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DECISION MAKING
Process of making choices by identifying a decision,…
DECISION MAKING
Process of making choices by identifying a decision, gathering information, and assessing alternatives resolutions
PROCESS
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- Identifying decision criteria
- Implementing the alternatives
- Selecting an alternatives
- Allocating weights to the criteria
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- Evaluating decision efectiveness
APPROACHES
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Intuitive Decision Making
Making decisions on the basis of experience, feelings, and accumulated judgment
TYPES
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Problems
Structured Problems - straightforward, familiar, and easily defined problems
Unstructured Problems - problems that are new or unusual and for which information is ambiguous or incomplete
CONDITIONS
Certainty - a situation in which a manager can make an accurate decision because the outcome of every alternative choice is known
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