Managerial Decision Making
Managerial Decision Making 3890
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This 2 page Class Notes was uploaded by Anna Notetaker on Sunday January 31, 2016. The Class Notes belongs to 3890 at Middle Tennessee State University taught by Prof. Jean Wilson in Spring 2016. Since its upload, it has received 67 views.
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Date Created: 01/31/16
Decision Making – Week One Decision Making Difficulty: 76% of people have trouble making political choices. Managers are the Decisions Makers. They must make sure these needs are met in the workplace: Personal Needs, Organizational, Environment, and Task Demands, also known as the Four Force Model. Environment is made up of competition, government, and the public. It comes into two categories: general and specific. Organizational is made up of interactions, personalities, and commitment. Task Demands is made up of functions and responsibilities. Personal Needs is made up of individual’s needs. We must look at our failures to actually improve our decision making. The effectiveness of a decision must be viewed in its totality from the initial idea, the assumptions made, the methods used, basis for the choice, gaining of acceptance, and the evaluation of results. Many managers use intuitions in their decisions. To be effective, the decision maker must deal with both the behavioral and the technical aspects of a problem. Decision making is synonymous with managing and leading. Decisions must be made on a timely and cost – effective basis. Decisions making tends to emphasize the product of decision making and never the process. The key components in the decision making is decision making process, decision maker, and the decision. Decision making is the process by which managers respond to opportunities and threats. Decision theory is generally regarded as a quantitative discipline. 50% of the time, managers have to correct poor decisions. Good judgement comes from experience and experience comes from bad decisions. Demographics are gender, age, ethnicity, geography, income, and life cycle. Effectiveness is the end result. Doing the right things. Efficiency is doing more with less. Doing things right. Intuition and tools must work together to find solutions.
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