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MNGT 361 CH. 3 Foundations of Decision Making

by: Angela Potter

MNGT 361 CH. 3 Foundations of Decision Making MNGT 361

Marketplace > Towson University > Business, management > MNGT 361 > MNGT 361 CH 3 Foundations of Decision Making
Angela Potter
GPA 3.69

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About this Document

These notes cover the material discussed in Chapter 3: Foundations of Decision Making
Leadership and Management
Donald McCulloh
Class Notes
Management, towson
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This 3 page Class Notes was uploaded by Angela Potter on Thursday February 18, 2016. The Class Notes belongs to MNGT 361 at Towson University taught by Donald McCulloh in Spring 2016. Since its upload, it has received 13 views. For similar materials see Leadership and Management in Business, management at Towson University.

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Date Created: 02/18/16
MNGT 361 Chapter 3: Foundations of Decision Making  The decision making process  ­ Identification of a problem (Need a New Car) ­ Problem: a discrepancy between an existing and a desired state of affairs true ­ Identification of a decision criteria  ­ price ­ model ­ size  ­ manufacturer ­ options ­ repair record ­ Allocation of weights of criteria  1. Most important criterion assigned a weight of 10 2. Other weights assigned against this standard  ­ Analysis of alternatives  ­ what other types of cars you may want ­ Selection of an alternative  ­ choosing the best alternatives with the weighted facts  ­ Implementation of the alternative  ­ Decision implementation: putting a decision into action  ­ Evaluation of decision effectiveness  ­ was the problem resolved? Three Approaches Used to Make Decisions: Types of Decision  ­ Planing  ­ Organizing  ­ Leading ­ Controlling  Rational Model ­ Rational Decision Making  ­ choices that are consistent and value­maximizing within specified constraints  Types of Decisions and Decision­Making conditions that managers face  Types of Problems  ­ Structured problem ­ Unstructured problem  Types of Decisions  ­ Programmed  ­ Repetitive decisions that can be handled using a routine approach  ­ Non­programmed ­ Repetitive decisions that can't be handled using a routine approach  Decision­ Making Conditions  ­ Certainty  ­ Risk ­ Uncertainty  Group Decision Making  Decisions are often made by groups representing the people who will be most affected by those decisions  ­ Committees ­ Task Forces  ­ Review Panels ­ Work teams Advantages of Group Decision Making  ­ More complete information  ­ Diversity of experiences/ perspectives  ­ More alternatives generated  ­ Increased acceptance of solution ­ Increased legitimacy  Disadvantages of Group Decision Making  ­ Time consuming  ­ Minority Domination  ­ Ambiguous responsibility  ­ Pressure to conform  Groupthink ­ When a group exerts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement  When are Groups Most Effective? Individual  ­ Faster decision making  ­ More efficient use of work hours Group ­ More accurate decisions  ­ More creative ­ More heterogenous representation  ­ Greater acceptance of final solution  Improving Group Decision Making  Make group decisions more creative by: ­ Brainstorming  ­ The nominal group technique  ­ Electronic meetings  Contemporary issues in Managerial Decision Making National Culture ­ influences the way decision are made and the degree of risk involved  Creativity  ­ Lets the decision maker: ­ Understand a problem more fully  ­ See problems others cant  ­ Identity all viable alternatives  Design thinking  ­ approaching management problems ad designers approach design problems  Big Data  ­ The vast amounts of quantifiable information that can be analyzed by highly sophisticated  data processing 


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