TAILIEUCHUNG - Lecture Management (2nd edition) – Chapter 7: Making better decisions

This chapter’s objectives are to: Describe the seven steps of the decision making process, identify problems by analyzing causes and effects, describe how managers generate alternatives, predict possible consequences of alternatives, demonstrate how managers select the most desirable alternative. | Chapter 7 Making Better Decisions Describe the seven steps of the decision making process Identify problems by analyzing causes and effects Describe how managers generate alternatives Predict possible consequences of alternatives Demonstrate how managers select the most desirable alternative Learning Objectives Types of decisions (p. 171) Programmed decision – based on pre-established rules in response to a recurring situation (p. 172) Nonprogrammed decision – based on reason and/or intuition in response to a unique situation that requires a tailored decision Classical model – normative model that leads to an optimal decision, assuming full availability of information, sufficient time, and rationality of the decision maker Optimal decision – best possible decision given all the needed information Decisions That Make a Difference (p. 170) Classical model Decisions That Make a Difference (cont.) Figure Seven steps to better decision making (p. 173) Decisions That Make a Difference .

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• Lecture Management
• Human resource management
• Making better decisions
• Programmed decision
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• Adaptive management
• Risk management
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• Financial institutions
• Classification of risk
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