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DM 1
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1[blank_start]Decision Making[blank_end] - an indispensable part of life
- ADecision Making
2[blank_start]Decision Making[blank_end] - defined as the act of making a choice between two or more options.
- ADecision Making
3[blank_start]Decision Making[blank_end] - means selecting the best alternative out of the available alternatives.
- ADecision Making
4[blank_start]Decision Making[blank_end] - the core of managerial activities in an organization.
- ADecision Making
5Two Distinctive Foundations of DM
1. [blank_start]Quantitative Decision[blank_end]s
2. [blank_start]Qualitative Decision[blank_end]s- AQuantitative Decision
- BQualitative Decision
6[blank_start]Quantitative Decision[blank_end]s - mostly based on statistical analysis of collected data.
- AQuantitative Decision
7[blank_start]Qualitative Decision[blank_end]s - based on many algorithms like type and quality of data, factors that influence data, employee morale etc.
- AQualitative Decision
8[blank_start]Structured Decision[blank_end]s – are decisions where the aim is clear and is generally made for
routine task.- AStructured Decision
9[blank_start]Unstructured Decision[blank_end]s – are decisions which are unclear and poorly understood.
- AUnstructured Decision
10[blank_start]Programmed Decision[blank_end]s – are types of structured decisions which follow clear steps and procedures.
- AProgrammed Decision
11[blank_start]Non[blank_end]-[blank_start]programmed Decision[blank_end]s – are non-standard and non-routine decisions.
- ANon
- Bprogrammed Decision
12[blank_start]Strategic Decision[blank_end]s – affects the long-term direction of the business firm and occur at the top level management
- AStrategic Decision
13[blank_start]Tactical Decision[blank_end]s – are medium-term decisions about how to implement strategy.
- ATactical Decision
14[blank_start]Operational Decision[blank_end]s – are short-term decisions about how to implement tactics.
- AOperational Decision
15[blank_start]Decision Making[blank_end] occurs when a judgment must be made between the merits and demerits of different choice processes
- ADecision Making
16[blank_start]Problem Solving[blank_end] generates the choice processes in the first place.
- AProblem Solving
17[blank_start]Decision Body[blank_end] is the one who involved in decision making.
- ADecision Body
18[blank_start]Decision body[blank_end] - those who have influence upon the exercise of judgment between completing the solutions to a problem.
- ADecision body
19[blank_start]Decision Body[blank_end] - are the individuals, collective groupings and other
stakeholder entities that actively shape the decision making process.- ADecision Body
20[blank_start]Organizational Stakeholder[blank_end]s - all those who are affected by an organizational decision.
- AOrganizational Stakeholder
21[blank_start]Whilst Freeman[blank_end] (1984) originally identified organizational stakeholders.
- AWhilst Freeman
22[blank_start]Mitchell[blank_end] et al (1997) propose that stakeholders can be identified through three interdependent features of influence.
- AMitchell
23Three Interdependent Features of Influence
1. Level of [blank_start]Power[blank_end] and [blank_start]Authority[blank_end]
2. Level of [blank_start]Legitimacy[blank_end]
3. Level of [blank_start]Urgency[blank_end]- ALegitimacy
- BPower
- CAuthority
- DUrgency
24[blank_start]Level of Power and Authority[blank_end] – address the how easy is it for a
stakeholder to influence a firm’s decisions. (3 Interdependent Features of Influence)- ALevel of Power and Authority
25[blank_start]Level of Legitimacy[blank_end] – what is the social and moral authority of the stakeholder when using its influence to shape a firm’s decision. (3 Interdependent Features of Influence)
- ALevel of Legitimacy
26[blank_start]Level of Urgency[blank_end] – what is the stakeholder’s level of immediate implication in the firm’s activities. (3 Interdependent Features of Influence)
- ALevel of Urgency
27A stakeholder which combines all three attributes can be said to have a [blank_start]high[blank_end] [blank_start]level[blank_end] of [blank_start]saliency[blank_end] for the decision body.
- Ahigh
- Blevel
- Csaliency
28Models of Decision Making
1. [blank_start]Rational[blank_end] Decision Model
2. [blank_start]Administrative[blank_end] Decision Model
3. [blank_start]Retrospective[blank_end] Decision
4. [blank_start]Three Phased[blank_end] Model- ARational
- BAdministrative
- CRetrospective
- DThree Phased
29[blank_start]Rational Decision Making[blank_end] is when individuals use analysis, facts and a step-by-step process to come to a decision.
- ARational Decision Making
30[blank_start]Rational decision making[blank_end] is a precise, analytical process that companies use to come up with a fact-based decision.
- ARational decision making
31Steps to follow in Rational Model
1. [blank_start]Define[blank_end] the [blank_start]problem[blank_end].
2. [blank_start]Identify[blank_end] the [blank_start]decision[blank_end] [blank_start]criteria[blank_end].
3. [blank_start]Allocate[blank_end] [blank_start]weight[blank_end]s to the [blank_start]criteria[blank_end].
4. [blank_start]Develop[blank_end] the [blank_start]alternative[blank_end]s.
5. [blank_start]Evaluate[blank_end] the [blank_start]alternative[blank_end]s.
6. [blank_start]Select[blank_end] the [blank_start]best[blank_end] [blank_start]alternative[blank_end].- ADefine
- Bproblem
- CIdentify
- Ddecision
- Ecriteria
- FAllocate
- Gweight
- Hcriteria
- IDevelop
- Jalternative
- KEvaluate
- Lalternative
- MSelect
- Nbest
- Oalternative
32[blank_start]Administrative Decision Model[blank_end] - lies the belief that decision makers often settle for a less than ideal solution because of time and motivation shortages.
- AAdministrative Decision Model
33[blank_start]Satisficing[blank_end] - the concept of settling for a less than perfect solution.
- ASatisficing
34The Administrative Decision Model is also known as the [blank_start]Bounded Rationality Model[blank_end]
- ABounded Rationality Model
35The Bounded Rationality Model is based on ideas first expressed by [blank_start]Herbert Simon[blank_end]
- AHerbert Simon
36[blank_start]Herbert Simon[blank_end] called the decision maker with limited rationality an [blank_start]Administrative Man[blank_end] and
opposed him to a perfect [blank_start]Economic Man[blank_end] , who is takes into consideration all possible
criteria and evaluates all possible alternatives.- AHerbert Simon
- BAdministrative Man
- CEconomic Man
37[blank_start]Retrospective Decision[blank_end] focuses on how decision-makers attempt to rationalize their choices after they have been made and try to justify their decisions. This model has been developed by [blank_start]Per Soelberg[blank_end].
- ARetrospective Decision
- BPer Soelberg
38[blank_start]Herbert Alexander Simon[blank_end] – was an American political scientist, economist, sociologist,
psychologist and he is unified by studies of decision making.- AHerbert Alexander Simon
39[blank_start]Three Phased Model[blank_end] has the Intelligence, Design, and Choice Phase which is described by [blank_start]Herbert[blank_end] [blank_start]Simon[blank_end]
- AThree Phased Model
- BHerbert
- CSimon
40Three Phased Model
1. [blank_start]Intelligence Phase[blank_end]
2. [blank_start]Design Phase[blank_end]
3. [blank_start]Choice Phase[blank_end]- AIntelligence Phase
- BDesign Phase
- CChoice Phase
41The [blank_start]intelligence phase[blank_end] consists of finding, identifying, and formulating the problem or situation that calls for a decision.
- Aintelligence phase
42The [blank_start]design phase[blank_end] is where we develop alternatives.
- Adesign phase
43In the [blank_start]choice phase[blank_end], we evaluate the alternatives that we developed in the
design phase and choose one of them.- Achoice phase
44[blank_start]Forecasting[blank_end] - prediction, projection, or estimate of some future activity, event or occurrence.
- AForecasting
45Types of Forecast
1. [blank_start]Economic Forecast[blank_end]
2. [blank_start]Technological Forecast[blank_end]
3. [blank_start]Demand Forecast[blank_end]- AEconomic Forecast
- BTechnological Forecast
- CDemand Forecast
46[blank_start]Economic Forecast[blank_end] – predict variety of economic indicators like money supply,
inflation rates, interest rates, etc.- AEconomic Forecast
47[blank_start]Technological Forecast[blank_end] – predict rates of technological progress and innovation.
- ATechnological Forecast
48[blank_start]Demand Forecast[blank_end] – predicts the future demand for a company’s products and services.
- ADemand Forecast
49Types of Forecasting Methods
1. [blank_start]Qualitative Method[blank_end]s
2. [blank_start]Quantitative Method[blank_end]s- AQualitative Method
- BQuantitative Method
50[blank_start]Qualitative Method[blank_end]s – These are forecasting methods that are based on judgments, opinions, intuition, emotions or personal experiences and are subjective in nature.
- AQualitative Method
51[blank_start]Quantitative Method[blank_end]s – These are forecasting methods that are based on
mathematical models and are objective in nature.- AQuantitative Method
52Qualitative Forecasting Method
1. [blank_start]Executive Opinion[blank_end]
2. [blank_start]Market Survey[blank_end]
3. [blank_start]Sales Force Composite[blank_end]
4. [blank_start]Delphi Method[blank_end]- AExecutive Opinion
- BMarket Survey
- CSales Force Composite
- DDelphi Method
53[blank_start]Executive Opinion[blank_end] – Approach in which a group of managers meet and collectively develop a forecast.
- AExecutive Opinion
54[blank_start]Market Survey[blank_end] - Approach that uses interviews and surveys to judge preferences of customers and to assess demand.
- AMarket Survey
55[blank_start]Sales Force Composite[blank_end] – Approach in which each salesperson estimates sales in his or her region.
- ASales Force Composite
56[blank_start]Delphi Method[blank_end] – Approach in which consensus agreement is reach among a group of experts.
- ADelphi Method
57Quantitative Forecasting Methods
1. [blank_start]Time[blank_end]-[blank_start]series[blank_end] [blank_start]Model[blank_end]
2. [blank_start]Associative[blank_end] [blank_start]Model[blank_end]s- ATime
- Bseries
- CModel
- DAssociative
- EModel
58[blank_start]Associative Model[blank_end]s – Also called [blank_start]Causal Model[blank_end]s assumed that the variable being forecasted is related to other variables in the environment. They try to project base upon those associations.
- ACausal Model
- BAssociative Model
59[blank_start]Simple Averaging Forecasting[blank_end] – a simple average of demands occurring in all previous
time periods are taken as the demand forecast for the next time period.- ASimple Averaging Forecasting
60[blank_start]Moving Average[blank_end] = Probably the Most Widely Used Technical Indicator
- AMoving Average
61[blank_start]Moving Average[blank_end] is a widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random price fluctuations.
- AMoving Average
62[blank_start]Moving Average[blank_end] is one of the easiest, most common time series forecasting techniques.
- AMoving Average
63The simplest form of a moving average, appropriately known as a [blank_start]simple moving average[blank_end] (SMA), is calculated by taking the arithmetic mean of a given set of values.
- Asimple moving average
64[blank_start]Exponential Smoothing[blank_end] is an averaging technique that reduces these difficulties. Data
storage requirements are minimal, even though the forecast is based on many of the
values in the series.- AExponential Smoothing
65[blank_start]Exponential Smoothing[blank_end] each new forecast is based on the previous forecast plus a percentage of the difference between that forecast and the actual value of the series at that point.
- AExponential Smoothing
66[blank_start]Time Series Model[blank_end] attempt to predict the future based upon the underlying patterns contained within those data
- ATime Series Model
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- Description
- Quiz on DM 1, created by Chi Nishino on 10/09/2017.
- Author
- Chi Nishino
- Language
- English
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