Mgt 305 1st Edition Lecture 21 Outline of Last Lecture I Decision Making II Decision Making Process Outline of Current Lecture I Types of Decision Making II Structured and Unstructured Problems III Programmed and Nonprogrammed Decisions Current Lecture Rational Decision Making Describes choices that are logical and consistent and maximize value Bounded Rationality Decision making that s rational but limited bounded by an individual s ability to process information Intuitive Decision Making Making decisions on the basis of experience feelings and accumulated judgment Evidence Based Management EBMgt The systematic use of the best available evidence to improve management practice Structured Problems straightforward familiar and easily defined problems These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Unstructured Problems problems that are new or unusual and for which information is ambiguous or incomplete Programmed Decision a repetitive decision that can be handled by a routing approach Nonprogrammed Decision unique and nonrecurring decisions that require a custom made solution Certainty describes a situation in which a manager can make accurate decisions because all outcomes are known
View Full Document
Unlocking...