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Marking, Learning, Creativity, and Entrepreneurship

In: Business and Management

Submitted By Gpana
Words 1166
Pages 5
CHAPTER 5: Making, Learning, Creativity, and Entrepreneurship.
I- The Nature of Managerial Decision Making.
Decision making: The process by which managers respond to opportunities and threats by analyzing options and making determinations about specific organizational goals and courses of action.
A) Programmed and Nonprogrammed Decision Making.
Programmed decision making: Routine, virtually automatic decision making that follows established rules or guidelines.
Nonprogrammed decision making: Nonroutine decision making that occurs in response to unusual, unpredictable opportunities and threats.
Intuition: Feelings, beliefs, and hunches that come readily to mind, require little effort and information gathering, and result in on-the-spot decisions.
Reasoned judgments: A decision that requires time and effort and results from careful information gathering, generation of alternatives, and evaluation of alternations.
B) The Classical Model.
Classical decision-making model: A prescriptive approach to decision making based on the assumption that the decision maker can identify and evaluate all possible alternatives and their consequences and rationally choose the most appropriate course of action.
Optimum decision: The most appropriate decision in light of what managers believe to be the most desirable consequences for the organization.

C) The Administrative Model.
Administrative model: An approach to decision making that explains why decision making is inherently uncertain and risky and why managers usually make satisfactory rather than optimum decisions.
Bounded rationality: Cognitive limitations that constrain one’s ability to interpret, process, and act on information.
Incomplete Information: Information is incomplete because the full range of decision-making alternatives is unknowable in most situations, and the consequences associated with known...

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