Decision Making: The Essence Of The Manager’s Job

740 words - 3 pages

DECISION MAKING

• choices from two or more alternative courses of action
• all organizational members make decisions
• involves gathering what information is known, identifying the options and assessing the risk and making the best decisions with the information available in a timely matter
• Decision-Making Process a comprehensive, 8-step process
Developing Alternatives
Developing Alternatives
Allocating Weights to the Criteria
Allocating Weights to the Criteria
Identifying Decision Criteria
Identifying Decision Criteria
Problem Identification
Problem Identification

Evaluating Decision Effectiveness
Evaluating Decision Effectiveness
Implementing the alternative
...view middle of the document...

• A. Decision making is part of all four managerial functions. In performing these functions, managers are often called decision makers

THE MANAGER AS DECISION MAKER

1. be objective and logical
2. carefully define a problem
3. have a clear and specific goal
4. select the alternative that maximizes the likelihood of achieving the goal
5. make decision in the firm’s best economic interests

TYPES OF PROBLEMS AND DECISIONS
• Well-Structured Problems - straightforward, familiar, and easily defined. In handling this situation, a manager can use:
– Programmed Decision - used to address structured problems.
– It is a repetitive decision that can be handled by a routine approach.
– minimize the need for managers to use discretion
– facilitate organizational efficiency
Nonprogrammed Decisions - used to address poorly- structured problems.
– produce a custom-made response
– more frequent among higher-level managers
– few decisions in the real world are either fully programmed or nonprogrammed

DECISION-MAKING CONDITIONS

– Certainty is a situation in which a manager can make accurate decisions because the outcome of every alternative is known.
– Uncertainty is a situation in which the decision maker has neither certainty nor reasonable probability estimates available.
– a. The choice of alternative is influenced by the limited amount of information available.
– b. It’s...

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