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Issues in strategic decision making?
§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.
How do you think good decision making has contributed to the success of this business?
good decision making is what we need because a company is not made by a single person . Its the idea of different people who help in improving a solution and making a good decision for a successful business strategy
What is multifactor Decision making?
A decision- making technique in which individuals subjectively and intuitively consider the various factors in making their selection is known as multifactor decision making.
What does consensual decision-making mean?
what does consensual decision making mean
What is structured decision making?
Structural decision making or SDM is an organized approach to identifying and evaluating creative options and making choices in complex decision situations.
An Introduction to Management Science Quantitative Approaches to Decision Making?
An Introduction to Management Science Quantitative Approaches to Decision Making?
Quantitative approach in decision making?
answer question introduction to management science quantitative approaches to decision making
Explain Managerial economics is economics applied in decision making?
Explain Managerial economics is economics applied in decision making?
One of the most effective approaches to decision making is?
eliminating choices
When does the evaluation step of decision-making get applied?
After you have taken action
What are some approaches to strategic decision making?
There are three major approaches to strategic decision making in business. The first is intuition, or making decisions on a hunch or with your 'gut'. The second is a small group process, where 3-4 people combine to hash out a decision. The last approach is through analytics. That is the process of letting data and research dictate a choice.
What is meant by household decision making how can different members of the household be involved with the different stages of the decision process in the purchase of a car?
what is meant by household decision making how can different members of the household be involveld with the different stages of the decision process in the purchase of a car
How can logical abstraction be applied in problem-solving and decision-making processes?
Logical abstraction can be applied in problem-solving and decision-making by breaking down complex problems into simpler components, identifying patterns and relationships, and using logical reasoning to analyze and evaluate different options. This helps in making informed decisions based on sound logic and reasoning, leading to more effective problem-solving outcomes.
What are the elements of the pso spectrum?
The PSO spectrum consists of three main elements: authoritative, collaborative, and consultative approaches. These elements represent different levels of participation, decision-making, and autonomy within an organization.
What has the author Derek W Bunn written?
Derek W. Bunn has written: 'Analysis for optimal decisions' -- subject(s): Decision making, Management science 'The synthesis of forecasting models in decision analysis' -- subject(s): Bayesian statistical decision theory, Decision making, Forecasting, Mathematical models 'Applied decisionanalysis' -- subject(s): Decision making, Decision-making, Mathematical models
What are the different strategith of problem solving and decision making?
Different strategies for problem-solving and decision-making include analytical thinking, which involves breaking down a problem into smaller parts to understand it better; creative thinking, which encourages out-of-the-box solutions; and collaborative approaches, where input from multiple stakeholders is gathered for a more comprehensive perspective. Additionally, the use of decision-making tools, such as pros and cons lists or decision matrices, can help evaluate options systematically. Intuitive decision-making relies on gut feelings and past experiences, while structured methodologies like the PDCA (Plan-Do-Check-Act) cycle provide a systematic framework for addressing issues.
What is the maximin strategy and how can it be applied in decision-making processes?
The maximin strategy is a decision-making approach that focuses on maximizing the minimum possible outcome. It involves identifying the worst-case scenario and choosing the option that provides the best outcome in that situation. This strategy can be applied in decision-making processes by prioritizing risk management and ensuring that the chosen option offers the most protection against potential losses.
