MGMT ch 3

Question 1

Decision making process

Answer 1

1.Identify the Problem
2.Create decision criteria
3.Weight decision criteria
4.Create alternatives
5.Analyze them
6.Select
7.Implement
8.Evaluate results

Question 2

What are the three approaches to manager decision making

Answer 2

1.Rationality
2.Bounded rationality
3.Intuitive thinking

Question 3

Rationality model

Answer 3

This logic approach is used to make the most optimal decision.

Question 4

Bounded rationality

Answer 4

Like rationality model, but understands the limitations managers face with limited time and information availability/

Question 5

Intuitive thinking

Answer 5

Make decisions based on past experiences, personal opinions, and accumulated judgmen.

Question 6

Structured problems

Answer 6

These are problems that are common and the solution path is already known. We use programmed decisions to solve these issues.

Question 7

Unstructured problems

Answer 7

Problems that are unusual and require custom made solutions.

Question 8

Groupthink

Answer 8

A form of conformity, where individuals keep opinions to themselves to avoid conflict.

Question 9

Issues in managerial decision making

Answer 9

1. National Culture
2. Creativity
3. Design thinking
4. Big data

Question 10

Ethics

Answer 10

Refers to principals that define right and wrong behaviour

Question 11

four views of ethics and define them

Answer 11

1.Ultratarian
2. Rights view
3. Theory of justice view
4. Integrated Social contracts

Question 12

Corporate Social Responsibility

Answer 12

These are obligations that an organization has outside of sales and economic, to the community.