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ENGINEERING MANAGEMENT > Lesson 2: Decision-making > Flashcards

Lesson 2: Decision-making Flashcards

1
Q

The engineer manager’s __________ skills will be very crucial to his success as a professional.

A

decision-making

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2
Q

DECISION-MAKING AS A MANAGEMENT RESPONSIBILITY

The higher the management level is, the bigger and the (more or less?) complicated decision-making becomes.

A

more

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3
Q

WHAT IS DECISION-MAKING?

It is the process of identifying and choosing alternative courses of action in a manner appropriate to the demands of the situation.

A

Decision-making

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4
Q

Decision-making, according to ________ and others, “is the heart of all the management functions.

Decisions are made at various management levels (i.e., top, middle, and lower levels) and at various management functions (i.e., planning, organizing, directing, and controlling).

A

Nickels

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5
Q

THE DECISION-MAKING PROCESS

Rational decision-making, according to David H. Holt, is a process involving the 8 steps:

Give them all.

A
  1. diagnose problem
  2. analyze environment
  3. articulate problem or opportunity
  4. develop viable alternatives
  5. evaluate alternatives
  6. make a choice
  7. implement decision
  8. evaluate and adapt decision results
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6
Q

THE DECISION-MAKING PROCESS

An expert once said “______________________ is tantamount to having the problem half-solved.”

A

identification of the problem

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7
Q

THE DECISION-MAKING PROCESS

It occurs when there is a difference between an actual situation and a desired situation.

A

Problem

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8
Q

THE DECISION-MAKING PROCESS

The objective of environmental analysis is the identification of constraints, which may be spelled out as either _________ or ___________ limitations.

A

internal, external

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9
Q

THE DECISION-MAKING PROCESS

Give three examples of internal limitations.

A
  1. Limited funds available for the purchase of equipment.
  2. Limited training on the part of employees.
  3. ill-designed facilities.
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10
Q

THE DECISION-MAKING PROCESS

Give three examples of external limitations.

A
  1. Patents are controlled by other organizations.
  2. A very limited market for the company’s products and services exists.
  3. Strict enforcement of local zoning regulations.
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11
Q

THE DECISION-MAKING PROCESS

The environment consists of two major concerns:

A

internal, external

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12
Q

THE DECISION-MAKING PROCESS

The _________ environment refers to organizational activities within a firm.

A

internal

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13
Q

THE DECISION-MAKING PROCESS

The __________ environment refers to variables that are outside the organization and not typically within the short-run control of top management.

A

external

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14
Q

THE DECISION-MAKING PROCESS

Oftentimes, problems may be solved by any of the solutions offered. The best among the alternative solutions must be considered by management. This is made possible by using a procedure with the following steps:

A
  1. Prepare a list of alternative solutions.
  2. Determine the viability of each solutions.
  3. Revise the list
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15
Q

THE DECISION-MAKING PROCESS

Proper ___________ makes choosing the right solution less difficult.

A

evaluation

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16
Q

THE DECISION-MAKING PROCESS

_________ suggests that “each alternative must be analyzed and evaluated in terms of its value, cost, and risk characteristics.”

A

Souder

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17
Q

THE DECISION-MAKING PROCESS

The ___________________________ refers to benefits that can be expected.

A

value of the alternatives

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18
Q

THE DECISION-MAKING PROCESS

The _______________________ refers to out-of-pocket costs.

A

cost of the alternative

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19
Q

THE DECISION-MAKING PROCESS

The _____________________ refer to the likelihood of achieving the goals of the alternatives.

A

risk characteristics

20
Q

THE DECISION-MAKING PROCESS

__________________ refers to the process of selecting among alternatives representing potential solutions to a problem.

A

Choice-making

21
Q

THE DECISION-MAKING PROCESS

________________ refers to carrying out the decision so that the objectives sought will be achieved. To make implementation effective, a plan must be devised.

A

Implementation

22
Q

THE DECISION-MAKING PROCESS

In implementing the decision, the results expected may or may not happen. It is, therefore, important for the manager to use ________ and ___________ mechanisms

A

control and feedback

23
Q

THE DECISION-MAKING PROCESS

____________ refers to the process which requires checking at each stage of the process to assure that the alternatives generated, the criteria used in evaluation and the solution selected for implementation are in keeping with the goals and objectives originally specified.

A

Feedback

24
Q

THE DECISION-MAKING PROCESS

______________ refers to actions made to ensure that activities performed match the desired activities or goals, that have been set.

A

Control

25
Q

APPROACHES IN SOLVING PROBLEMS

Give the 2 approaches.

A
  1. qualitative evaluation, and
  2. quantitative evaluation.
26
Q

APPROACHES IN SOLVING PROBLEMS

This term refers to evaluation of alternatives using intuition and subjective judgment.

A

Qualitative Evaluation

27
Q

APPROACHES IN SOLVING PROBLEMS

This term refers to the evaluation of alternatives using any technique in a group classified as rational and analytical.

A

Quantitative Evaluation

28
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

The types of quantitative techniques which may be useful in decision-making are as follows:

A
  1. inventory models
  2. queuing theory
  3. network models
  4. forecasting
  5. regression analysis
  6. simulation
  7. linear programming
  8. sampling theory
  9. statistical decision theory
29
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

Inventory models consist of several types all designed to help the engineer manager make decisions regarding inventory. They are as follows:

A
  1. Economic order quantity model
  2. Production order quantity model
  3. Back order inventory model
  4. Quantity discount model
30
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

This one is used to calculate the number of items that should be ordered at one time to minimize the total yearly cost of placing orders and carrying the items in inventory.

A
  1. Economic order quantity model
31
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

This is an economic order quantity technique applied to production orders.

A
  1. Production order quantity model
32
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

This is an inventory model used for planned shortages.

A
  1. Back order inventory model
33
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

An inventory model used to minimize the total cost when quantity discounts are offered by suppliers.

A
  1. Quantity discount model
34
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It is one that describes how to determine the number of service units that will minimize both customer waiting time and cost of service.

A

Queuing Theory

35
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

These are models where large complex tasks are broken into smaller segments that can be managed independently.

A

Network Models

36
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

A technique which enables engineer managers to schedule, monitor, and control large and complex projects by employing three time estimates for each activity.

A

The Program Evaluation Review Technique (PERT)

37
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

This is a network technique using only one time factor per activity that enables engineer managers to schedule, monitor, and control large and complex projects.

A

The Critical Path Method (CPM)

38
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It may be defined as “the collection of past and current information to make predictions about the future.

A

Forecasting

39
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It is a forecasting method that examines the association between two or more variables.

A

Regression model

40
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It is a model constructed to represent reality, on which conclusions about real-life problems can be used.

A

Simulation

41
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It is a quantitative technique that is used to produce an optimum solution within the bounds imposed by constraints upon the decision.

A

Linear programming

42
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It is a quantitative technique where samples of populations are statistically determined to be used for a number of processes, such as quality control and marketing research.

A

Sampling Theory

43
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

It refers to the “rational way to conceptualize, analyze, and solve problems in situations involving limited, or partial information about the decision environment.”

A

Statistical Decision theory

44
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

Its purpose is to revise and update the initial assessments of the event probabilities generated by the alternative solutions.

A

Bayesian analysis

45
Q

QUANTITATIVE MODELS FOR DECISION-MAKING

______________ selects the decision alternative having the maximum expected payoff, or the minimum expected loss if he is working with a loss table.

A

Bayes criterion

ENGINEERING MANAGEMENT (10 decks)

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