Managerial decision making

Managerial decision making

1. Decision Making

   • Identifying problems and opportunities and resolving them.
     • Certainty
       • Complete information available
     • Uncertainty
       • Incomplete information available
     • Risk
       • Uncertain future.
   • Bad decision making comes from.
     • Being influenced by initial impressions.
       • Justifying past decisions
         • Seeing what you want to see
           • Perpetuating the status quo
             • Overconfidence

2. Decision: choice made from available alternatives

   • Nonprogrammed decision
     • Unique situations decisions, poorly defined and largely unstructured.
   • Programmed decision
     • Often situations that enable decision rules to be developed and applied in the future.

3. Decision-Making Model

   • Rational Model (Classical)
     • Based on rational economic assumptions and manager beliefs.
   • Political model
     • Conflicting goals, condition of uncertainty
   • Personal decision styles
     • Directive style
       • Analytical style
         • Conceptual style
           • Behavioral style
             • Having a deep concern for other individuals.
             • Mauricio Ramirez Guajardo// 568201// Doy mi palabra que he realizado esta actividad con integridad académica// RICHARD,L.(2008). Management. Canada: Cenage Learning
           • Consider a large amount of information.
         • Complex solutions, based on as much data as they can gather.
       • Simple, clear-cut solutions
   • Innovative decision making
     • Comes from
       • Brainstorming
         • Wide range of alternatives
       • Engage in rigorous debate
       • Avoid groupthink
       • Know when to bail

4. Decision-Making steps

   • Recognition of decision requirement.
   • Evaluation and feedback
   • Diagnosis and Analysis of Causes
   • Implementation of chosen alternative
   • Selection of desired alternatives
   • Development of alternatives

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