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Assignment 4 - Review Questions Flashcards _ 100- SURE ANSWERS.pdf
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8/1/24, 2:40 PM 1/3 process. • Economic feasibility • Practicality Math Assignment 4 - Review Questions Jeremiah Terms in this set (19) Compare decision making in response to opportunities to decision making in response to threats. Decision making in response to opportunities occurs when managers search for ways to improve organizational performance to benefit customers, employees, and other stakeholders. Decision making in response to threats occurs when events inside or outside the organization are adversely aff ecting organizational performance and managers are searching for ways to increase performance. Contrast programmed decision making with nonprogrammed decision making. Programmed decision making involves decisions that have been made so many times in the past that managers have developed rules or guidelines to be applied when certain situations occur. Nonprogrammed decision making involves unusual or novel opportunities and threats for which no ready -made decision rules are available. Describe the classical model of decision making. According to the classical model, decision making is prescriptive in that is specifies how decisions should be made. The classical model assumes that managers have all information about the available alternatives and that manager can process all of this information to reach an optimum decision. Explain how the concept of bounded rationality affects decision making. Bounded rationality is a term used to describe the situation in which the number of alternatives a manager must identify to reach a decision is so great and the amount of information so vast that it is difficult for a manager to evaluate all of it before making the decision. Describe the satisficing strategy used by some managers in their decision making. Managers use the satisficing strategy to explore a limited number of potential alternatives to reach an acceptable response to problems rather than attempt to make an optimal decision. List the six steps in the decision -making process. The six steps of the decision making process are as follows: • Recognize the need for a decision. • Generate alternatives. • Assess alternatives. • Implement the chosen alternative. • Learn from feedback. Identify the four criteria used by managers to evaluate the pros and cons of alternatives generated as part of the decision -making The four criteria used by managers to evaluate the pros and cons of alternatives are: • Legality • Ethicalness Assignment 4 - Review QuestionsThe benefits of buying summaries with Stuvia:
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