MGT 3200 : Exam 2 Objectives Answered
Document Summary
Exam 2 objectives (from the notes & outside reading) Decision-making: is decision-making a function of management, no. Increase efficiency: nonprogrammed decisions = decisions made for novel, unique, complex, and unstructured problems. Where you need to put in time and effort. Need to have conceptual kills, intuition, and creativity: do managers make more programmed or non-programmed decisions, in general, programmed decisions, 1st line = programmed, top mgt. = nonprogrammed: what is decision-making under conditions of certainty, manager knows all the available alternatives and their outcomes, probabilities = 0 unknowns. What three things bound one"s rationality: bounded rationality = how much you can keep in your mind is limited. Is it irrational: satisficing = selecting the 1st alternative that meets a minimally acceptable standard; rather than going through and evaluating all alternatives and selecting the best one. What are the advantages of and disadvantages of heuristics: heuristic = a mental short cut; a labor saving device.
