Chapter 7: Information & Decision Making Information & Managerial Decisions Text Pages 178-181.

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Chapter 7: Information & Decision Making Information & Managerial Decisions Text Pages

Management Fundamentals - Chapter 7 2 Information & Managerial Decisions  A performance deficiency is …  Actual performance being less than desired performance.  A performance opportunity is …  Actual performance being better than desired performance.  Problem solving is …  The process of identifying a discrepancy between actual and desired performance and taking action to resolve it.  A decision is …  A choice among possible alternative course of action.

Management Fundamentals - Chapter 7 3 Information & Managerial Decisions  Programmed decisions.  Apply solutions that are readily available from past experiences to solve structured problems.  Structured problems are ones that are familiar, straightforward, and clear with respect to information needs.  Best applied to routine problems that can be anticipated.

Management Fundamentals - Chapter 7 4 Information & Managerial Decisions  Nonprogrammed decisions.  Develop novel solutions to meet the demands of unique situation that present unstructured problems.  Unstructured problems are ones that are full of ambiguities and information deficiencies.  Commonly faced by higher-level management.

Management Fundamentals - Chapter 7 5 Information & Managerial Decisions  Crisis decision making.  A crisis involves an unexpected problem that can lead to disaster if not resolved quickly and appropriately.  Rules for crisis management:  Figure out what is going on.  Remember that speed matters.  Remember that slow counts, too.  Respect the danger of the unfamiliar.  Value the skeptic.  Be ready to “fight fire with fire.”

Management Fundamentals - Chapter 7 6 Information & Managerial Decisions  Decision environments:  Certain environments.  Offer complete information about possible action alternatives and their outcomes.  Risk environments.  Lack complete information about action alternatives and their consequences, but offer some estimates of probabilities of outcomes for possible action alternatives.  Uncertain environments  Information is so poor that probabilities cannot be assigned to likely outcomes of known action alternatives.

Management Fundamentals - Chapter 7 7 Figure 7.4 Three environments for managerial decision making and problem solving.

Management Fundamentals - Chapter 7 8 Information & Managerial Decisions  Problem-solving styles:  Problem avoiders.  Inactive in information gathering and solving problems.  Problem solvers.  Reactive in gathering information and solving problems.  Problem seekers.  Proactive in anticipating problems and opportunities and taking appropriate action to gain an advantage.

Management Fundamentals - Chapter 7 9 Information & Managerial Decisions  Systematic versus intuitive thinking.  Systematic thinking approaches problems in a rational, step- by-step, and analytical fashion.  Intuitive thinking approaches problems in a flexible and spontaneous fashion.  Multidimensional thinking applies both intuitive and systematic thinking.  Effective multidimensional thinking requires skill at strategic opportunism.