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Why is decision making called number one job of a manager Explain?
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When a problem becomes apparent and the manager chooses to ignore it is he making a decision?
Yes, as manager he or she is making a decision and is responsible for the outcome.
Explain the importance of each of the four steps in a simple decision-making model?
explain the importance of each of the four steps in a simple decision-making models?
What is a decision making model?
Decision Making is a basic function of manager, economics is a valuable guide to the manager. There are basically two major models of decision-making - the classical model and the administrative model. The classical model of decision making is a prescriptive approach that outlines how managers should make decision. Also called the rational model, the classical model is based on economic assumptions and asserts that managers are logical, rational individuals who make decision that are in the best interest of the organization. The Administrative model of decision making is a descriptive approach that outlines how managers actually do make decisions. Also called the organizational, neoclassical, or behavioral model, the administrative model is based on the work of economist Herbert A.
What is the difference between an open decision making system and a closed decision making system?
A. Closed decision making system:If the manager operates in a known environment then it is a closed decision making system. The conditions of the closed decision making system are:(a) The manager has a known set of decision alternatives and knows their outcomes fully in terms of value, if implemented.(b) The manager has a model, a method or a rule whereby the decision alternatives can be generated, tested, and ranked.(c) The manager can choose one of them, based on some goal or objective.A few examples are:a product mix problem,an examination system to declare pass or fail, oran acceptance of the fixed deposits.B. Open decision making system:If the manager operates in an environment not known to him, then the decision making system is termed as an open decision making system. The conditions of this system are:(a) The manager does not know all the decision alternatives.(b) The outcome of the decision is also not known fully. The knowledge of the outcome may be a probabilistic one.(c) No method, rule or model is available to study and finalize one decision among the set of decision alternatives.(d) It is difficult to decide an objective or a goal and, therefore, the manager resorts to that decision, where his aspirations or desires are met best.Deciding on the possible product diversification lines, the pricing of a new product, and the plant location, are some decision making situations which fall in the category of the open decision making systems. by prerna
The importance of each of the four steps in a simple decision-making model?
explain the importance of each of the four steps in a simple decision-making models?
Decision making is the primary task of the manager Comment?
decision making is the primary task of the manager,comments?
When a problem becomes apparent and the manager chooses to ignore it is he making a decision?
Yes, as manager he or she is making a decision and is responsible for the outcome.
Can manager avoid making decision?
Decision making is an essential part of being a manager in any industry. It would be impossible for a manger to not make a single decision while being a manager.
What is centralized decision making?
Centralized decision making is whereby a top manager retain most decision- making power to him/her self.
Explain Managerial economics is economics applied in decision making?
Explain Managerial economics is economics applied in decision making?
What is swoc analysis explain its relevance to business decision making?
What is SWOC analysis and explain its relevance to business decision making
What is swoc analysis and explain its relevance to business decision making?
What is SWOC analysis and explain its relevance to business decision making
explain what ethical decision making entails in ideal forms?
explain what ethical decision making entails in ideal forms
What are the economic tools of managerial decision making?
what are the economic tool which help manager in decision making
How can managers avoid decision making?
Decision making is an essential part of being a manager in any industry. It would be impossible for a manger to not make a single decision while being a manager.
State 6 steps of desion making and explain each?
There are a few steps in making a decision. The steps to making a decision are think about what to do, the after math of the decision and then making the decision.
How do the cost relationships and behaviors at Guillermo determine decision-making prerogatives for the manager?
How do the cost relationships and behaviors at Guillermo determine decision-making prerogatives for the manager?
