Podcast
Questions and Answers
What is programmed decision making?
What is programmed decision making?
What characterizes nonprogrammed decision making?
What characterizes nonprogrammed decision making?
Give an example of nonprogrammed decision making.
Give an example of nonprogrammed decision making.
Entering a new market or launching a new promotional campaign.
What is step 1 of the decision making process?
What is step 1 of the decision making process?
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What is step 2 of the decision making process?
What is step 2 of the decision making process?
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What does step 3 of the decision making process involve?
What does step 3 of the decision making process involve?
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What is step 4 of the decision making process?
What is step 4 of the decision making process?
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What is step 5 of the decision making process?
What is step 5 of the decision making process?
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What is step 6 of the decision making process?
What is step 6 of the decision making process?
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Study Notes
Decision Making Concepts
- Programmed Decision Making: Routine decisions made through established rules or guidelines; apply when situations frequently recur.
- Nonprogrammed Decision Making: Decisions made in response to unique events with no predefined rules; involve unpredictable circumstances.
Examples of Nonprogrammed Decisions
- Entering new markets
- Launching new promotional campaigns
Decision Making Process Steps
- Step 1: Recognize the need for a decision; identifying issues or opportunities is crucial.
- Step 2: Generate alternatives; managers develop a range of feasible actions in response to identified problems or opportunities.
- Step 3: Assess alternatives; evaluating the pros and cons of each option to determine potential effectiveness.
- Step 4: Choose among alternatives; rank options based on assessment to select the most suitable choice.
- Step 5: Implement the chosen alternative; execution involves making numerous related decisions to realize the chosen course of action.
- Step 6: Learn from feedback; retrospective analysis helps managers understand outcomes and improve future decision-making processes.
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Description
Enhance your understanding of decision-making processes with these flashcards from Chapter 5. Explore key concepts like programmed and nonprogrammed decision-making, and learn the distinctions between routine and novel choices. Perfect for students looking to deepen their knowledge in decision theory.
