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Managerial Decision Making (MGT) - Coggle Diagram
Managerial Decision Making (MGT)
Characteristics
Risk
Probability of success less than 100%
Uncertainty
Uncertainty
Have insufficient in4
Certainty
Accurate & comprehensive in4
Lack of structure
Programmed
Nonprogrammed
Conflict
(diverse perspectives)
Individual decision makers
Conflict between people
Phases
1. Identify & diagnose the problem
2. Generate alternative solutions
Ready-made solutions
Custom-made solutions
3. Evaluate alternatives
Evaluating
Contingency plans
4. Make the choice
Maximazing
Satisficing
Optimizing
5. Implementing the decision