...2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive decision-making or...
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...Chapter 2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive decision-making or both. Different...
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...the short time he was president like passing the 13th amendment. Another big success was winning the civil war. These are just a few of lincoln's accomplishments. Lincoln was an accomplished decision maker, as demonstrated by his leadership, communication skills, intelligence, and resourcefulness. Lincoln’s leadership skills demonstrated that he was good at making the right decisions. This is shown by how he choses to make decisions, he did so by thinking what the founding fathers would have done, and in some cases if it was constitutional. He also listened to the people that supported him(Smith, 1). It is shown that this is true because he had members of his cabinet that were from different political parties. He did this to show that he wanted to know what the rest of the people that did not support him wanted so he could compromise and make everyone happy(Smith, 1). He was also good at making decisions as shown by his communication skills....
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...ELECTRONIC SUBMISSION OF AN INDIVIDUAL ASSIGNMENT | “BUSINESS SCHOOL COURSEWORK FEEDBACK SHEET” “ “Student number” | 201210095 | “Date | 03/12/2013 | “Module Title” | Professional skills & ethics | “Assignment Title” | Personal Learning Journal | “Module Code” | 56244 | “Word Count” | 2857 | “Strengths exhibited in the assignment:” | “Click here to enter text.” | “Areas of weakness in the assignment, and ways in which the work could be improved:” | “Click here to enter text.” | “Additional comments:” | “Click here to enter text.” | “First Assessor’s Initials” | “Click here to enter text.” | “Date” | “Click here or from” “the dropdown to” “enter a date.” | “Indicative” “Mark %” | “Click here to enter” “percentage” | “Second Assessor’s Initials” | “Click here to enter text.” | “Date” | “Click here or from” “the dropdown to” “enter a date.” | “(Subject to Module Board Agreement)”“(Before any penalty applied)” | Personal Learning Journal Part A: With the development of globalization, the required of abilities in a team or group is increasing day by day. It is the field where professional skills occurred more and more necessary. So what is the globalization? It is defined that as an appearance during human society’s development. Globalization often refers to the growing worldwide relations, and human life on the basic of global scale development. In other word, it is the rise of global consciousness. (Pieterse J N, 2009) A large amount...
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...3 Decision Analysis 1) Expected monetary value (EMV) is the average or expected monetary outcome of a decision if it can be repeated a large number of times. Answer: TRUE Diff: 2 Topic: DECISION MAKING UNDER RISK 2) Expected monetary value (EMV) is the payoff you should expect to occur when you choose a particular alternative. Answer: FALSE Diff: 2 Topic: DECISION MAKING UNDER RISK 3) The decision maker can control states of nature. Answer: FALSE Diff: 1 Topic: THE SIX STEPS IN DECISION MAKING 4) All decisions that result in a favorable outcome are considered to be good decisions. Answer: FALSE Diff: 2 Topic: INTRODUCTION 5) The difference in decision making under risk and decision making under uncertainty is that under risk, we think we know the probabilities of the states of nature, while under uncertainty we do not know the probabilities of the states of nature. Answer: TRUE Diff: 2 Topic: TYPES OF DECISION-MAKING ENVIRONMENTS 6) EVPI (expected value of perfect information) is a measure of the maximum EMV as a result of additional information. Answer: TRUE Diff: 2 Topic: DECISION MAKING UNDER RISK 7) When using the EOL as a decision criterion, the best decision is the alternative with the largest EOL value. Answer: FALSE Diff: 2 Topic: DECISION MAKING UNDER RISK 8) To determine the effect of input changes on decision results, we should perform a sensitivity analysis. Answer: TRUE Diff: 2 Topic: DECISION MAKING...
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...planning requires the participation of a wide range of organizational members. • The organization benefits by having access to a broad base of experience and knowledge in the planning process. • Organizational members are more likely to “buy in” to a plan that they have helped develop. (6 marks) PART D QUESTION 1 Decision making is the process through which managers and leaders identify and resolve problems and capitalize on opportunities. a) What are the conditions in decision making? Conditions under Decision Making: a) Certainty – situation in which a decision maker can make accurate decisions because the outcome of every alternative is known. b) Risk – condition in which a decision maker is able to estimate the likelihood of certain outcomes. c) Uncertainty – a situation in which a decision maker has neither certainty nor reasonable probability estimates available. (3 marks) b) Describe the seven (7) steps in the decision-making process. 1. Identifying Opportunities and Problems: The decision maker begins by recognizing opportunities or problem that requires a...
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...society. The article explains how this younger generation is pointing in a direction that may be good for business and for the public sphere as well. This theory was backed up by a survey conducted by Deloitte which confirmed that 60 percent of millennial respondents said that a sense of purpose is part of the reason they chose to work for their current employer. Additionally millennials responses proved that they are critical of business leadership for putting profit and personal reward above employee well-being and growth. In addition the article also focuses on the negative reputation millenials have gained over the years. For instance, it has been said before that millennials can’t tolerate difficult work for long, and that they expect continual encouragement and rewards. There has also been a lot of focus on soft skills, many argue that millennials fall short in this area. When many enter the workforce they lack practice with soft skills. A recent survey conducted of business people and millennials showed that 84 percent of decision-makers and 78 percent of corporate recruiters said that soft skills are very important in the workplace, while 63 percent of decision-makers and 57 percent of corporate recruiters give millennials a grade “C” or lower on soft skills. The survey also revealed that both decision-makers and corporate recruiters wish millennials had developed more soft skills in college. In my opinion an unethical research practice that could arise with this project is...
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...Effective Decision Making Abstract Managers judge the effectiveness of decision in terms of quality, timeliness, acceptance, and ethical appropriateness. The decision-making process is improved though creative problem solving and brainstorming. They way managers frame problems significantly affect the outcome. The effectiveness of a decision depends on cognitive biases and organizational barriers. Effective leader communicate well and motivate others. Managers match a leadership style with a preferred style for the situation. They develop a range of leadership styles and adapt to different situations. Quality, timeliness, acceptance, and appropriateness are components of decision-making. Transformational leaders have vision that guides and motivates them to higher goals. They motivate other to a higher level. Super leaders go a step further by helping others realize and maximize their abilities. Charismatic leaders motivate followers to make significant changes. Decision-Making Skills The effectiveness of a decision depends on factors such as the characteristics of the decision maker, various cognitive biases, and organizational barriers. In decision-making, managers vary in the amount or information, skills, or experience they have. They use different styles in making decision. Some focus on the details of a situation and compile them into a sensible decision. Others rely on their intuitive sense about a situation or focus on the “big picture.” Due to the complexity and...
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...their skills, abilities, and interests. All three employees scored a 65 when asked how satisfied they are with their job. This low number may indicate that they have a negative genetic predisposition towards life. Not surprisingly, each employee hit the median range of 35 when asked if they were engaged in their job. When a person scores high in this range, it usually means that they are more satisfied with their job and the commitment to their job. Emotions that people experience have an influence on his or her behavior in an organization. In general, people and organizations benefit from positive emotions. Both positive and negative emotions can be contagious. Displaying positive emotions around others can put them in a good mood, while displaying negative emotions around others can put others in a bad mood (Robbins, 2008). Due to scoring on the lower side of being satisfied with their jobs and the median range with their engagement, it is possible that these three employees could represent a negative impact on the performance of the organization. All three employees have a high emotional intelligence which affects self-awareness, self-management, self-motivation, empathy, and social skills (Robbins, 2008). Only employee A scored high as being a deliberate decision maker. This means that they are more deliberate in their decision making. Employees B and C scored between 14-27. This means that they are blended between being a deliberate decision maker and a rash decision maker...
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...Filled Notes for Chapter 1: Introduction to Operations Management Highlights of the chapter: 1. Operations as one of the three main functional concerns of most organizations. 2. The role and job of the operations manager as a planner and decision-maker. 3. Different ways of classifying (and understanding) production systems. 4. System design versus system operation. 5. Major characteristics of production systems. 6. Contemporary issues in operations management. 7. Operations as essentially managerial (planning, staffing, etc.) 8. The historical evolution of production/operations management. 9. Manufacturing operations versus service operations. Reading: The Challenges of Managing Services 1. In comparison to manufacturing industry, services have: a. Less structured jobs. b. Higher customer contact. c. Lower worker skills. d. Low skill entry-level positions. e. Higher employee turnover. f. Higher input variability. 2. Because of the factors listed in the answer to question 1, in service industry it is more difficult to control costs and quality resulting in lower productivity. In addition the risk of customer dissatisfaction is greater and employee motivation is lower. Reading: Why Manufacturing Matters 1. Since the U.S. economy is becoming more service based, the percentage of employment in manufacturing is declining while the percentage of employment in service industry is increasing. An agile manufacturer is able to switch quickly and economically...
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...week 2 University of Phoenix Material Employee Portfolio Complete one matrix for each employee. Employee name: __Shermaine Chaney_______________________ |Self Assessment |Results Summary |Strengths |Weaknesses | |How Satisfied Am I |Job satisfaction is her attitude |She able to raise her level of |She may have a negative genetic | |with My Job? |about her job. |satisfaction. |predisposition toward life. | |Am I Engaged? |Super motivated and devote their |Satisfied and committed to her |She scored high so there were not | | |time to their work. |work. |any weaknesses. | |How Are You Feeling |Her number was high and it means |Creative and satisfied with her |Her emotions can change from day to| |Right Now? |she’s experiencing positive |job. |day. | | |emotions. | | | |What’s My Affect |While watching a heartfelt movie, |If she was in a movie she would be |This can affect her job if she did | |Intensity? |Shermaine might burst into tears. |able to actor from her score of |not show empathy for customers at...
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...Filled Notes for Chapter 1: Introduction to Operations Management Highlights of the chapter: 1. Operations as one of the three main functional concerns of most organizations. 2. The role and job of the operations manager as a planner and decision-maker. 3. Different ways of classifying (and understanding) production systems. 4. System design versus system operation. 5. Major characteristics of production systems. 6. Contemporary issues in operations management. 7. Operations as essentially managerial (planning, staffing, etc.) 8. The historical evolution of production/operations management. 9. Manufacturing operations versus service operations. Reading: The Challenges of Managing Services 1. In comparison to manufacturing industry, services have: a. Less structured jobs. b. Higher customer contact. c. Lower worker skills. d. Low skill entry-level positions. e. Higher employee turnover. f. Higher input variability. 2. Because of the factors listed in the answer to question 1, in service industry it is more difficult to control costs and quality resulting in lower productivity. In addition the risk of customer dissatisfaction is greater and employee motivation is lower. Reading: Why Manufacturing Matters 1. Since the U.S. economy is becoming more service based, the percentage of employment in manufacturing is declining while the percentage of employment in service industry is increasing. An agile manufacturer is able...
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...of these activities have in common? Critical thinking is required in each situation to adequately assess the situation and act accordingly. We may not be aware of the frequency with which we employ critical thinking, but it is vital to good decision making. Without critical thinking, managers can fall into the habit of reacting on impulse, responding to gut feelings alone, or relying only on the advice of others when making important decisions. Understanding the relationship between critical thinking and decision making is the first step towards making wise decisions. This week's focus is on critical thinking and how it relates to decision making. Topics include defining critical thinking, benefits of thinking critically, and the relationship between critical thinking and decision making. Week in Relation to the course Good decision making is the backbone of sound management. The University of Phoenix nine-step decision-making model requires a sequence of steps leading to a sound, defensible decision. Critical thinking is a vital component of making good decisions, defining the decision-making strategy by analyzing the thinking process involved. A firm grasp of the critical-thinking components will equip managers to make sound, considered decisions. Discussion of a Key Point, Thread, or Objective Critical Thinking Definition and Benefits "Critical thinking is that mode of thinking - about any subject, content, or problem - in which the thinker improves the quality of his or her...
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...job. |time, easily distracted. | |How Are You Feeling |42 |She tends to be high in emotional |Lacks excitement and delight. | |Right Now? | |stability and high in |Depressed with some depression | | | |conscientiousness. |issues that need to be dealt with. | |What’s My Affect |42 |Very passionate and stands up for |Highly emotional this can cause to | |Intensity? | |what she thinks is right. |make wrong decisions. | |What’s My Emotional |43 |She has good social skills and self|Lacks persistence. | |Intelligence Score? | |aware. Regulates emotions and | | | | |feelings. | | |Am...
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...Running head: DECISION MAKING Decision Making Bonnie K. Hinsdale Grand Canyon University BUS 660 November 24, 2010 Decision Making The purpose of this paper is to explore how a company can become an analytic competitor. Questions as to what are the sources of Decision Making to an analytic competitor will also be discussed. A discussion on how influential quantitative modeling is and its utility in business decision making will be summarized. Finally, a Christian view that presents an ethical perspective on quantitative modeling and decision making will be presented. In an ever increasing global environment, maintaining a competitive advantage can be sustained through quantitative modeling, which can make a company a viable analytic competitor. How Can a Company Become and Be an Analytics Competitor Competitors make it increasingly more difficult to maintain a strategic competitive advantage when exclusive technologies, products and services can be duplicated (Davenport, Cohen & Jacobson, 2005). Organizations are now framing their strategies to accomplish optimization of “key business processes”: serving optimal customers, optimize supply chains, and understand and create optimal financial performance (Davenport, et al., 2005, p. 1). Optimization strategies demand that organizations now gather extensive data and perform extensive analysis that will guide executives in the decision-making process. The data and the analysis...
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