New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Chapter 4 Notes

by: Maayan Notetaker

Chapter 4 Notes Business Management 101

Maayan Notetaker

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover all of Chapter 4 for the textbook Exploring Management
Business Management in a Global Environment
Dr. Judith Ryba
Class Notes
busines, Management, business management, intro, chapter 4
25 ?




Popular in Business Management in a Global Environment

Popular in Business

This 4 page Class Notes was uploaded by Maayan Notetaker on Sunday September 18, 2016. The Class Notes belongs to Business Management 101 at Yeshiva University taught by Dr. Judith Ryba in Fall 2016. Since its upload, it has received 16 views. For similar materials see Business Management in a Global Environment in Business at Yeshiva University.

Similar to Business Management 101 at YU


Reviews for Chapter 4 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/18/16
Managers as Decision Makers Chapter 4 ● Effective managers are good decision makers - requires self-confidence Why do managers ○ Must get info, decide, implement, and activate make decisions? ● To solve problems posing threats or offering opportunities --​Problem solving ● Problem solving- ​ Identifying and taking actions to solve problems ● Managers must be k​ nowledge 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 3 types of ● Problem avoider ​ -​ ​ignore problems​ and info that would signal managers 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 What is a ○ Determines which issues can emerge before they decision? happen - lots of analysis (market research,surveys) ● Decision - choice among possible courses of action​ lanning 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 3 levels of ■ No routine solution available- rely heavily on decisions managers creativity ○ Strategic decision​ ​determine the​ oals​ of the organization, its mission (who-values and beliefs) and its direction (where to go) are plannin​ pper managers-​ conceptual decisions - long term decision (3-5 yrs) ■ Merger, 15% of market share Managers as Decision Makers Chapter 4 ○ Tactical decisions:​ Concern the ​development of tactics to accomplish the strategic goals defined by top management. - ​middle managers ■ Midterm decisions (1-2 yrs) What are the 2 ○ Operational decision​ determines​ HOW ​operations are types of conducted -​ lower managers thinking? ■ 6 month decision process where you must determine​ udget ● 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 4 cognitive styles ● Must use both ● Cognitive style​ - the way a person deals w/ info while making decisions ○ Sensation thinker​ realistic approach to problem solving - facts, goals, certainty, and high control - impersonal ○ Intuitive think​ 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 feeler​ mis of analysis and human relations- Environments of logical/factual but deal w/ feeling and values -personal problem solving ● Certain environments​ ​-factual information for all possibilities and consequences available- manager must choose best decision ● Risk environments​ ​- all alternatives and outcomes viewed as probabilities-incomplete facts ● Uncertain env.​ -lack so much info that it is hard to know 5 steps of probable outcomes or alternatives- hunches, guessing, intuition decision making ● 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 Managers as Decision Makers Chapter 4 ○ Classical decision model: fully informed decision making ■ Optimizing decision: gives BEST solution ○ Behavioural decision model: limited info and bounded rationality to make decision ■ Satisficing decision: 1st satisfactory decision option ○ Cognitive limitation: limit to thought processing ability ● Step 4:​ implementation ○ Lack-of-participation error: failure to include right people Ethical in decision making process- implementation impossible considerations w/out backup ● Step 5​ evaluate results ○ Determine negative and positive variances and why ● Ethics questions - Gerard Cavanagh Current issues in ○ Utility-does decision satisfy all stakeholders/constituents decision making ○ Rights-does it respect right of all and duties of all? ○ Justice-does it subscribe to canon of justice? ○ Caring-my responsibility to care? ● Spotlight questions - how would the public react to my decision? ● Creativity-​ eneration of unique idea or novel approach to solving a problem or creating an opportunity ○ Task expertise - how well one knows their task ○ Task motivation - high motivation to resolve problems ○ Creativity skills- cooperation, fortitude, resourcefulness, divergent thinking (outside-the-box), lateral thinking (diverse ways to solve problems), transfer of knowledge between subjects, objectivity ● Group decision making should be used sometimes but not all time ○ Positives : more info, more alternatives, greater general understanding, greater commitment to final decision ○ Negatives: conformity with social pressures, domination by a few members, takes more time ● Availability heuristic (strategy):​ uses existing info to make decisions about current situation - info may not be relevant ● Representative heuristic:​ assesses the likelihood of an occurrence using a stereotyped set of similar event (past reps present) ● Anchoring and adjustment heurist​ makes alteration to existing value to make a decision ● Framing error​: solving problems in the context perceived ○ Bias of positive or negative (half full, half empty) ● Confirmation error:​ we consider only info that confirms a decision we already made - ignores contradictory facts ● Escalating commitment: ​ continuing a course of action even with proof it is not working - inability to admit you are wrong ○ Avoidance by: Managers as Decision Makers Chapter 4 ■ Setting limits in commitment to action 6 rules for crisis ■ Make own decisions management ■ Analyze why continuing an action ■ Reminder of costs of action ● Crisis: unexpected problem that if left unresolved or resolved inappropriately can lead to disaster quickly ○ Small groups and lack of info can exacerbate crises ● Figure out what is going on ● Remember that speed matters ● Remember that slow can be good to- must evaluate carefully ● Respect the danger of the unfamiliar ● Value the scepetic ● Be ready to fuel crisis to get attention


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.