BUS 237 Lecture Notes - Lecture 8: Data Mart, Artificial Neural Network, Regression Analysis

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 237
• Professor: Zorana Svedic

Document Summary

Traditional perspective defines management as the process of accomplishing organizational goals through planning, execution, and control: Planning refers to the activities involved in defining the goals of the organization and descriving how it will accomplish these goals. Execution is the process of assigning responsibilities and resources to accomplish a plan. Control is the process of monitoring activities to ensure they develop as planned making corrections when necessary. Decision making is choosing from a range of alternatives. Day-to-day management involves constant quick decision making (both routine and non- routine) Decision making process is much more complicated for three reasons: Good outcomes may occasionally result from irrational processes. Humans intent to be rational, but limits on cognitive capabilities bounded rationality . Weigh all the factors carefully and accurately. Managers perform high-volume, high-speed work involving a large number of topics, often under stress. As a result, managers don"t have time to collect all required information.