28 Questions
What is a decision?
A commitment to action that requires the commitment of resources
What are the four types of decisions?
Strategic, operational, programmed, and non-programmed
What is the difference between strategic and operational decisions?
Strategic decisions are long-term decisions while operational decisions are shorter-term decisions
What are programmed decisions?
Decisions that deal with familiar problems or with well-structured situations and are based on established procedures or policies
What is the decision-making process?
An eight-step process that includes identifying a problem, selecting and implementing a solution, and evaluating its effectiveness
What are the different conditions under which decision making can occur?
Certainty, uncertainty, risk, and ambiguity
What are quantitative methods used for?
To select the best alternative, especially for programmed decisions
What are some examples of quantitative methods?
Laplace method, Maximax method, Maximin method, and Expected Value method
What are non-programmed decisions?
Decisions that deal with unstructured situations requiring a unique solution and depend on personal judgment
What is a decision?
A commitment to action that requires the commitment of resources
What are the four types of decisions?
Strategic, operational, programmed, and non-programmed
What is the difference between strategic and operational decisions?
Strategic decisions are long-term decisions while operational decisions are shorter-term decisions
What are programmed decisions?
Decisions that deal with familiar problems or with well-structured situations and are based on established procedures or policies
What is the decision-making process?
An eight-step process that includes identifying a problem, selecting and implementing a solution, and evaluating its effectiveness
What are the different conditions under which decision making can occur?
Certainty, uncertainty, risk, and ambiguity
What are quantitative methods used for?
To select the best alternative, especially for programmed decisions
What are some examples of quantitative methods?
Laplace method, Maximax method, Maximin method, and Expected Value method
What are non-programmed decisions?
Decisions that deal with unstructured situations requiring a unique solution and depend on personal judgment
What is a decision?
A commitment to action that requires resources
What are the four types of decisions?
Strategic, operational, programmed, non-programmed
What is a strategic decision?
Long-term decision on the future direction of the organization that relate to the world outside the organization and require the commitment of major resources
What is an operational decision?
Short-term decision often on day-to-day matters and within established policy
What are programmed decisions?
Deal with familiar problems or with well-structured situations and are based on established procedures or policies
What are non-programmed decisions?
Deal with unstructured situations requiring a unique solution and depend on personal judgment
What is the eight-step process of decision making?
Identifying a problem, selecting and implementing a solution, and evaluating its effectiveness
What are the different conditions under which decision making can occur?
Certainty, uncertainty, risk, and ambiguity
What are quantitative methods used for in decision making?
To select the best alternative, especially for programmed decisions
What are some examples of quantitative methods?
Laplace method, Maximax method, Maximin method, and Expected Value method
Study Notes
Introduction to Decision Making and Quantitative Methods
- A decision is a commitment to action that requires the commitment of resources such as people, money, equipment, time, premises, etc.
- Decisions are made with regard to all aspects of the management process: inputs, outputs, and transformations.
- There are four types of decisions: strategic, operational, programmed, and non-programmed.
- Strategic decisions are long-term decisions on the future direction of the organization that relate to the world outside the organization and require the commitment of major resources.
- Operational decisions are shorter-term decisions often on day-to-day matters and within established policy.
- Programmed decisions deal with familiar problems or with well-structured situations and are based on established procedures or policies.
- Non-programmed decisions deal with unstructured situations requiring a unique solution and depend on personal judgment.
- The decision-making process is an eight-step process that includes identifying a problem, selecting and implementing a solution, and evaluating its effectiveness.
- Decision making can occur under different conditions such as certainty, uncertainty, risk, and ambiguity.
- Quantitative methods can be used to select the best alternative, especially for programmed decisions.
- Different quantitative methods are based on different criteria and produce different results.
- Examples of quantitative methods include Laplace method, Maximax method, Maximin method, and Expected Value method.
Test your knowledge on decision making and quantitative methods with this informative quiz! Learn about the different types of decisions and the decision-making process, as well as the various conditions under which decisions can be made. Explore the role of quantitative methods in decision making and discover the different methods available for selecting the best alternative. This quiz is perfect for anyone looking to improve their understanding of decision making and quantitative methods in a business or management context.
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