COMMERCE 2KA3 Lecture Notes - Lecture 12: Data Mining, Balanced Scorecard, Predictive Analytics
26 Mar 2017
School
Department
Course
Professor
Document Summary
Types of decisions: structured information = automated decision making. Managers and decision making in the real world: managerial roles, real-world decision making. Unstructured decisions: novel, non-routine decisions requiring judgement and insights, examples: approve capital budget; decide corporate objectives. Structured decisions: routine decisions with definite procedures, examples: restock inventory, determine special offers to customers. Semi-structured decisions: only part of decisions has clear-cut answers provided by accepted procedures, examples: allocate resources to managers; develop a marketing plan. Discovering, identifying, and understanding the problems occurring in the organization: design. Identifying and exploring solutions to the problem: choice. Making chosen alternative work and monitoring how well solution is working. Managerial roles: classical model of management, behavioural models of management. Three categories of managerial roles: interpersonal roles, informational roles, decisional roles. Classical model of management: formal managerial functions: planning, organizing, coordinating, deciding, controlling. Behavioural models of management: less systematic, more informal, less reflective, more reactive.
