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Management Notes - Review before Spring Break

by: Anna Notetaker

Management Notes - Review before Spring Break 3890

Marketplace > Middle Tennessee State University > 3890 > Management Notes Review before Spring Break
Anna Notetaker
GPA 3.62

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About this Document

These notes consist of corrections from the class over notes, more review from the examination, and notes covering the most missed questions from the examination.
Managerial Decision Making
Prof. Jean Wilson
Class Notes
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This 2 page Class Notes was uploaded by Anna Notetaker on Saturday March 5, 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 13 views.


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Date Created: 03/05/16
Management Notes  Certainty is the knowledge of consequences of each alternative.  Uncertainty is the lack of knowledge of consequences of each alternative.  Risk is the assumption about the alternatives.  Conditions that managers use to make decisions much more under risk and uncertainty.  Take Corrective Actions as Necessary: 1. Reorder our evaluations 2. Reschedule you work flow 3. Reassign you personnel 4. Renew the search (new alternatives) 5. Revise objectives (last resort)  A competitive advantages of organizing is distinctive competency and differential benefits.  When searching for an alternative, there are three areas that you must take into consideration for the structure of the organization: o Balance the Cost of Additional Information o Amount of Perceived Pay-off o Own Level of Aspiration  We must remember that we must stop seeking information when the cost is higher than the benefit.  We must evaluate an alternative results by using Analysis, Bargaining, and Judgement. o Analysis is least used. o Judgement is the easiest to use. o Bargaining is best to use when there is controversy.  Retrenchment is when you reduce in size, sell off items, when sales are down, when you try to stabilize, revitalize the company, it is only short term, and in the end, you are trying to come back.  Stability is three things: o Rapid upheaval and a great deal of uncertainty o Slow or no growth in the market o Big and successful enough  TIPC – Technical, Interpersonal, Political, and Conceptual.  The Three C’s that are detrimental to continued success: 1. Complacency – Smugness 2. Conservatism – Excessive 3. Conceit – Myopia of the mindset  Mechanistic is centralization, which is narrow control. Organic is decentralization, which is wide control. Strategy comes first, before structure. Mechanistic  Cost Minimization  Mass Production  Imitation Mechanistic and Organic  Innovation Organic  Unit/Batch Production  Process Production  Process Production is the Most Technical Complex of them all.  Corrections to past notes by Prof. Wilson ***** o Huge Companies are centralized. o Culture: Tangibles, Stories, Ritual, Language, and Heroes.


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