MGT 350 EXAM 2 Russell UNCW Question with complete solution 2023

MGT 350 EXAM 2 Russell UNCW Question with complete solution 2023Name and understand the 3 types of decision making that managers utilize to make decisions. Classical model. Administrative model. Political model Decision is a choice made from available alternatives Decision making is the process of identifying opportunities Programmed Decisions Recurring problems, apply rule, routine. Non programmed Decisions unique situations, poorly defined, unstructured, important consequences Decision is a choice made from available alternatives Satisficing Decision makers choose the first solution that satisfices minimal decision criteria, first -choice Uncertainty depends on the amount and value of into available Certainty situation in which all info is fully available Bounded rationality People have limits or boundaries on how rational they can be, can't see the whole picture Brainstorming tendency of people in groups to suppress contrary opinions, free-flowing Risk future outcomes associated with an alternative are subject to change. Groupthink tendency of people in groups to suppress contrary opinions Recognition of Decision Requirement Identify problem or opportunity Diagnosis and Analysis Analyze underlying causal factors Develop Alternatives Define feasible alternatives Selection of Desired Alternative Alternative with most desirable outcome Implementation of Chosen Alternative Use of managerial, administrative, and persuasive abilities to execute chosen alternative. Evaluation and Feedback Gather information about effectiveness, how are we doing, collecting the data. Directive style people who prefer simple, clear-cut solutions to problems Analytic style Managers prefer complex solutions based on a lot of data. Conceptual style Managers like a broad amount of information Behavioral style Managers with a deep concern for others Why do managers make bad decisions? Being influenced by initial impressions. Justifying past decisions. Seeing what you want to see. Perpetuating the status quo. Being influenced by problem framing. Overconfidence. Line departments perform primary business tasks: sales and production.