...3 DECISION-MAKING TOOLS DECISION-MAKING TOOLS 1 Basic Tools for Process Improvement What are team Decision-Making Tools? Two tools frequently used by teams to make decisions are Multivoting and Nominal Group Technique. While idea-generating tools such as Brainstorming produce a list of possible alternatives, Multivoting and Nominal Group Technique help to identify the important or popular items or prioritize the items on a list (Viewgraph 1). NOTE: It is important to remember that not all decisions are made in a team situation. Of those decisions that are made by teams, not every one is going to be made using these tools. How does a team select the right tool to use? ! Try Multivoting if you need to: > Reduce a long list of ideas and assign priorities quickly and with a high degree of team agreement > Identify the important items on a list ! Try Nominal Group Technique if you need a more structured approach to: > Generate, clarify, and evaluate a sizable list of ideas, problems, or issues > Prioritize the items on a list 2 DECISION-MAKING TOOLS Basic Tools for Process Improvement Tools for Making Decisions • Multivoting > Reduces long lists of ideas > Identifies important items • Nominal Group Technique > Generates ideas > Prioritizes items DECISION-MAKING TOOLS VIEWGRAPH 1 DECISION-MAKING TOOLS 3 Basic Tools for Process Improvement 4 DECISION-MAKING TOOLS Basic Tools for Process Improvement MULTIVOTING DECISION-MAKING...
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...Date:________________ I. IDENTIFICATION: _________________1. They are individuals who report unethical practices by their employer to outsiders. _________________2.The tendency for people to base their judgments on information that is readily available to them. _________________3.A style of decision making that tends to be very broad in their outlook and consider many alternatives. _________________4.It influences decision makers by suggesting to them what choices are preferable in terms of personal payoff. _________________5.The choices made from among two or more alternatives. _________________6.This refers to choices that are consistent and value maximizing. _________________7.A step in rational decision-making that requires decision maker to do this that could succeed in resolving the problem. _________________8.It is an ability to produce novel and useful ideas. _________________9.It is an unconscious process created out of distilled experience. _________________10.An increased commitment to a previous decision in spite of negative information. II. What is Representative Heuristic? III. Draw the Three Components of Creativity. Chapter 5 Management 26 Name:________________________________________________ Date:________________ ...
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...cessful decisions make profit to the company and unsuccessful ones make losses. Therefore, corporate decision making process is the most critical process in any organization. In the decision making process, we choose one course of action from a few possible alternatives. In the process of decision making, we may use many tools, techniques, and perceptions. In addition, we may make our own private decision or may prefer a collective decision. Usually, decision-making is hard. Majority of corporate decisions involve some level of dissatisfaction or conflict with another party. Let.s have a look at the decision making process in detail. Step 1: Identification of the purpose of the decision: In this step, the problem is thoroughly analysed. There are a couple of questions one should ask when it comes to identifying the purpose of the decision. Step 2: Information gathering: A problem of an organization will have many stakeholders. In addition, there can be dozens of factors involved and affected by the problem. Step 3: Principles for judging the alternatives: In this step, the baseline criteria for judging the alternatives should be setup. When it comes to defining the criteria, organizational goals as well as the corporate culture should be taken it to consideration. Step 4: Brainstorm and analyse the different choices: For this step, brainstorming to list down all the ideas is the best option. Before the idea generation step, it is vital to understand the causes of the...
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...QDC1 STUDY QUESTIONS Quality Management: Ch. 9, 10, Operations Management; Ch. 2, 3, 5, 7, Quality and Performance Excellence Click for Skillsoft Module: The Who, What and Why of ISO 9000:2000 Click for Skillsoft Module: Six Sigma: Reducing Variation to Improve Quality 1. List the types of graphical charts used in operations management. 2. Which two charts are important in statistical process control (SPC)? 3. Describe the uses of functional flowcharts. 4. Describe the uses of histograms. 5. Describe the uses of run charts. 6. Describe the uses of control charts. How can this be used to determine if a process is acceptable or unacceptable? 7. Discuss some obstacles management faces when implementing quality and incorporating improvements into daily operations. 8. Discuss two methodologies of process improvement. Deming Cycle and Six Sigma. 9. What are some of the costs associated with quality? 10. What is the point at which costs associated with improvement are no longer warranted? 11. What is the costs of customer dissatisfaction? 12. List some of the losses resulting from process variation. 13. Describe the role of the International Organization for Standards (ISO). 14. Describe the practices employed by the International Organization for Standards (ISO). 15. List the steps to receive quality certification through the International Organization for Standards (ISO). 16. List the key elements of total quality management (TQM). 17. What are some of the...
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...D Ghosh Article A Loose Coupling Technique for Integrating GIS and Multi-Criteria Decision Making A Loose Coupling Technique for Integrating GIS and Multi-Criteria Decision Making Debasis Ghosh National Informatics Centre Ministry of Communications and Information Technology Calcutta, India Keywords Abstract Spatial decision making is characterized by problems associated with multiple and conflicting alternatives relating to geographical features and their attributes. As such, the search for the best possible alternative from a large set of such alternatives can be a daunting task. The aim of integrating GIS with Multi-Criteria Decision Making (MCDM) is to develop a well-defined process that can scan through such extensive fields of choice to arrive at the best possible solution. Goal Programming is one tool (developed in conjunction with MCDM) that can handle a problem with multiple, conflicting and incommensurable alternatives, and this article explains how the loose coupling technique can integrate MCDM with GIS to assist decision making among competing alternatives. As an example, this methodology has been applied for community development purposes in the Hooghly District of West Bengal, India. 1 Background The inclusion of Multi-Criteria Decision Making (MCDM) in spatial environments provides us with the basis for spatial decision support systems. Spatial multi-criteria decision problems typically involve a set of geographically-defined alternatives from which...
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...CHAPTER 1 DECISION MAKING AND THE ROLE OF ACCOUNTING TEXT REFERENCE: Hoggett, J.R., Edwards, L., & Medlin, J., Accounting in Australia, Fifth Edition, Chapter 1. OBJECTIVES: When you have studied this chapter, you should be able to: 1. understand the nature of decisions and the decision-making process. 2. appreciate the wide range of economic decisions made in the marketplace. 3. explain the nature of accounting and its main functions. 4. identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried out...
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...Assignment: Applying Ethical Decision-Making Models The following criteria for ethical decision making, adapted from Dr. Arthur Gross Schafer’s Ethical Decision Making Model for ALA, incorporates principles from the utilitarian, moral-rights, justice, and practical approaches for ethical decision making discussed in the textbook. 1. Describe the problem or dilemma by including all related facts. 2. List everyone who may be involved in or affected by the decision. 3. List all the values that are involved in the decision, such as honesty, integrity, loyalty, confidentiality, fairness, compassion, kindness, respect for others, excellence, accountability, and being law-abiding and socially responsible. 4. List all the possible alternative actions you could take to resolve the problem/dilemma. 5. Which individual who is involved in or affected by the decision do you believe is the most important in this situation? 6. Which value do you believe is the most important in this situation? 7. Which of the possible alternative actions do you believe will cause the greatest good and the least harm? 8. Prioritize #5, #6, and #7 to identify the most important consideration in this situation. 9. Select an alternative and document your decision, based on the process above. Directions: Identify an ethical dilemma you are aware of or have experienced at home, work, or school. Review the steps listed in the ethical decision-making strategy above, and write responses to each of the steps to describe your approach...
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...Information Technology Investment Decision-Making Learning Objectives After completing this chapter, you should be able to: • • • • • Describe different types of IT investment decisions manager face. Briefly describe some of the methodologies that are used in IT investment decision-making. Explain why IT investment decision-making is important as a subject to study. Explain some of the limitations that should be considered when using IT investment methodologies. Explain the role of IT investment decision-making within organizational planning. Prologue Information technology (IT) investment decision-making impacts all industries but sometimes in different ways. For example, Karadag et al. (2009) explored the importance of IT investment decision-making methodology in lodging industry. The research found that evaluation activities for hotel IT investments have not been performed widely and consistently and that some types of hotels tend to use more financial and non-financial IT evaluation methods, since all investments are expected to show a positive return on investment. The research findings highlight the importance of the use of IT investment evaluation techniques and the 3 4 Information Technology Investment: Decision-Making Methodology major differences in their use require a substantial need for understanding a wide variety of IT investment methodologies to satisfy decision-making needs. To provide useful decision-making in IT investments today requires a...
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...anaCHAPTER 1 DECISION MAKING AND THE ROLE OF ACCOUNTING TEXT REFERENCE: Hoggett, J.R., Edwards, L., & Medlin, J., Accounting in Australia, Fifth Edition, Chapter 1. OBJECTIVES: When you have studied this chapter, you should be able to: 1. understand the nature of decisions and the decision-making process. 2. appreciate the wide range of economic decisions made in the marketplace. 3. explain the nature of accounting and its main functions. 4. identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried...
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...Unacceptable | Acceptable | Proficient | Student Score and Comments | Develops an opening paragraph that introduces the case and identifies the problem from Step 1 of the 5-Step Critical Thinking Decision Making Model. | Vaguely develops an opening paragraph that introduces the case and identifies the problem or does not have an opening paragraph.(0-3 points) | Develops an opening paragraph that introduces the case and identifies the problem and, for the most part, fulfills assignment requirements.(4 points) | Develops an opening paragraph that introduces the case and identifies the problem and demonstrates solid ability to accomplish the assignment.(5 points) | | Identifies which method of workflow is embodied in Autoliv’s system.Step 2 of the 5-Step Critical Thinking Decision Making Model. | Vaguely identifies which method of workflow is embodied in Autoliv’s system or is completely off topic.(0-7 points) | Identifies which method of workflow is embodied in Autoliv’s system and, for the most part, fulfills assignment requirements.(8 points) | Identifies which method of workflow is embodied in Autoliv’s system and demonstrates solid ability to accomplish the assignment.(9-10 points) | | Analyzes if this approach is the most suitable to its lean environment.Step 2 of the 5-Step Critical Thinking Decision Making Model. | Vaguely analyzes if this approach is the most suitable to Autoliv’s lean environment or is completely off topic.(0-11 points) | Analyzes if this approach...
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... INSTRUCTOR’S NAME Dr. Matthew Sonfield OFFICE HOURS Tues & Thurs 8:00 – 9:30 AM and by appointment LOCATION OF OFFICE 229 Weller Hall CAMPUS TELEPHONE 463-5728 E-MAIL ADDRESS Matthew.Sonfield@ hofstra.edu (e-mail messages will receive responses much faster than voice-mail messages) HOME PAGE http://people.hofstra.edu/hu/faculty/matthew_sonfield/ GENERAL INFORMATION Location of Department Office 228A Weller Hall Telephone of Department (516) 463-5726 Department Chairperson Dr. Li-Lian Gao HOFSTRA UNIVERSITY BULLETIN DESCRIPTION OF COURSE A capstone course enabling students to integrate functional area knowledge in order to effect managerial decisions and assume leadership roles in organizations. Theory and concepts are applied using both case analysis and a computer-based business simulation. Topics include: elements of the strategic planning process, such as strategy formulation and implementation; ethics and corporate social responsibility; corporate, business, and functional-level strategy; the relationship between strategy and organizational structure; and strategic control and reward systems. PREREQUISITES OF COURSE Business majors with senior class standing and MGT 101, FIN 101 and MKT 101. (Students who have completed 88 s.h. or above may seek a...
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...Decision support systems and Business Intelligence: an overview Contents Course introduction 1–3 Module one objectives 1–3 Use of Study Guide 1–3 Suggested study schedule 1–4 Readings 1–4 Changing business environments and computerised decision support 1–4 Managerial decision-making 1–5 Computerised support for decision making: systems and technologies 1–5 The systems 1–5 The technologies 1–5 A framework for decision support 1–6 Management science 1–6 Concept of decision support systems & business intelligence 1–7 DSS – BI connection 1–7 Course plan and themes 1–7 Conclusion 1–8 Course introduction This first module aims to provide an overview of the topic and provide the broad backdrop into which the other modules will fit. Today’s business environment is constantly changing, and it is becoming more and more complex. Private and public organizations are required to respond quickly to changing conditions; be it government regulations or informed customers or market conditions. This requires organizations to be agile and to make frequent and quick strategic, tactical, and operational decisions. Making such decisions may require considerable amounts of relevant data, information, and knowledge. Processing these, in the framework of the needed decisions, must be done quickly, frequently in real time, and usually requires some computerized support. This course is about using business intelligence as computerized support for managerial...
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...previously possible. As a result of this improved system, the company has made a decision to make on of its four team members redundant to decrease costs. They must choose this person based on their individual merits. The actors in this scenario are: Anna Knowles: Has only been with the company for six months. Is well qualified with a large amount of experience. Is a single mother and her child has hearing and speech difficulties. Ben Stamford: Is over 50. Is well liked, a good worker and is capable of handling times of crisis. Is an asset when dealing with difficult customers due to his experience in living in the local area. His wife has a well paid and steady job. Ravi Desai: Lacks commitment to the job and has a high absentee record. He claims he has ability to take on a more responsible role but has had little chance to be promoted as his talents are not valued. Has three young children. Maureen O’Donnell: Is a relatively new employee. Is hardworking but still has difficulty meeting deadlines. Claims she has been overloaded and needs help developing her self management skills. Her husband has been made redundant and she has three young children. Before we make a decision on who to keep, we have to critically evaluate the advantages and disadvantages of the decision with regards to the future efficiency and capability of the individual and effect on the department as a whole. The decision made will affect the work of the entire customer service department, which may...
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... Chapter 7: Solving Problems and Making Decisions Chapter 8: Motivating Your Employees Chapter 9: Providing Effective Leadership Chapter 10: Communicating Effectively Chapter 11: Supervising Groups and Work Teams Chapter 12: Appraising Employee Performance Chapter 13: Ensuring a Safe and Healthy Work Environment Chapter 14: Handling Conflict, Politics, Employee Discipline, and Negotiations Chapter 15: Dealing with Change and Innovation Chapter 16: The Supervisor's Role in Labor Relations Chapter 1 Outcomes After reading this chapter, you will be able to: 1. Explain the difference between supervisors, middle managers, and top management. 2. Define supervisor. 3. Identify the four functions in the management process. 4. Explain why the supervisor’s role is considered ambiguous. 5. Describe the four essential supervisory competencies. 6. Identify the elements that are necessary to be successful as a supervisor. Chapter 2 Outcomes After reading this chapter, you will be able to: 1. Explain how globalization affects supervisors. 2. Describe how technology is changing the supervisor’s job. 3. Differentiate between an e-business and e-commerce. 4. Identify the significant changes that have occurred in the composition of the workforce. 5. Explain why corporations downsize. 6. Understand the concept of continuous improvement, and identify its goals. 7. Describe...
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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...
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