MKT 3230 Lecture Notes - Lecture 20: Decision-Making, University Of New South Wales

• School: University of Manitoba
• Department: Marketing
• Course: MKT 3230
• Professor: Grant W.Wainikka

Document Summary

Mgmt 3230 managing organistions and people unsw 3rd ed. Decision: a choice of two or more alternatives. Decision making process: a set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision"s effectiveness. What does the decision making process involve: identifying the problem. Identifying decision criteria: criteria that define what is relevant in a decision. Assess what factors are relevant to the decision 3. Prioritise criteria - weigh items in order to give them the most important priority in the decision 4. List viable alternatives that could resolve the problem 5. Critically analyse each alternative finding strengths and weaknesses of each alternative: selecting an alternative. Choosing the best alternative among those considered 7.