Summary
Summary Management Chapter 2
- Course
- Institution
- Book
A summary of management Chapter 2, 14th global edition Stephen P. Robbins, Mary Coulter (Pearson).
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Management Global 14th Edition Robbins Test Bank Latest Verified Review 2024 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score ...
-
Management Global 14th Edition Robbins Test Bank Latest Verified Review 2024 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score ...
-
Management Global 14th Edition Robbins Test Bank Latest Verified Review 2024 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score ...
Seller
Followdemithijssen
Content preview
Chapter 2: Decision makingL02.1
The decision-making process consists of
eight steps:
1. Identify the problem: Is it a problem
or a symptom of a problem?
2. Identify decision criteria:
Criteria that define what’s important
or relevant to resolving a problem.
3. weigh the criteria: Give the most
important criterion a 10 and then
assign weights to the rest.
4. develop alternatives: The decision
maker must be creative. List viable
alternatives.
5. analyze alternatives: Evaluate
alternatives by using the criteria in
step 2.
6. select alternative
7. implement alternative: you put the
decision into action by conveying it to
those affected and getting their
commitment to it.
8. evaluate decision effectiveness.
Definitions
Decision: A choice among two or more alternatives.
Problem: An obstacle that makes it difficult to achieve a desired goal or purpose.
, L02.2
The assumptions of rationality
The problem is clear and unambiguous.
A single, well-defined goal is to be achieved.
All alternatives and consequences are known.
The final choice will maximize the payoff.
The four essential elements of EBMgt:
1. The decision maker’s expertise and judgment.
2. External evidence that’s been evaluated by the decision maker.
3. opinions, preferences, and values of those who have a stake in the decision.
4. Relevant organizational (internal) factors such as context, circumstances, and
organizational members.
Definitions
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.
Satisfice: Accept solutions that are “good enough”.
Escalation of commitment: An increased commitment to a previous decision despite
evidence it may have been wrong.
Intuitive decision making (p.88): 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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller demithijssen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.27. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83662 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now