Management Science

Known quantities that are part of the model

• Deterministic Models

• Risk

• Parameters

• Intuition

Data that can be accurately calculated

• Higher Level management

• Quantitative Variables

• Halo Effect

• Choice Making

Mathematical Models that do not involve risk, chance, or uncertainly are called

• Problem Finding

• Qualitative Factors

• Deterministic Models

• Quantitative Variables

More difficult to quantify but affect the decision process

• Qualitative Factors

• Quantitative Factors

• Parameters

• Models

Type of decision making that requires people to come to an informed choice based on all the facts presented to them

• Confirmation

• Intuition

• Risk

• Logic

Representations of real objects or situations that can be presented in various forms.

• Cognitive Bias

• Models

• Parameters

• Choice Making

Overall impression of a company, individual, brand or product which has a direct impact on an individual's feelings and thoughts

• Over-Confidence

• Halo Effect

• Models

• Breakeven Point

Type of decision making that can both disrupt and distort the decision-making process.

• Problem Finding

• Quantitative Variables

• Choice Making

• Risk

Activities dealing with evaluating and choosing among alternative solutions

• Choice Making

• Logic

• Problem Finding

• Halo Effect

Activities that deal with determining the existence and importance of problems

• Parameters

• Problem finding

• Confirmation

• Halo effect