Mastering Decision Making and Quantitative Methods

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a decision?

An indecisive action

A choice between two options

A random selection

A commitment to action that requires the commitment of resources (correct)

What are the four types of decisions?

Important, unimportant, urgent, and non-urgent

Easy, difficult, medium, and impossible

Strategic, operational, programmed, and non-programmed (correct)

Good, bad, neutral, and indifferent

What are strategic decisions?

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 (correct)

Short-term decisions on day-to-day matters and within established policy

Decisions dealing with unstructured situations requiring a unique solution and depend on personal judgment

Decisions dealing with familiar problems or with well-structured situations and are based on established procedures or policies

What are operational decisions?

Shorter-term decisions often on day-to-day matters and within established policy Signup and view all the answers

What are programmed decisions?

Dealing with familiar problems or with well-structured situations and are based on established procedures or policies Signup and view all the answers

What are non-programmed decisions?

Dealing with unstructured situations requiring a unique solution and depend on personal judgment Signup and view all the answers

What is the eight-step decision-making process?

Identifying a problem, selecting and implementing a solution, and evaluating its effectiveness Signup and view all the answers

What are the different conditions under which decision making can occur?

Certainty, uncertainty, risk, and ambiguity Signup and view all the answers

What can be used to select the best alternative for programmed decisions?

Quantitative methods Signup and view all the answers

What are some examples of quantitative methods?

Laplace method, Maximax method, Maximin method, and Expected Value method Signup and view all the answers

What is a decision?

A commitment to action that requires the commitment of resources Signup and view all the answers

What are the four types of decisions?

Strategic, operational, programmed, and non-programmed Signup and view all the answers

What are strategic decisions?

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 Signup and view all the answers

What are operational decisions?

Shorter-term decisions often on day-to-day matters and within established policy Signup and view all the answers

What are programmed decisions?

Decisions that deal with familiar problems or with well-structured situations and are based on established procedures or policies Signup and view all the answers

What are non-programmed decisions?

Decisions that deal with unstructured situations requiring a unique solution and depend on personal judgment Signup and view all the answers

What is the eight-step process for decision-making?

Identifying a problem, selecting and implementing a solution, and evaluating its effectiveness Signup and view all the answers

What are the conditions that decision making can occur under?

Certainty, uncertainty, risk, and ambiguity Signup and view all the answers

What can be used to select the best alternative, especially for programmed decisions?

Quantitative methods Signup and view all the answers

What are some examples of quantitative methods?

Laplace method, Maximax method, Maximin method, and Expected Value method Signup and view all the answers

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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

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.