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Decision-Making Process
Decision-Making Process includes:
recognizing and defining the nature of a decision
situation
identifying alternatives
choosing the best [most effective] alternative and
putting it into practice.
Decision-Making Process. . .
(continued)
Decision-Making Process. . .
(continued)
Types of Decisions
Programmed decision is
one
that
is
fairly
structured or recurs with
some frequency (or both).
Nonprogrammed decision
is one that is unstructured
and occurs much less
often than a programmed
decision.
Programmed Decisions. . .
Many decisions regarding basic operating
systems and procedures and standard
organizational transactions fall into this
category.
McDonalds employees are trained to make the Big
Mac according to specific procedures.
Starbucks, and many other organizations, use
programmed decisions to purchase new supplies
[coffee beans, cups and napkins].
Nonprogrammed Decisions. . .
Most of the decisions made by top managers
involving strategy and organization design are
nonprogrammed.
Decisions about mergers, acquisitions and takeovers, new
facilities, new products, labor contracts and legal issues are
nonprogrammed decisions.
Decision-Making Conditions
Decision Making Under
Certainty
Decision Making Under
Risk
Decision Making Under
Uncertainty
A View of Decision-Making
Conditions
The decision
maker faces
conditions of:
Certainty
Risk
Uncertainty
Lower
Moderate
Higher
(continued)
(continued)
2) Identifying alternatives
a) Managers must realize that their alternatives may
be limited by legal, moral and ethical norms,
authority constraints, available technology,
economic considerations and unofficial social
norms.
(continued)
3) Evaluating alternatives
a)
b)
c)
(continued)
4) Selecting an alternative
a) Choosing the best alternative is the real test of
decision making.
b) Optimization is the goal because a decision is
likely to affect several individuals or departments.
c) Finding multiple acceptable alternatives may be
possible; selecting one and rejecting the others
may not be necessary.
(continued)
(continued)
Behavioral Aspects. . .
(continued)
Behavioral Aspects. . .
(continued)
Behavioral Aspects. . .
(continued)
Relationships
of
the
employees to the firm
Relationships of the firm
to other economic agents