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33 Cards in this Set
- Front
- Back
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Decision-making |
May be defined as "the process of identifying & choosing alternative courses of action in a manner appropriate to the demands of the situation" |
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Decision-making |
The heart of all the mgmt function |
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Diagnose problem Analyze environment Articulate problem or opportunity Develop viable alternatives Evaluate alternatives Make a choice Implement decision Evaluate & adapt decision results |
Decision making process: |
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Problem |
Exists when there is a difference bw an actual situation and a desired situation |
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Internal External |
Components of the Environment: |
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Internal envi |
Refers to organizational activities within a firm that surrounds decision-making |
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External envi |
Refers to variables that are outside the organization and not typically within the short-run control of the top mgmt |
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Choice-making |
The process of selecting among alternatives representing potential solutions to a problem |
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Implementation |
Carrying out the decision so that the objectives sought will be achieved |
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Feedback |
The process wc requires checking at each stage of the process to assure that the alternatives generated, the criteria used in evaluation, and the sln selected for implementation are in keeping with the goals and objectives... |
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Control |
Actions made to ensure that activities performed matched the desired activities or goals, that have been set |
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Qualitative eval Quantitative eval |
Approaches in Solving Problems: |
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Qualitative eval |
Refers to evaluation of alternatives using intuition and subjective judgment |
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Quantitative eval |
Refers to the evaluation of alternatives using any technique in a group classified as rational and analytical |
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Inventory models Queuing theory Network models Forecasting Regression analysis Simulation Linear programming.. |
Types of Quantitative Models: |
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Inventory models |
Consist of several types all designed to help the engineer manager make decisions regarding inventory |
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EOQ model Production Order quantity model Back order inventory model Quantity discount model |
Inventory models: |
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EOQ |
Used to calculate the number of items that should be ordered at one time to minimize the total yearly cost of placing orders.. |
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Production order quantity model |
An eoq technique applied to production orders |
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Back order inventory model |
An inventory model used for planned shortages |
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Quantity discount model |
Inventory model used to minimize the total cost when quantity discounts are offered by suppliers |
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Queuing theory |
Describes how to determine the number of service units that will minimize both customer waiting time and cost of service |
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Network models |
Models where large complex tasks are broken into smaller segments that can managed independently |
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PERT CPM |
2 most prominent network models: |
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PERT |
A technique wc enables engineer managers to schedule, monitor, and control large and complex projects by employing 3 time estimates for each activity |
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CPM |
A network technique using only one time factor per activity that enables engineer managers to schedule, monitor, and control.. |
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Regression model |
A forecasting method that examines the association bw two or more variables |
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Simulation |
A model constructed to represent reality, in wc conclusions about real-life problems can be used |
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Linear programming |
A quantitative technique that is used to produce an optimum solution within the bounds imposed |
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Sampling theory |
A quantitative technique where samples of populations are statistically determined to be ised for a number of processes, such as quality control and marketing research |
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Statistical Decision-theory |
Rational way to conceptualize, analyze, and solve problems in situations involving limited, or partial information abt th decision environment |
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Forecasting |
The collection of past and current info to make predictions abt the future |
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Regression analysis |
May be simple or multiple depending on the number of independent variables present |
