What type of decision making are applied to the resolution of problems that are new or unusual and for which information is incomplete?

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A choice from two or more alternatives

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A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision's effectiveness.

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A discrepancy between an existing and a desired state of affairs

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8 steps of decision making

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1 Identify the problem2 Identify Decision Criteria3 Allocate weights to the Criteria4 Develop Alternatives5 Analyze Alternatives6 Select an Alternative7 Implementing the Alternative
8 Evaluating Decision Effectiveness

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Criteria that define what's relevant in a decision

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Managers are called decision makers when they plan, organize, lead, and control.

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Decision-making behavior where choices are consistent and value-maximizing within specified constraints

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Decision-making behavior that's rational, but limited to (bounded) by an individual's ability to process information

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Accepting solutions that are "good enough"

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An increased commitment to a previous decision despite evidence that it may have been wrong

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Intuitive Decision Making

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Making decisions on the basis of experience, feelings, and accumulated judgement

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Straightforward, familiar, and easily defined problems

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A repetitive decision that can be handled by a routine approach

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A series of interrelated sequential steps that can be used to respond to a well-structured problem

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An explicit statement that tells managers what they can or cannot do

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A guideline for making decisions

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Problems that are new or unusual and for which information is ambiguous or incomplete

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A unique decision that requires a custom made solution

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A situation in which a manager can make accurate decisions because all outcomes are known

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A situation in which the decision maker is able to estimate the likelihood of certain outcomes

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a situation in which a decision maker has neither certainty nor reasonable probability estimates available

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Amount of money that could have been made if a different choice had been chosen

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Business Performance Management (BPM) software

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IT software that provides key performance indicators to help managers monitor efficiency of projects and employees

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rational way of thinking; low tolerance for ambiguity

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rational way of thinking; high tolerance for ambiguity

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intuitive way of thinking; high tolerance for ambiguity

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intuitive way of thinking; low tolerance for ambiguity

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Rules of thumb that managers use to simplify decision making

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Defining the organization's goals, establishing an overall strategy for achieving those goals, and developing plans for organizational work activities

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Desired outcomes for individuals, groups, or entire organizations

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Documents that outline how goals are going to be met

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Official statements of what an organization says, and what it wants its various stakeholders to believe, its goals are

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maximizing the maximum payoff