Podcast
Questions and Answers
Which step involves establishing the relative importance of decision criteria?
Which step involves establishing the relative importance of decision criteria?
- Allocating Weights to the Criteria (correct)
- Implementing the Alternative
- Identifying the Problem
- Analyzing Alternatives
What must a manager possess before effectively resolving a problem?
What must a manager possess before effectively resolving a problem?
- A comprehensive solution to all alternatives
- Full agreement from all stakeholders
- An emotional connection to the problem
- Adequate authority, information, or resources (correct)
In which step are viable alternatives identified and listed without evaluation?
In which step are viable alternatives identified and listed without evaluation?
- Developing Alternatives (correct)
- Evaluating the Decision’s Effectiveness
- Selecting an Alternative
- Identifying Decision Criteria
What is the main goal of the Decision-Making Process?
What is the main goal of the Decision-Making Process?
In analyzing alternatives, what is primarily assessed?
In analyzing alternatives, what is primarily assessed?
What characterizes a problem as being recognized by a manager?
What characterizes a problem as being recognized by a manager?
What is the purpose of evaluating the decision’s effectiveness?
What is the purpose of evaluating the decision’s effectiveness?
During the decision-making process, what should not be done in the step of selecting an alternative?
During the decision-making process, what should not be done in the step of selecting an alternative?
Flashcards
Problem
Problem
A discrepancy between an existing and a desired state of affairs.
Decision Criteria
Decision Criteria
Factors important for solving a problem.
Allocating Weights to Criteria
Allocating Weights to Criteria
Putting a weight on each decision criteria to prioritize them.
Developing Alternatives
Developing Alternatives
Signup and view all the flashcards
Analyzing Alternatives
Analyzing Alternatives
Signup and view all the flashcards
Selecting an Alternative
Selecting an Alternative
Signup and view all the flashcards
Implementing the Alternative
Implementing the Alternative
Signup and view all the flashcards
Evaluating the Decision's Effectiveness
Evaluating the Decision's Effectiveness
Signup and view all the flashcards
Study Notes
Decision-Making Process Overview
- Decision-making involves choosing from multiple options to address a problem.
- This process includes identifying a problem, establishing criteria, evaluating alternatives, and assessing the outcome.
Step 1: Identifying the Problem
- A problem arises when a gap exists between the current and desired situation.
- A manager's awareness, pressure to solve, and required authority/resources are crucial for problem recognition.
Step 2: Defining Decision Criteria
- Decision criteria are factors crucial for the problem's resolution.
- Examples include costs, risks involved, and desired outcomes (e.g., firm growth).
Step 3: Prioritizing Criteria (Weight Allocation)
- Criteria are not equally important; assigning weights prioritizes them.
Step 4: Generating Alternatives
- This step involves brainstorming possible solutions without evaluating them.
Step 5: Analyzing Alternatives
- Assess each alternative's strengths and weaknesses.
- The analysis considers resolving issues identified in steps 2 and 3 regarding criteria and their importance.
Step 6: Selecting the Best Alternative
- The alternative with the highest weighted score is selected.
Step 7: Implementation
- The chosen alternative is put into action.
- Gaining support and commitment from those involved is necessary for effective implementation.
Step 8: Evaluating the Decision
- The effectiveness of the decision is judged based on the outcomes.
- Evaluate if problem resolution was successful.
- If not, determine the reasons and revise the process.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
