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Terms in this set (40)5 steps to implementing the decision 1) determine how things will look when the decision is fully operational 2) chronologically order the steps necessary to achieve a fully operational decision 3) list the resources and activities required to implement each step 4) estimate the time needed for each step 5) assign responsibility for each step to specific individuals barriers to decision making - psychological biases - time pressure - social realities why information is incomplete - uncertainty and risk - ambiguous (subjective lack of clarity) information - time constraints and information costs certain decision environments exist when information is sufficient to predict the results of each alternative in advance of implementation risky decision environments exist when decision makers lack complete certainty regarding the outcomes of various courses of action, but they are aware.... uncertain decision environments can be described in terms of types of risks encountered by the organization - strategic risks are threats to overall business success - operational risks are threats inherent in the technologies used to reach business success - reputation risks are threats to a brand or to the firms reputation programmed decisions involve routine or recurring problems or opportunities - lower level personnel who follow established organizational routines, policies, and procedures characteristics of managerial decisions risk lack of structure uncertainty conflict non programmed decisions there is no pre specified course of action - new, novel, complex decisions having no certain outcome certainty - having enough accurate and comprehensive information to make a decision uncertainty - having insufficient information to know the consequences of different actions risk - when you can estimate the likelihood of various consequences but still do not know with certainty what will happen conflict - exists when a manager must consider opposing pressures from different sources such as psychological and individual conflicts phases of decision making 1) identify and diagnose the problem 2) generate alternative solutions 3) evaluate alternatives 4) make the choice 5) implement the decision 6) evaluate the decision ready made solutions - use ideas they have tried before or follow the advice of others who have faced similar problems custom made solutions - new and creative solutions designed specifically for the problem contingency plans - alternative courses of action that can be implemented depending on how the future unfolds maximizing - achieving the best possible outcome satisficing - choosing the first option that is minimally acceptable or adequate, not necessarily the best or perfect optimizing - achieving the best possible balance among several goals vigilance - when the decision makers carefully and conscientiously execute all six phases of decision making illusion of control - the belief that one can influence events even when one has no control over what will happen framing effects - refer to how problems or decision alternatives are phrased or presented and how these subjective influences can override objective facts discounting the future - weighing short term costs and benefits more heavily than long term costs and benfits groupthink - people choose not to disagree or raise objections because they don't want to break up team spirit goal displacement - decision making group loses sight of its original goal and a new, less important goal emerges cognitive conflict - differences in perspectives or judgments affective conflict - emotional disagreement directed toward other people devil's advocate - a person who has the job of criticizing ideas to ensure that their downsides are fully presented dialectic - a structured debate comparing two conflicting courses of action brainstorming - group members generate as many ideas about a problem as they can bounded rationality - decision makers cannot be truly rational because... --> they have imperfect and incomplete information about alternatives and consequences --> the problems they face are complex --> humans cannot process all the information they are exposed to --> their is not enough time to process all relevant information --> people within the same firm have conflicting goals incremental model - occurs when decision makers make small decisions, take little steps, move cautiously, and move toward a bigger solution coalitional model - when people disagree on goals or compete with one another for resources garbage can model - when people are not sure of their goals, or disagree about goals, and likewise are unsure about what to do The leader of a decision-making group must: minimize process-related problems Barriers to rational, effective decision making include the broad categories of psychological biases, time pressures, and _____. social realities Which of the following statements is true of brainstorming? It creates an environment where there is no criticism. When a manager must decide between several attractive options, or when there are no attractive options, he or she experiences _____ conflict. psychological Which of the following terms refers to the condition that causes new goals to replace the original ones? Goal displacement Recommended textbook solutions
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ADVANCED MATH Prove that in a primitive Pythagorean triple $x, y, z,$ the product $x y$ is divisible by 12 hence $60 | x y z .$ Verified answer
ADVANCED MATH During the next four quarters, Wivco faces the following demands for globots: quarter 1—13 globots; quarter 2—14 globots; quarter 3— 12 globots; quarter 4—15 globots. Globots may be produced by regular-time labor or by overtime labor. Production capacity (number of globots) and production costs during the next four quarters are shown in Table 63. Wivco has set the following goals in order of importance: Goal 1: Meet each quarter’s demand on time. Goal 2: Inventory at the end of each quarter cannot exceed 3 units. Goal 3: Total production cost should be held below $250. Formulate a preemptive goal programming model that could be used to determine Wivco’s production schedule during the next four quarters. Assume that at the beginning of the first quarter 1 globot is in inventory. TABLE 63: $$ \begin{matrix} \text{Quarter} & \text{Regular-Time} & \text{ } & \text{Overtime} & \text{ }\\\text{ } & \text{Capacity} & \text{Cost/Unit} & \text{Capacity} & \text{Cost/Unit}\\ \text{1} & \text{9} & \text{\$4} & \text{5} & \text{\$6}\\ \text{2} & \text{10} & \text{\$4} & \text{5} & \text{\$7}\\ \text{3} & \text{11} & \text{\$5} & \text{5} & \text{\$8}\\ \text{4} & \text{12} & \text{\$6} & \text{5} & \text{\$9}\\ \end{matrix} $$ Verified answer
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Which factors may be barriers to effective decisionFollowing are typical barriers faced by a manager while developing strategies.. Level of Decision Making Not Clear. ... . Lack of Time. ... . Lack of reliable data. ... . Risk-Taking Ability. ... . Too Many Options. ... . Inadequate Support. ... . Lack of Resources. ... . Inability to Change.. What is the first step in the ideal decisionThe first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.
What are the 6 steps to the decisionStep 1: Identify the decision. You realize that you need to make a decision. ... . Step 2: Gather relevant information. ... . Step 3: Identify the alternatives. ... . Step 4: Weigh the evidence. ... . Step 5: Choose among alternatives. ... . Step 6: Take action. ... . Step 7: Review your decision & its consequences.. |
Which of the following terms refers to the condition that causes new goals to replace the original ones?
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