FHCE 3000 Lecture Notes - Lecture 17: Household Division

• School: University of Georgia
• Department: Financial Planning, Housing and Consumer Economics
• Course: FHCE 3000
• Professor: Dr.Kabaci

Document Summary

Emphasis on decision making as integral part of management process. Process of making choices between two or more alternatives. A process that incorporates various inputs and produces outputs. Are integral part of the management process. May involve negotiation or bargaining with others. Limits necessary qualifications an option must have. Options the number of alternatives you will consider. Desirables preferences you would like to have if you could get them. Risks unknown, unseen dangers/costs we should check for after we have selected best option, but before we carry out decision. The decision matrix process: define limits/desirables, determine number of options, rank desirables, quantify, assess risk. Does it meet a standard, objective or a goal. Does it have definition and commitment in other words, is it not vague. Appropriate to the situation, but potentially adjustable. Members of the decision-making group have the same understanding of the decision and agree to the details. Co-created when group outcomes are at stake.