THE DECISION-MAKING PROCESS

1. Acknowledge and define the problem or opportunity. 2. Lay down and analyze the possible courses of actions, and determine their impact. 3. Choose from among the alternatives. 4. Take action. 5. Evaluate the results.

Accept that there is a problem or an opportunity to be decided at.

1. Acknowledge and define the problem or opportunity.

The problem or opportunity should be properly defined to make certain that your decision will address the correct problem or opportunity.

1. Acknowledge and define the problem or opportunity.

Gather data to structure your knowledge about the problem.

2. Lay down and analyze the possible courses of actions, and determine their impact.

Make value judgment on the relevance of the sourced information which will be the basis of your possible courses of actions.

2. Lay down and analyze the possible courses of actions, and determine their impact.

Take into account the consequences of each alternative, listing down both advantages and disadvantages.

2. Lay down and analyze the possible courses of actions, and determine their impact.

Ethical consequences must likewise be considered

2. Lay down and analyze the possible courses of actions, and determine their impact.

Decide which course of action to take.

3. Choose from among the alternatives.

This decision environment includes:

certain environments, risk environments, and uncertain environments.

_can be assigned through objective statistical procedures or intuition.

Probabilities (risk environment )

The end-result will strongly impact the attainment of _...

business objectives. (Decision making )

A manager’s decision can be classified according to two major types:

programmed decisions and nonprogrammed decisions.(Decision making )

_ play important roles in the decision-making process.

Experience and intuition (Non-Programmed Decisions )

It uses the “_” model where the economic man is completely rational.

(economic man)Classical Decision Theory

ENG MANG

Quiz

•

Computers

•

1st - 5th Grade

•

Practice Problem

•

Hard

Evie Calil

FREE Resource

93 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Management is the embodiment of

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

is the embodiment of decision-making.

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The process by which managers are compelled to choose from many alternatives is called

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The outcome of this process is the _, from which the manager's next courses of actions are anchored.

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

There are two important components to a manager’s decision:

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The _is the knowledge from which a decision is based

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

the _refers to the steps taken in coming up with the decision.

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ENG MANG

93 questions

Management is the embodiment of

is the embodiment of decision-making.

The process by which managers are compelled to choose from many alternatives is called

The outcome of this process is the _, from which the manager's next courses of actions are anchored.

There are two important components to a manager’s decision:

The _is the knowledge from which a decision is based

the _refers to the steps taken in coming up with the decision.

The _is most of the time unique.

THE DECISION-MAKING PROCESS

Accept that there is a problem or an opportunity to be decided at.

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