Podcast
Questions and Answers
Which criterion has the highest weight in the computer replacement decision?
Which criterion has the highest weight in the computer replacement decision?
- Memory and Storage (correct)
- Display Quality
- Battery life
- Warranty
What is the weight assigned to the criterion of battery life?
What is the weight assigned to the criterion of battery life?
- 8 (correct)
- 10
- 4
- 6
Which criterion has the lowest weight in the replacement decision process?
Which criterion has the lowest weight in the replacement decision process?
- Warranty (correct)
- Carrying Weight
- Memory and Storage
- Display Quality
In the context of developing alternatives for computer replacements, what is the first step?
In the context of developing alternatives for computer replacements, what is the first step?
How many total criteria are listed for the computer replacement decision?
How many total criteria are listed for the computer replacement decision?
What is the primary goal of making decisions in management?
What is the primary goal of making decisions in management?
Which of the following factors should NOT be considered when making a decision?
Which of the following factors should NOT be considered when making a decision?
When making a decision, which approach is generally considered most effective?
When making a decision, which approach is generally considered most effective?
What role do alternatives play in decision-making?
What role do alternatives play in decision-making?
Which of the following is a common pitfall in decision-making?
Which of the following is a common pitfall in decision-making?
What is the primary purpose of developing alternatives when selecting a laptop?
What is the primary purpose of developing alternatives when selecting a laptop?
What does the analyzing step involve during the decision-making process?
What does the analyzing step involve during the decision-making process?
Why is it important to base the decision-making process on personal criteria rather than just specifications?
Why is it important to base the decision-making process on personal criteria rather than just specifications?
What role does the specifications sheet play in selecting a laptop?
What role does the specifications sheet play in selecting a laptop?
Which of the following best reflects the nature of listing down different laptop models?
Which of the following best reflects the nature of listing down different laptop models?
What is the primary focus when appraising an alternative?
What is the primary focus when appraising an alternative?
What is considered a strength of an alternative in the appraisal process?
What is considered a strength of an alternative in the appraisal process?
Which of the following would NOT be a consideration when analyzing alternatives?
Which of the following would NOT be a consideration when analyzing alternatives?
In the context of analyzing alternatives, weaknesses refer to:
In the context of analyzing alternatives, weaknesses refer to:
How should the strengths and weaknesses of alternatives be utilized in decision-making?
How should the strengths and weaknesses of alternatives be utilized in decision-making?
What is the primary goal in Step 6 of the decision-making process?
What is the primary goal in Step 6 of the decision-making process?
Why is it important to assess the values of alternatives?
Why is it important to assess the values of alternatives?
Which of the following can be a consequence of not choosing the alternative with the highest total weight?
Which of the following can be a consequence of not choosing the alternative with the highest total weight?
In the context of selecting an alternative, what does 'total weight' refer to?
In the context of selecting an alternative, what does 'total weight' refer to?
Which approach should not be taken when selecting an alternative?
Which approach should not be taken when selecting an alternative?
What is the primary goal when selecting an alternative to resolve a problem?
What is the primary goal when selecting an alternative to resolve a problem?
Which of the following statements accurately reflects the implementation of a selected alternative?
Which of the following statements accurately reflects the implementation of a selected alternative?
What does 'implementing the selected alternative' imply in the decision-making process?
What does 'implementing the selected alternative' imply in the decision-making process?
Which of the following best describes a consideration in the selection of an alternative?
Which of the following best describes a consideration in the selection of an alternative?
Why is it crucial to evaluate alternatives using personal criteria?
Why is it crucial to evaluate alternatives using personal criteria?
Flashcards
Selecting an Alternative
Selecting an Alternative
Choosing the solution that best addresses your problem and meets your needs.
Implementing the Selected Alternative
Implementing the Selected Alternative
Taking action and putting the chosen solution into practice.
Decision
Decision
A choice made from two or more alternatives.
Decision Making
Decision Making
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Decision Constraints
Decision Constraints
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Decision Information
Decision Information
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Decision Implementation
Decision Implementation
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Developing Alternatives
Developing Alternatives
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Analyzing Alternatives
Analyzing Alternatives
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Decision Making Process
Decision Making Process
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Weight (Decision Making)
Weight (Decision Making)
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Alternatives (Decision Making)
Alternatives (Decision Making)
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Criteria (Decision Making)
Criteria (Decision Making)
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Identifying Alternatives
Identifying Alternatives
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Alternative's Appraisal
Alternative's Appraisal
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Issues to be Resolved
Issues to be Resolved
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Implementing the Solution
Implementing the Solution
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Choosing the Best Alternative
Choosing the Best Alternative
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Total Weight
Total Weight
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Decision Criteria
Decision Criteria
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Alternative with the Highest Total Weight
Alternative with the Highest Total Weight
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Step 6: Selecting an Alternative
Step 6: Selecting an Alternative
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Study Notes
Chapter 2: Making Decisions
- A decision is a choice between two or more alternatives.
- The decision-making process involves identifying a problem, evaluating criteria, weighting criteria, exploring alternatives, analyzing alternatives, choosing the best alternative, implementing the chosen alternative, and evaluating the outcome.
- Identifying a problem is recognizing a discrepancy between the current state and the desired state. A problem becomes a problem when a manager becomes aware of it, there is pressure to solve it, and the manager has the authority, information, or resources to resolve it.
- Decision criteria are important elements for resolving a problem. Decision criteria can be cost, risk, and desired outcomes.
- Decision criteria are not equally important. Weights are assigned to each criteria to reflect their relative importance in the decision-making process.
- Developing alternatives involves identifying possible solutions.
- Analyzing alternatives involves evaluating the potential benefits and drawbacks of each option.
- Choosing the best alternative involves selecting the option that best meets the criteria and goals.
- Implementing the chosen alternative involves putting the decision into action.
- Evaluating the effectiveness of the decision involves assessing the results to determine if the desired outcome was achieved.
- Rational decision-making is based on head (logic, analysis and evidence) and a structured process. A clear goal and awareness of alternative options and consequences is needed. The best choice is the one that maximizes achieving the goal.
- Intuitive decision-making is based on experience, feelings, and accumulated judgement.
- Bounded rationality recognizes that individuals have limitations in processing information. Solutions are satisfactory rather than optimal.
- Escalation of commitment refers to an increased commitment to a previous decision despite evidence it may have been wrong.
Types of Decisions
- Structured problems include straightforward, familiar, easily defined problems. A good example is a broken machine.
- Programmed decisions use a routine approach to tackle recurring issues. For example, fixing a recurring problem with a broken machine.
Types of Programmed Decisions
- Procedure: Sequential steps for solving a structured problem.
- Rule: Explicit statement about what can or cannot be done.
- Policy: Guideline for making decisions.
Types of Decisions: Unstructured Problems and Nonprogrammed Decisions
- Unstructured problems are new and unusual with ambiguous or incomplete information.
- Nonprogrammed decisions are unique, nonrecurring decisions that require custom made solutions. COVID-19 is an example of this.
Programmed vs Nonprogrammed Decisions
- Programmed decisions are routine, handled by lower managers, while nonprogrammed decisions are new, unique, handled at upper levels of management.
- Programmed decisions use established procedures, routines, rules, and policies. Nonprogrammed decisions involve judgment and creativity.
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