Bus MNG EXAM 2
decision making - Answer -choosing
one alternative from
others
decision-making
process - Answer -1. Recognizing the nature of
a decision situation
2. identifying
alternatives
3. choosing the best
alternative
4. putting it into
practice
programmed vs nonprogrammed
decisions - Answer -pro: relatively structured
or recurs with some
frequency (or both)
non: relatively
unstructured and
,occurs much less
often
state of certainty - Answer -when the decision maker
knows with
reasonable certainty
what the alternatives
are and their
conditions
state of risk - Answer -A condition in which
the availability of
each alternative and
its potential payoffs
and costs are all
associated with
probability estimates
classical decision
model - Answer -A prescriptive
approach to decision
making that tells
managers how they
should make
decisions; it assumes
that managers are
logical and rational
and that their
decisions will be in
, the organization's
best interests
state of uncertainty - Answer -when the decision maker
does not know all the
alternatives, the risks
associated with each,
or the likely
consequences of
each alternative
steps in rational
decision making - Answer -Recognize and define
the decision
situation; identify
appropriate
alternatives; evaluate
each alternative in
terms of its
feasibility,
satisfactoriness, and
consequences; select
the best alternative;
implement the
chosen alternative;
and follow up and
evaluate the results
of the chosen
alternative
decision making - Answer -choosing
one alternative from
others
decision-making
process - Answer -1. Recognizing the nature of
a decision situation
2. identifying
alternatives
3. choosing the best
alternative
4. putting it into
practice
programmed vs nonprogrammed
decisions - Answer -pro: relatively structured
or recurs with some
frequency (or both)
non: relatively
unstructured and
,occurs much less
often
state of certainty - Answer -when the decision maker
knows with
reasonable certainty
what the alternatives
are and their
conditions
state of risk - Answer -A condition in which
the availability of
each alternative and
its potential payoffs
and costs are all
associated with
probability estimates
classical decision
model - Answer -A prescriptive
approach to decision
making that tells
managers how they
should make
decisions; it assumes
that managers are
logical and rational
and that their
decisions will be in
, the organization's
best interests
state of uncertainty - Answer -when the decision maker
does not know all the
alternatives, the risks
associated with each,
or the likely
consequences of
each alternative
steps in rational
decision making - Answer -Recognize and define
the decision
situation; identify
appropriate
alternatives; evaluate
each alternative in
terms of its
feasibility,
satisfactoriness, and
consequences; select
the best alternative;
implement the
chosen alternative;
and follow up and
evaluate the results
of the chosen
alternative
