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FNU 472 Chapter 11 Exam Study Guide
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FNU 472 Chapter 11 Exam StudyGuide
Linking processes - Answer needed to coordinate the activities of the system so they
can accomplish the goals and objectives.
Types of linking processes - Answer decision making, communication, and balance
Decision making - Answer is the selection of a course of action from a variety of
alternatives
Communication - Answer is the vehicle whereby decisions and other information are
transmitted
Balance - Answer concerns management's ability to maintain organizational stability,
which is related to effective decision making and communication
Decision making involves three primary stages - Answer —first, definition of the
problem; second, identification and analysis of possible courses of action; and third,
actual selection of a particular course of action
Programmed decisions - Answer Decision reached by following estab- lished policies
and procedures
unprogrammed decisions - Answer Relatively unstructured decision that takes a higher
degree of judgment
Nonprogrammed decisions are of two general - Answer Organizational and personal
Organizational decisions - Answer relate to the purposes, objectives, and activities of
the organization
Personal decisions - Answer are concerned with the manager's individual goals
Decision making process - Answer recognizing and defining the nature of a decision
situation, identifying alternatives, choosing the "best" alternative, and putting it into
practice
Conditions of certainty - Answer Adequate information is available to assure results of
decision
Conditions of risk - Answer Results of decision are uncertain; probability techniques are
necessary for estimating the likelihood of events occurring in the future
Conditions of uncertainty - Answer Occurrence of future events cannot be predicted
optimistic approach - Answer choose the alternative that is the best of all possible
, outcomes for all alternatives
pessimistic approach - Answer dealing with uncertainty is to compare the worst
possible outcome of each of the alternatives and select the alternative with the least
possible negative outcomes
risk-averting approach - Answer choose the alternative that has the least variation
among its possible outcomes
Decision tree - Answer allow management to assess the consequences of a sequence of
decisions with reference to a particular problem by linking a number of event
"branches" graphically, which results in a schematic resembling a tree
Cost benefit - Answer technique for comparing the costs and financial benefits of a
project or decision
Cost effectiveness - Answer technique that provides a comparison of alterna- tive
courses of action in terms of their cost and effectiveness in attaining a specific objective
Network - Answer Graphic representation of a project, depicting the flow and sequence
of defined activities and events
Types of networks - Answer The Program Evaluation and Review Technique (PERT) and
Critical Path Method (CPM)
Activity - Answer defines the work to be performed
Event - Answer marks the beginning or end of an activity
Project - Answer is defined as a group of tasks that are performed in a certain sequence
to reach an objective
linear programming - Answer Technique used in determining an optimal combination of
resources to obtain a desired objective
Game theory - Answer Simulated competitive decision making.
Queuing theory - Answer Technique for evaluating wait time in line.
Simulation - Answer Use of a model for imitating a real-life occurrence and studying
outcomes
artificial intelligence - Answer Computer program that attempts to du- plicate the
thought processes of experi- enced decision makers
Expert system - Answer Computer programs that build knowledge bases for making
decisions
Individual decision - Answer Managers can make decisions themselves using
information available to them
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