BU398 Lecture Notes - Lecture 15: Tacit Knowledge, Sequential Logic, Explicit Knowledge
Document Summary
Individual decision making - 2 ways: rational approach ideal method for how managers should make decisions, use this when organization are facing little competition and are dealing with well understood issues, they will use this, 1. ) Monitor the decision environment monitors internal and external information, e. g. during holiday seasons, the general manager of a retail store checks our competitors around the mall and eyeing whether they are marking down merchandise: 2. ) Define the decision problem identifying details of the problem, where, when, who was involved, who was affected: 3. ) Specify decision objectives determines what performance outcomes should be achieved by this decision: 4. ) Diagnose the problem managers digs below the surface to analyze the cause of the problem: 5. ) Develop alternative solutions manager seek ideas and suggestions and come up with possible solutions: 6. ) Evaluate alternatives may involve use of statistical techniques or personal experience to gauge the probability of success: 7. )
