Mgt 305 1st Edition Lecture 21Outline of Last LectureI. Decision MakingII. Decision Making ProcessOutline of Current Lecture I. Types of Decision MakingII. Structured and Unstructured ProblemsIII. Programmed and Nonprogrammed DecisionsCurrent LectureRational Decision MakingDescribes choices that are logical and consistent and maximize valueBounded RationalityDecision making that’s rational, but limited (bounded) by an individual’s ability to process informationIntuitive Decision Making Making decisions on the basis of experience, feelings, and accumulated judgmentEvidence-Based Management (EBMgt)The systematic use of the best available evidence to improve management practiceStructured Problems: straightforward, familiar and easily defined problemsThese 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 incompleteProgrammed Decision: a repetitive decision that can be handled by a routing approachNonprogrammed Decision: unique and nonrecurring decisions that require a custom-made solutionCertainty describes a situation in which a manager can make accurate decisions because all outcomes are
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