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Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-1 Making Decisions 8.

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Presentation on theme: "Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-1 Making Decisions 8."— Presentation transcript:

1 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-1 Making Decisions 8

2 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-2 OBJECTIVES 1.A fundamental understanding of the term decision 2.An understanding of each element of the decision situation 3.An ability to use the decision-making process

3 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-3 OBJECTIVES 4.An appreciation for the various situations in which decisions are made 5.An understanding of probability theory and decision trees as decision-making tools 6.Insights into groups as decision makers

4 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-4 Definition of a Decision Fundamentals of Decisions

5 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-5 Types of Decisions – Programmed decisions – Nonprogrammed decisions Fundamentals of Decisions

6 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-6 Fundamentals of Decisions

7 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-7 Fundamentals of Decisions

8 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-8 Responsibility for Making Organizational Decisions – Scope of the decision – Consensus Fundamentals of Decisions

9 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-9 Fundamentals of Decisions

10 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-10 Elements of the Decision Situation – Decision Makers – Goals to be Served – Relevant Alternatives – Ordering of Alternatives – Choice of Alternatives Fundamentals of Decisions

11 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-11 Rational Decision-Making Process – Definition – Model Fundamentals of Decisions

12 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-12 Fundamentals of Decisions

13 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-13 Identifying an Existing Problem – Problem-solving process – How problems are presented to managers Fundamentals of Decisions

14 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-14 Listing Alternative Solutions – Paradox of choice – Inclusion – Exclusion Fundamentals of Decisions

15 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-15 Fundamentals of Decisions

16 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-16 Selecting the Most Beneficial Alternative Implementing the Chosen Alternative Gathering Problem-Related Feedback Fundamentals of Decisions

17 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-17 Bounded Rationality Satisfice Bounded Rationality

18 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-18 Definition of Intuition Decision-Making Heuristics & Biases Decision-Making Conditions: Risk & Uncertainty Decision Making and Intuition

19 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-19 Decision Making and Intuition

20 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-20 Probability Theory Decision Trees Decision-Making Tools

21 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-21 Decision-Making Tools

22 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-22 Decision-Making Tools

23 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-23 Advantages & Disadvantages of Using Groups to Make Decisions – Advantage: More & better decision alternatives – Advantage: Group support – Advantage: Group takes ownership Group Decision Making

24 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-24 Advantages & Disadvantages of Using Groups to Make Decisions – Disadvantage: Takes longer – Disadvantage: More costly – Disadvantage: Could become contaminated Group Decision Making

25 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-25 Processes for Making Group Decisions – Brainstorming – Nominal Group Technique – Delphi Technique Group Decision Making

26 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-26 Group Decision Making

27 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-27 Evaluating Group Decision-Making Processes Group Decision Making

28 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Copyright © 2014 Pearson Education, Inc. 8-28

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