Decision Making & Problem Solving (Ch. 8) Exam Questions And Answers 100% Verified

Decision Making & Problem Solving (Ch. 8) Exam Questions And Answers 100% Verified Decision making - answerthe process of using relevant information to choose from several alternatives; very important task for managers in an organization problem solving - answerthe process of finding the answer to a question, a special type of decision making where the issue is unique; involving searching for alternatives before making a decision elements of decision making - answerinformation goals-action-action outcome probabilities- outcome values- choice of action information conditions - answeravailability of information about the action-outcome probabilities -certainty -risk -uncertainty certainty - answerthe outcomes for each alternative/action are known risk - answerthe decision maker does not known with certainty what the outcome(s) of each action will be but there is enough information to estimate the probabilities of all the outcomes uncertainty - answerthere is no information to estimate the probabilities of outcomes the rational approach - answersystematic, step-by-step decision making process; based on the belief that people should and do make decisions l