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24 Cards in this Set
- Front
- Back
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Is the process of taking corrective action to meet objectives.
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Problem Solving
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Selecting a course of action that will solve a problem.
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Decision Making
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Shoot from hip fast decision making
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Reflexive Stlye
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Take plenty time to decide on a decision
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Reflective Style
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Dont waste time when all infromation has been gathered to make a decision
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Consistent Stlye
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Each Decision has two phases
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1. Read and analyze 2. Make the call
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Six Steps of Effective Decision Making
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1. Define the problem 2. Set Objectives and criteria 3. Generate alternatives 4. Select the most feasible alternatives 5 Implement the decision 6. Control the results.
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Define Step 1 with
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Programmed decision, Nonprogrammed decision
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makers organizational polocies procedures( order X number of balls when it stock reaches level Y)
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Programmed Decision
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State individual group or organization intends to accomplish
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Objectives
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The standards that must be met to accomplish the objective
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Criteria
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Innovation and creativity are part of
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Step 3 Generate alternatives
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alters what is established by introducing something new
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Innovation
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Is a way of thinking that generates new solutions to ploblems and new ways to approach opportunities
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Creativity
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Planning has three major benefits
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Speedier decision, better management of resources, and cleaner indentication of the action steps needed in order to reach important goals
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3 Levels of Stragies
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Corporate Business Functional
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Draws out those features in a company's enviromental that makes directly frame its stratigic window of options
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Situation Analysis
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Situation Analysis has 3 parts
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Analysis company's industry and compettion, Analysis compamy's particular situation, Analysis of company's competitive advantage.
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Five Competitive Forces
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Rivalry among competting firms,
Potential entry of new competitors, Potential development of substitute products and services, Bargaing powers of suppliers, Bargining power ofconsumer |
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State general targets to be accomplished
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Goals
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State what is to be accomplished in specific and measurable terms by a certain target date
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Objectives
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Process by which mangers set objectives and give rewards for good results
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Managent by objectives(MBO)
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Used by functional level department to achieve corporate and business level objectives
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Operational strategies
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Product Life Cycle is
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Introduction
Growth maturity decline |
