Chapter 4.1 Notes
Chapter 4.1 Notes MGMT 301
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This 3 page Class Notes was uploaded by Stephanie Donovan on Friday February 13, 2015. The Class Notes belongs to MGMT 301 at Pennsylvania State University taught by Ronald Johnson in Winter2015. Since its upload, it has received 45 views.
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Date Created: 02/13/15
How Do Managers Use Information to Solve Problems 1 Management 301 Chapter 4 Section 1 San Jose Copper and Gold Mine a collapsed in Chile b 32 miners and leader were trapped i Urzua mining leader was trapped in the mine 1 used decision making and problem solving techniques ll Managers Use technological informational and analytical competencies to solve problems a only you can determine whether you step ahead and make the best of very difficult problems or collapse under pressure b Problem solving involves identifying and taking actions to resolve problems c knowledge add value to organizations through their intellectual capabilities d Planning Organizing Leading Controlling i Decisional Roles information used for entrepreneurship resource ii Analytics Competency iii Interpersonal Roles information used for ceremonies motivation and networking iv information competency v Information Roles information sough receiving transferred among insiders and outsiders 1 Managers sit at the center of complex networks e managers continually solve problems i they gather give receive and process information f technological competency is the ability to understand new technologies and to use them to their best advantage g information competency the ability to gather and use information to solve problems h analytical competency the ability to evaluate and analyze information to make actual decisions and solve real problems i Managers deal with problems posing threats and offering opportunities i performance threat a situation where something is wrong or likely to be wrong 1 Hurricane Katrina example a there were a lot of warnings about the storm it was underestimated b too many people weren t ready when Katrina hit ii performance opportunity a situation that offers probability of a better future if the right steps are taken lll Managers can be problem avoiders problem solvers or seekers a problem avoiders ignore information that would signal information and they prefer not to deal with problems b problem solvers make decisions and solve decisions c problems seekers always looking for problems to solve IV Managers make programmed and nonprogrammed decisions when solving problems a decision a chance among possible How Do Managers Use Information to Solve Problems 2 VI VII b programmed decisions a solution from past experience to a routine problem i work best for structured problems ii forward looking managers can use past experience and plan ahead to make decisions in programmed ways not spontaneous c nonprogrammed decision applies a speci c solution that has been crafted to address a unique problem i nancial crisis Obamas choice of Treasury Secretary 1 he had to solve problems with billions in bad loans made by nations bank Managers Can use both systematic and Intuitive thinking a systematic thinking approaches problems in a rational and analytical fashion i break complex problems into smaller ones ii factbased problem solving b Intuitive thinking approaches problems in a exible and spontaneous fashion i come up with imaginative responses ii deal with many aspects of problems at once Managers use different cognitive styles to process information for decision making a Sullenberger pilot i emergency landing of the plane in the Hudson river b cognitive thinking the way an individual deals with information while making decisions i involves a contrast of tendencies toward information gathering 1 sensation thinker emphasize the impersonal rather than the personal a take realistic approach 2 Intuitive thinkers comfortable and unstructured situations a idealistic prone toward intellectual and theoretical opportunities 3 intuitive feelers prefer broad and global issues a insightful and tend to avoid details 4 sensation feelers tend to emphasize both analysis and human relations a tend to be realistic and prefer facts Managers make decisions under conditions of certainty risk and uncertainty a environment affects problem solving b levels of risk and uncertainty in problem environments in which mangers make decisions certainty risk and uncertainty c certain environment offers complete information on possible action alternatives an their consequence i ideal decision situation ii decision makers need to study the alternatives and choose the best solution quotfixedrate loan knowing future interest costs and repayment tables e quotvariablerate loan interest rate you have to pay according to the activity of market rates f risk environment lacks complete information but offers probabilities of the likely outcomes for possible action alternatives 9 How Do Managers Use Information to Solve Problems i alternative actions can be analyzed only as probabilities g uncertain environment lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives h decision make in uncertain conditions is dependent on intuition judgment and informed guessing
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