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Chapter 9 Management

Chapter 9 Management - Managerial Decision Making

TermDefinition
Decision A choice made from available alternatives.
Decision making The process of identifying problems and opportunities and then resolving them.
Programmed decisions Involve situations that have occured often enough to enable decision rules to be developed and applied in the future.
Nonprogrammed decisions Made in response to situations that are unique, are poorly defined and largely unstructured, and have important consequences for the organization.
Certainty All the information the decision maker needs is fully available.
Risk A decision has clear-cut goals and that good information is available, but the future outcomes associated with each alternative are subject to some chance of loss or failure.
Uncertainty Managers know which goals they wish to achieve, but information about alternatives and future events is incomplete.
Ambiguity The goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable.
Classical model of decision making Based on rational economic assumptions and manager beliefs about what ideal decision making should be.
Normative Defines how a decision maker should make decisions.
Administrative model of decision making How managers make decisions in situations that are characterized by uncertainty and ambiguity.
Descriptive Describes how managers actually make decisions in complex situations rather than dictating how they should make decisions according to a theoretical ideal.
Bounded rationality People have limits, or boundaries, on how rational they can be.
Satisficing Decision makers choose the first solution alternative that satisfies minimal decision criteria.
Intuition A quick apprehension of a decision situation based on past experience but without conscious thought.
Political model of decision making Use for making nonprogrammed decisions when conditions are uncertain, information in limited, and there are manager conflicts about what goals to pursue or what course of action to take.
Coalition Informal alliance among manager who support a specific goal.
Directive style People who prefer simple, clear-cut solutions to problems.
Analytic style Managers prefer complex solutions based on a lot of data.
Conceptual style Managers like a broad amount of information.
Behavioral style Managers with a deep concern for others.
Brainstorming Face-to-face interactive group to spontaneously suggest as many ideas as possible for solving a problem.
Groupthink The tendency of people in groups to suppress contrary opinions.
Created by: atompot
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