100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary Management Chapter 2 $7.00   Add to cart

Summary

Summary Management Chapter 2

 448 views  0 purchase
  • Course
  • Institution
  • Book

A summary of management Chapter 2, 14th global edition Stephen P. Robbins, Mary Coulter (Pearson).

Preview 2 out of 8  pages

  • No
  • Chapter 2
  • May 14, 2020
  • 8
  • 2019/2020
  • Summary
avatar-seller
Chapter 2: Decision making


L02.1




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

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

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

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 $7.00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.00
  • (0)
  Add to cart