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YU - Bus 101 - Class Notes - Week 3

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YU - Bus 101 - Class Notes - Week 3

School: Yeshiva University
Department: Business
Course: Business Management in a Global Environment
Professor: Judith Ryba
Term: Fall 2016
Tags: busines, Management, business management, intro, and chapter 4
Name: Chapter 4 Notes
Description: These notes cover all of Chapter 4 for the textbook Exploring Management
Uploaded: 09/19/2016
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background image Managers as Decision Makers  Chapter 4     
 
Why do managers 
make decisions? 
--
Problem solving   
 
 
 
 
 
 
 
3 types of 
managers 
 
 
 
 
 
 
 
 
 
 
What is a 
decision? 
 
 
 
 
 
 
 
 
 
 
 
 
3 levels of 
decisions 
 
 
 
 
 
● Effective managers are good decision makers - requires  self-confidence  ○ Must get info, decide, implement, and activate  ● To solve problems posing threats or offering opportunities  
● Problem solving
​-Identifying and taking actions to solve  problems  ● Managers must be  knowledge workers​ - valued by company  due to intellectual capacity  ○ Information competency ​- ability to gather and use info   ● Performance threa ​t - situation where something is wrong or  likely to go wrong  ● Performance opportunity ​ - offers possibility of better future if  right steps are taken  ● Problem avoide ​r -​ ​ignore problems​ and info that would signal  threat/opportunity - inactive -- “smoother” ; desire to maintain 
status quo 
○ avoid conflict, even course - won’t lead org. to final goal 
○ Sees challenge as threat not opportunity for growth 
● Problem solver  ​- make decisions + solve problems when  needed - active - understands that business operates under 
conditions of risk and uncertainty -- good managers - don't 
anticipate issues 
● Problem seeker ​ - seek out/anticipate problem,  threats/opportunities to solve - proactive -BEST ONE  ○ Sees a challenge as an opportunity for growth 
○ Determines which issues can emerge before they 
happen - lots of analysis (market research,surveys)   ● Decision - choice among possible courses of action -  planning  process = forecasting process  ○ Programmed decision  ​- solution to a routine problem  from past experience (typical problem)- routine/habit  ■ More common in organization - most 
■ Lend themselves to systematic procedures and 
rules: standard operating procedure  ○ Nonprogrammed decisions ​- specific, creative, solution to  a unique and new problem   ■ Creative  ​- ability to come up with new ideas  ■ Innovation, merger/acquisition, crisis 
■ New strategy  
■ No routine solution available- rely heavily on 
managers creativity  ○ Strategic decisions ​: ​determine the​ ​goals​ of the  organization, its mission (who-values and beliefs) and its 
direction (where to go) are planning - 
​upper managers​-  conceptual decisions - long term decision (3-5 yrs)  ■ Merger, 15% of market share 
background image Managers as Decision Makers  Chapter 4   
 
 
 
What are the 2 
types of 
thinking? 
 
 
 
 
 
 
 
4 cognitive styles  
 
 
 
 
 
 
 
 
 
 
Environments of 
problem solving 
 
 
 
 
 
5 steps of 
decision making  
 
 
 
 
 
 
 
 
 
 
 
 
 
○ Tactical decisions: ​ Concern the ​development of tactics  to accomplish the strategic goals defined by top 
management. - 
​middle managers  ■ Midterm decisions (1-2 yrs)  ○ Operational decisions ​:determines​ HOW ​operations are  conducted - ​ lower managers  ■ 6 month decision process where you must  determine  budget  ● Systematic thinking ​ - approaches problem in a rational/analytic  way  ○ step-by -step plan and then action  ● Intuitive thinking ​ - approaches problem and flexible/spontaneous  way  ○ Creative, imaginative, quick actions   ● Must use both 
● Cognitive style
​ - the way a person deals w/ info while making  decisions  ○ Sensation thinkers ​-realistic approach to problem solving -  facts, goals, certainty, and high control - impersonal  ○ Intuitive thinkers ​-abstract and unstructured - idealistic  and use intellectual/theoretical ideas - impersonal but 
lofty 
○ Intuitive feelers ​ - broad and global issues- like intangible  and not detailed- insightful, flexible, personal  ○ Sensation feelers ​- mis of analysis and human relations-  logical/factual but deal w/ feeling and values -personal  ● Certain environment ​s​-factual information for all possibilities  and consequences available- manager must choose best 
decision 
● Risk environment ​s​- all alternatives and outcomes viewed as  probabilities-incomplete facts  ● Uncertain env ​.-lack so much info that it is hard to know  probable outcomes or alternatives- hunches, guessing, intuition  ● Decision making process ​-​ series of steps from defining the  problem to evaluating the results- uses ethics double check  ○ Step 1: identify and define problem  
○ Step 2: generate and evaluate alternative solutions 
○ Step 3: decide on preferred course of actions 
○ Step 4: implement decision 
○ Step 5: evaluate results 
● Step 1: ​ information gathering,processing, and deliberation- goals  ○ Mistakes: define goals too broadly or narrowly, focus on  symptoms not problems, focusing on wrong problems  ● Step 2 ​: gather facts to define many possible options  ○ Cost benefit analysis: compare costs and benefits of all  potential outcomes  ● Step 3 ​: decide on a course of actions - 2 possibilities 

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School: Yeshiva University
Department: Business
Course: Business Management in a Global Environment
Professor: Judith Ryba
Term: Fall 2016
Tags: busines, Management, business management, intro, and chapter 4
Name: Chapter 4 Notes
Description: These notes cover all of Chapter 4 for the textbook Exploring Management
Uploaded: 09/19/2016
4 Pages 11 Views 8 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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