the selection of a course of action from alternatives. It then outlines 8 steps in the decision making process: 1) identifying the problem, 2) gathering information, 3) establishing principles for evaluation, 4) brainstorming alternatives, 5) evaluating alternatives, 6) selecting the best alternative, 7) executing the decision, and 8) evaluating results. Each step is then discussed in more detail, outlining techniques and best practices for effective decision making.
Decision making (Principles of Management)Denni Domingo
The document discusses decision making and provides information on key concepts related to the decision making process. It defines what a decision is, the different types of decisions (programmed vs non-programmed), elements of the decision making situation, conditions like risk and uncertainty, and the rational decision making process. It also covers tools that can be used, including probability theory, decision trees, and concepts like expected value. The overall document serves to outline the fundamental concepts involved in decision making.
The document discusses the 8 key steps in decision making: [1] identifying a problem, [2] identifying decision criteria, [3] assigning weights to criteria, [4] developing alternatives, [5] analyzing alternatives, [6] choosing the best alternative, [7] implementing the decision, and [8] evaluating effectiveness. It also outlines 3 conditions for decision making: certainty, uncertainty, and risk. Finally, it examines common errors in decision making like overconfidence bias and anchoring effect that can lead managers to make flawed judgments.
Phl 320 critical thinking and decision making final examPatrickrasacs
The document is a practice exam for a critical thinking and decision making course. It contains 28 multiple choice questions testing concepts related to decision making, problem solving, cognitive biases, and strategic planning. The questions cover topics such as barriers to effective decision making, reasons for employee resistance to change, and characteristics of sound arguments.
Organizational Planning And Goal Setting MGT 201 Helpful Slides For Management Students Of Different Universities In Karachi And All Over Pakistan And World
The document discusses the expectations of a team leader in making successful decisions. It identifies the following key steps: 1) take time for inspiration and personal reflection before making a decision; 2) gather all relevant facts from involved parties; and 3) consult a trusted advisor for wise advice and shared experiences. A leader must align decisions with team values, evaluate potential outcomes and trade-offs, plan for problems and negative reactions, have confidence in their decision, and initiate the decision without reversing course. Developing consistency in decision making helps establish routine and confidence as a leader.
This document discusses decision making and the decision making process. It defines decision making as selecting between alternative choices or courses of action. The decision making process involves recognizing the nature of the decision, identifying alternatives, choosing the most effective alternative, and implementing it. Effective decision making aims to optimize factors like profits while minimizing expenses. Decision making can occur under conditions of certainty, risk, or uncertainty depending on what is known about the alternatives and risks involved. Most organizational decisions are made under uncertainty with limited information.
The document discusses three decision making models:
1. The Economic Man Model which involves defining the problem, developing criteria, selecting the best alternative, developing outcomes, and acting.
2. The Administrative Model which involves defining the problem, establishing criteria, identifying feasible alternatives, appraising alternatives, and acting.
3. The Implicit Favourite Model which involves setting a goal, identifying a favorite alternative, comparing and ranking other alternatives, identifying a conforming action, establishing criteria, and announcing and acting on the decision.
PHL 320 FINAL EXAM
Buy Solutions: http://hwsoloutions.com/downloads/phl-320-final-exam/
NOTE: questions not listed in order , meaning the first question in this guide might be number 12 in actual exam. most updated version (OCT 2015)
Who among the following individuals is most likely to exhibit event creativity?
An individual who establishes win-win relationships with other people
An individual who settles a disagreement quickly in an ingenious way
An individual who modifies the strategies of a group in a creative manner
An individual who organizes annual me
This document provides guidance on effective decision making. It outlines a basic 4-step decision making process of gathering facts, identifying alternatives, assessing alternatives, and deciding. It also discusses different decision making approaches like withdrawing, smoothing, confronting, and forcing. Consensus decision making is described as involving stakeholders to reach a decision all can accept. The document provides tips on when each decision making method is most appropriate and how to conduct an effective consensus decision making session.
The document outlines key aspects of decision making including:
1) The rational decision making process involves 8 steps: identifying the problem, developing alternatives, analyzing alternatives, criteria development, weighting criteria, selecting the best alternative, implementing, and evaluating.
2) Decisions can involve certainty, risk, or uncertainty and bounded rationality limits full rationality.
3) Group decisions have advantages like more complete information but disadvantages like time costs and pressure to conform.
4) Techniques like brainstorming and nominal groups can improve group decision making effectiveness.
Managers use control systems to monitor performance and ensure that organizational strategies and structures are working effectively. There are three types of control - feedforward, concurrent, and feedback. Feedforward control aims to anticipate problems, concurrent control addresses issues as they arise, and feedback control examines past performance to inform future actions. Effective control involves setting standards, measuring performance, comparing results to standards, and taking corrective action when needed. Control can also happen through financial targets, direct supervision, rules and procedures, and developing an organizational culture with shared values and norms.
The document discusses the planning process used by managers. It describes the three main stages of planning as determining the organization's mission and goals, strategy formulation, and strategy implementation. It also discusses different levels of planning including corporate, business unit, and functional levels. The planning process involves determining the organization's mission, analyzing the current situation through tools like SWOT analysis, and developing strategies and plans at different levels to achieve the organization's goals.
The document discusses the planning process used by managers. It describes the three main stages of planning as determining the organization's mission and goals, strategy formulation, and strategy implementation. It also discusses different levels of planning including corporate, business unit, and functional levels. The planning process involves determining the organization's mission, analyzing the current situation through tools like SWOT analysis, and developing strategies and plans at different levels to achieve the organization's goals.
The document discusses personality traits, values, attitudes, and stress as they relate to managers. It describes the "Big Five" personality traits of extroversion, negative affectivity, agreeableness, conscientiousness, and openness. Successful managers vary across these traits. Managers also differ in traits like self-esteem, need for achievement/affiliation/power, and internal vs. external locus of control. Values and attitudes influence a manager's work approach and commitment to the organization. Stress arises from role conflict, overload, and other sources but can be managed through problem-focused and emotion-focused coping strategies.
The document discusses decision making processes including:
1. Characteristics like certainty, uncertainty, risk, and incomplete information managers face.
2. The steps in decision making: recognizing a decision is needed, generating alternatives, evaluating them, choosing, implementing, and learning from feedback.
3. Techniques to improve group decision making like devil's advocacy and dialectic inquiry to reduce biases.
The document discusses how the global environment has changed for managers. Previously, managers viewed markets as closed and isolated, but today's environment requires viewing markets as open with global competition. Barriers to trade like tariffs and cultural differences have declined due to improvements in technology and communications. This has opened opportunities for managers to sell and source goods globally but also brings new threats from global competitors. Managers must understand factors in the global task environment like suppliers, distributors, customers, and competitors, as well as forces in the political, economic, and sociocultural environments to effectively compete on a global scale.
The document traces the evolution of management theory from scientific management in the late 19th century to modern approaches. It describes Frederick Taylor's scientific management principles of analyzing tasks to optimize efficiency. Later approaches focused on organizational structure, employee motivation and adapting to changing environments. Contingency theory proposes that the best management approach depends on each organization's specific situation and environment.
The document discusses various aspects of decision making in businesses. It defines strategic, tactical and operational decisions and provides examples. It also discusses tools that can help in decision making such as SWOT analysis, structured decision making models and use of IT. Constraints on decision making such as availability of resources and external factors are also highlighted.
Individual decision making ppt @ becdomsBabasab Patil
The document discusses individual decision making under uncertainty using decision trees. It provides an example of a decision facing Sarah Chang about whether to continue R&D on a new product or abandon the project. It frames the decision as a choice between two alternatives, maps it out as a decision tree showing probabilities and payoffs, and solves the tree to determine the optimal decision is to continue R&D. It also briefly discusses another example of Indiana Jones choosing which cup is the Holy Grail.
The document discusses the steps involved in decision making. It begins by defining decision making as the selection of a course of action from alternatives. It then outlines 8 steps in the decision making process: 1) identifying the problem, 2) gathering information, 3) establishing principles for evaluation, 4) brainstorming alternatives, 5) evaluating alternatives, 6) selecting the best alternative, 7) executing the decision, and 8) evaluating results. Each step is then discussed in more detail, outlining techniques and best practices for effective decision making.
Decision making (Principles of Management)Denni Domingo
The document discusses decision making and provides information on key concepts related to the decision making process. It defines what a decision is, the different types of decisions (programmed vs non-programmed), elements of the decision making situation, conditions like risk and uncertainty, and the rational decision making process. It also covers tools that can be used, including probability theory, decision trees, and concepts like expected value. The overall document serves to outline the fundamental concepts involved in decision making.
The document discusses the 8 key steps in decision making: [1] identifying a problem, [2] identifying decision criteria, [3] assigning weights to criteria, [4] developing alternatives, [5] analyzing alternatives, [6] choosing the best alternative, [7] implementing the decision, and [8] evaluating effectiveness. It also outlines 3 conditions for decision making: certainty, uncertainty, and risk. Finally, it examines common errors in decision making like overconfidence bias and anchoring effect that can lead managers to make flawed judgments.
Phl 320 critical thinking and decision making final examPatrickrasacs
The document is a practice exam for a critical thinking and decision making course. It contains 28 multiple choice questions testing concepts related to decision making, problem solving, cognitive biases, and strategic planning. The questions cover topics such as barriers to effective decision making, reasons for employee resistance to change, and characteristics of sound arguments.
Organizational Planning And Goal Setting MGT 201 Helpful Slides For Management Students Of Different Universities In Karachi And All Over Pakistan And World
The document discusses the expectations of a team leader in making successful decisions. It identifies the following key steps: 1) take time for inspiration and personal reflection before making a decision; 2) gather all relevant facts from involved parties; and 3) consult a trusted advisor for wise advice and shared experiences. A leader must align decisions with team values, evaluate potential outcomes and trade-offs, plan for problems and negative reactions, have confidence in their decision, and initiate the decision without reversing course. Developing consistency in decision making helps establish routine and confidence as a leader.
This document discusses decision making and the decision making process. It defines decision making as selecting between alternative choices or courses of action. The decision making process involves recognizing the nature of the decision, identifying alternatives, choosing the most effective alternative, and implementing it. Effective decision making aims to optimize factors like profits while minimizing expenses. Decision making can occur under conditions of certainty, risk, or uncertainty depending on what is known about the alternatives and risks involved. Most organizational decisions are made under uncertainty with limited information.
The document discusses three decision making models:
1. The Economic Man Model which involves defining the problem, developing criteria, selecting the best alternative, developing outcomes, and acting.
2. The Administrative Model which involves defining the problem, establishing criteria, identifying feasible alternatives, appraising alternatives, and acting.
3. The Implicit Favourite Model which involves setting a goal, identifying a favorite alternative, comparing and ranking other alternatives, identifying a conforming action, establishing criteria, and announcing and acting on the decision.
PHL 320 FINAL EXAM
Buy Solutions: http://hwsoloutions.com/downloads/phl-320-final-exam/
NOTE: questions not listed in order , meaning the first question in this guide might be number 12 in actual exam. most updated version (OCT 2015)
Who among the following individuals is most likely to exhibit event creativity?
An individual who establishes win-win relationships with other people
An individual who settles a disagreement quickly in an ingenious way
An individual who modifies the strategies of a group in a creative manner
An individual who organizes annual me
This document provides guidance on effective decision making. It outlines a basic 4-step decision making process of gathering facts, identifying alternatives, assessing alternatives, and deciding. It also discusses different decision making approaches like withdrawing, smoothing, confronting, and forcing. Consensus decision making is described as involving stakeholders to reach a decision all can accept. The document provides tips on when each decision making method is most appropriate and how to conduct an effective consensus decision making session.
The document outlines key aspects of decision making including:
1) The rational decision making process involves 8 steps: identifying the problem, developing alternatives, analyzing alternatives, criteria development, weighting criteria, selecting the best alternative, implementing, and evaluating.
2) Decisions can involve certainty, risk, or uncertainty and bounded rationality limits full rationality.
3) Group decisions have advantages like more complete information but disadvantages like time costs and pressure to conform.
4) Techniques like brainstorming and nominal groups can improve group decision making effectiveness.
Managers use control systems to monitor performance and ensure that organizational strategies and structures are working effectively. There are three types of control - feedforward, concurrent, and feedback. Feedforward control aims to anticipate problems, concurrent control addresses issues as they arise, and feedback control examines past performance to inform future actions. Effective control involves setting standards, measuring performance, comparing results to standards, and taking corrective action when needed. Control can also happen through financial targets, direct supervision, rules and procedures, and developing an organizational culture with shared values and norms.
The document discusses the planning process used by managers. It describes the three main stages of planning as determining the organization's mission and goals, strategy formulation, and strategy implementation. It also discusses different levels of planning including corporate, business unit, and functional levels. The planning process involves determining the organization's mission, analyzing the current situation through tools like SWOT analysis, and developing strategies and plans at different levels to achieve the organization's goals.
The document discusses the planning process used by managers. It describes the three main stages of planning as determining the organization's mission and goals, strategy formulation, and strategy implementation. It also discusses different levels of planning including corporate, business unit, and functional levels. The planning process involves determining the organization's mission, analyzing the current situation through tools like SWOT analysis, and developing strategies and plans at different levels to achieve the organization's goals.
The document discusses personality traits, values, attitudes, and stress as they relate to managers. It describes the "Big Five" personality traits of extroversion, negative affectivity, agreeableness, conscientiousness, and openness. Successful managers vary across these traits. Managers also differ in traits like self-esteem, need for achievement/affiliation/power, and internal vs. external locus of control. Values and attitudes influence a manager's work approach and commitment to the organization. Stress arises from role conflict, overload, and other sources but can be managed through problem-focused and emotion-focused coping strategies.
The document discusses decision making processes including:
1. Characteristics like certainty, uncertainty, risk, and incomplete information managers face.
2. The steps in decision making: recognizing a decision is needed, generating alternatives, evaluating them, choosing, implementing, and learning from feedback.
3. Techniques to improve group decision making like devil's advocacy and dialectic inquiry to reduce biases.
The document discusses how the global environment has changed for managers. Previously, managers viewed markets as closed and isolated, but today's environment requires viewing markets as open with global competition. Barriers to trade like tariffs and cultural differences have declined due to improvements in technology and communications. This has opened opportunities for managers to sell and source goods globally but also brings new threats from global competitors. Managers must understand factors in the global task environment like suppliers, distributors, customers, and competitors, as well as forces in the political, economic, and sociocultural environments to effectively compete on a global scale.
The document traces the evolution of management theory from scientific management in the late 19th century to modern approaches. It describes Frederick Taylor's scientific management principles of analyzing tasks to optimize efficiency. Later approaches focused on organizational structure, employee motivation and adapting to changing environments. Contingency theory proposes that the best management approach depends on each organization's specific situation and environment.
This document discusses ethics, social responsibility, and diversity in management. It defines stakeholders as groups with an interest in an organization, and ethics as a set of beliefs about right and wrong. Managers must make ethical decisions that balance the interests of different stakeholders. The document also discusses the origins of ethics in society, professions, and individuals. It emphasizes the importance of social responsibility and managing diversity in the workplace in an ethical manner.
This document discusses an organization's environmental factors and how managers can address them. It defines the organizational environment as external forces that can impact a firm, including opportunities and threats. It separates the environment into a task environment of suppliers, distributors, customers, and competitors, as well as a general environment of technological, economic, sociocultural, and other broad forces. Managers must assess environmental complexity, change rates, and work to minimize threats through boundary spanning, scanning, and influencing forces within the environment.
This document is from the textbook "Contemporary Management" which provides an overview of management concepts. It discusses that organizations have goals that managers help achieve through planning, organizing, leading and controlling. Managers are responsible for using resources like people, equipment and information efficiently and effectively. The document outlines the managerial functions and roles at different levels of the organization and the skills needed for managers to be successful.
The document discusses key topics in geology including:
- Plate tectonics and how it creates volcanoes and ocean basins
- The rock cycle and how igneous, sedimentary, and metamorphic rocks form
- Environmental impacts of extracting mineral and energy resources through mining and drilling
- Natural geologic hazards like earthquakes, volcanoes, floods, and landslides
This document is an excerpt from a textbook on principles of management. It introduces key concepts in management such as organizations, goals, resources, and the four functions of management: planning, organizing, leading, and controlling. It describes organizational performance in terms of efficiency and effectiveness, and explains managerial roles, skills, and challenges. The intended audience is students learning about foundational management principles.
Walmart is the largest retail store and most profitable company in the world. It operates various store formats including discount stores, supercenters, neighborhood markets, Sam's Club warehouses, and an online store. Walmart pursues strategies like efficient supply chain and inventory management to maintain low costs, and respects individuals, serves customers, and strives for excellence. It has continued successful growth even after the death of founder Sam Walton by following his strategic formulas.
The document discusses several theories related to management and organizational behavior, including contingency theory, technology determinism, and stakeholder theory. Contingency theory claims there is no single best way to organize and that the optimal approach depends on internal and external factors. Technology determinism argues technologies directly impact organizational attributes like span of control. Stakeholder theory identifies six groups that influence organizations: technology, suppliers, customers, government, unions, and consumer groups.
This document discusses key concepts in management including defining management, organizational goals and resources, and the four primary functions of management: planning, organizing, leading, and controlling. It describes how managers at different levels perform these functions and outlines various managerial roles, skills, and current challenges in the field.
This document discusses managerial decision making. It describes decision making as responding to opportunities and threats through analyzing options and choosing goals and courses of action. There are two types of decisions - programmed decisions which are routine, and non-programmed decisions which are unusual situations with no set rules. The classical and administrative models of decision making are described, noting that the administrative model recognizes that managers have incomplete information. The steps in decision making are identified as recognizing the need, generating alternatives, evaluating alternatives, choosing, implementing, and learning from feedback. Group decision making and building a learning organization to improve creativity are also outlined.
The document discusses decision making as the essence of a manager's job. It outlines an 8-step decision making process: 1) identify the problem, 2) identify decision criteria, 3) allocate weights to criteria, 4) develop alternatives, 5) analyze alternatives, 6) select an alternative, 7) implement the alternative, and 8) evaluate the decision. It also discusses types of problems/decisions, decision making styles, biases that can influence decisions, and guidelines for effective decision making.
The document describes various aspects of the managerial decision-making process, including the rational-economic and behavioral models of decision making. It discusses the seven steps in the decision-making process, concepts related to bounded rationality and escalation of commitment. Group decision making techniques like brainstorming and nominal group technique are described, as well as tools for strategic decision making like the growth-share matrix.
The document discusses decision making in organizations. It notes that decisions made by Enron executives resulted in large losses for investors and employees. It also discusses McDonald's decision to offer healthier options in response to customer concerns about nutrition. The document outlines several models of decision making, including rational, intuitive, creative, administrative, political, and ethical models. It also discusses challenges that can negatively impact decision making such as cognitive biases.
Chapter 6 Decision Making The Essence Of The Managers Job Ppt06D
The document discusses decision making and the decision making process for managers. It outlines 8 steps in the decision making process including identifying the problem, criteria, alternatives, analysis, selection, implementation, and evaluation. It also discusses rational decision making and biases managers may exhibit, such as overconfidence and anchoring effects. Finally, it provides guidelines for effective decision making including understanding cultural differences, using an effective process, and embracing complexity.
This document discusses ethics, social responsibility, and diversity in management. It defines stakeholders as groups with interest in an organization, and ethics as beliefs about right and wrong. Managers must make decisions that balance stakeholders' interests. To be ethical, decisions should fall within standards, managers should communicate decisions to stakeholders, and friends would approve. Organizations develop codes of ethics to guide managers. Managers should act responsibly to benefit workers, society, and avoid harming stakeholders. Diversity in the workforce requires fair treatment of all groups.
The document discusses managerial decision making and different models for decision making processes. It describes programmed and non-programmed decisions and outlines the classical, administrative, and incremental models. It provides a 7 step process for decision making: 1) identifying opportunities and problems, 2) setting objectives, 3) generating alternatives, 4) evaluating alternatives, 5) reaching a decision, 6) implementation strategies, and 7) monitoring and evaluating. Key aspects of evaluating alternatives and effective implementation are also covered.
This chapter discusses decision making and creativity in organizational behavior. It compares rational and nonrational models of decision making and describes common decision-making biases. It also outlines evidence-based decision making, group decision making processes, and techniques to increase creativity. The key takeaway is that decision making involves both rational analytical thought and intuitive thought, and creativity can be increased by changing one's environment and mindset.
This document discusses decision-making in management. It begins by defining what a decision is and outlining the learning objectives, which are to define decisions, describe different types of decisions and models of decision-making, outline the rational decision-making process, and identify decision environments and common difficulties. It then describes various types of decisions managers face, models of rational decision-making, factors to consider when evaluating alternatives, and environments involving certainty, risk and uncertainty. It concludes by discussing common difficulties in the decision-making process.
The document discusses decision making, learning, creativity, and entrepreneurship. It describes the classical and administrative models of decision making. The classical model assumes rational choice among all alternatives, while the administrative model recognizes limitations like bounded rationality. It also outlines six steps for decision making: recognizing a need, generating alternatives, evaluating alternatives, choosing, implementing, and learning from feedback. Group decision making can improve choices but also introduces risks like groupthink. Organizational learning, creativity, and entrepreneurship can help improve decisions.
The document discusses the decision-making process. It describes 8 steps: 1) identifying the problem, 2) identifying decision criteria, 3) allocating weights to criteria, 4) developing alternatives, 5) analyzing alternatives, 6) selecting an alternative, 7) implementing the alternative, and 8) evaluating the decision's effectiveness. It also discusses different types of decisions, decision-making styles, and characteristics of effective decision making.
Managers make both programmed and non-programmed decisions. Programmed decisions involve familiar problems that can be solved through established procedures or policies. Non-programmed decisions involve novel problems that require unique solutions. The rational decision-making process involves identifying the problem, criteria for evaluating alternatives, developing and analyzing alternatives, selecting an alternative, implementation, and evaluation. However, managers face limits on their rationality due to bounded rationality and may rely more on intuition for uncertain or complex problems. Common decision-making biases can negatively impact the quality of decisions if not addressed.
This chapter discusses decision making and problem solving. It defines decision making and describes types of decisions and conditions. It outlines rational and behavioral perspectives on decision making. The rational perspective involves obtaining complete information and evaluating alternatives logically. However, managers have bounded rationality and tend to satisfice. Group decision making has advantages like more information but disadvantages like longer timeframes. Managing techniques include setting deadlines and having members critically evaluate alternatives.
1. The document discusses the principles and types of decision making. It defines decision making as choosing between two or more alternatives based on logic and judgment.
2. There are different types of decisions including programmed vs non-programmed, major vs minor, routine vs strategic, and individual vs group decisions. Group decisions take longer but provide more information while individual decisions are faster.
3. The document outlines the steps in decision making including recognizing problems, developing alternatives, evaluating consequences, and implementing the decision. Key factors that influence decision making are also discussed.
Importance & Steps in Decision Making_Parakramesh Jaroli_Pacific UniversityParakramesh Jaroli
The document discusses the importance and steps of decision making. It states that decision making is important for performing management functions like planning, organizing, directing and controlling. It also allows managers to solve problems, limit risks, utilize resources optimally and achieve objectives. The key steps in decision making are: 1) identifying problems, 2) diagnosing problems, 3) establishing objectives, 4) identifying constraints, 5) finding alternatives, 6) evaluating alternatives, 7) selecting an appropriate alternative, and 8) implementing the decision. Effective decision making is essential for the success of management and organizations.
Decision Making process is a very important step of any organisation's sustainability. It is a part of planning process. So if decision making is strong enough of any organisation, the organisation can survive long and effectively.
The document outlines the 8 step decision making process managers follow which includes: 1) identifying the problem, 2) identifying decision criteria, 3) allocating weights to criteria, 4) developing alternatives, 5) analyzing alternatives, 6) selecting an alternative, 7) implementing the alternative, and 8) evaluating the decision. It also discusses types of decisions, decision making styles, biases that can influence decisions, and quantitative tools that can aid the decision making process such as decision trees, payoff matrices, and break even analysis.
Managerial decision making involves responding to opportunities and threats by analyzing options and choosing courses of action. There are two types of decisions - programmed decisions which are routine, and non-programmed decisions which are unusual situations with no set rules. The classical model assumes all information is available, but the administrative model recognizes information is often incomplete. Effective decision making involves framing the problem, generating alternatives, evaluating alternatives, choosing an alternative, implementing it, and learning from feedback. Group decision making can reduce biases but risks groupthink; techniques like devil's advocacy and diversity can improve it. Organizational learning and creativity help decision making by challenging assumptions and encouraging new ideas.
The document discusses decision making and the decision making process. It defines decision making as the selection of a course of action from alternatives based on criteria. There are 6 main steps to the decision making process: 1) identifying and diagnosing the problem, 2) identifying alternatives, 3) evaluating alternatives, 4) choosing an alternative, 5) implementing the decision, and 6) evaluating the decision. Decision types include strategic, programmed, non-programmed, organizational, personal, and group decisions. The evaluation and implementation stages are critical to ensuring the effective selection and success of the chosen decision.
This document outlines the process of decision making in a business organization. It discusses that decision making involves selecting between alternative courses of action to solve problems. The 9 step decision making process is then described, including identifying the problem, diagnosing it, establishing objectives, collecting information, generating alternatives, evaluating alternatives, selecting an alternative, implementing it, and monitoring the implementation. Programmed decisions that are routine and nonprogrammed decisions that are unique are also defined.
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.