Managerial Decsison Flashcards
1
Q
Steps of the Decision-Making Process
A
- Objective Setting
- Problem Recognition
- Information Search
- Evaluation of Alternatives
- Implementation
2
Q
What is a decision?
A
Choice between at least two alternatives
3
Q
Decision Field
A
Includes all factors that have to be considered in the decision-making process
4
Q
Field of alternatives
A
Represents the part of the decision field that can be influenced by the decision maker
5
Q
Environmental Situation
A
- External Factors
- Internat Factors
6
Q
Field of Results
A
Aggregation of the result derived from the
- choice of a certain alternative of action - the occurrence of certain environmental situation
7
Q
Types of Decision Models: Categorization
A
- Number of objectives
- Number of decision-makers
- Chronological Interdependency of the decisions
- Level of information of the decision-maker
8
Q
Level of Information
A
- Situation of certainty
- Situation of risk
- Situation of uncertainty
