MGM102H5 Lecture Notes - Lecture 4: Environmental Technology, Bounded Rationality, Decision-Making
Document Summary
One of the main tasks is to manage the organizational environment, forces in the external environment gives us info about the many threats and opportunities that may arise during the course of utilizing organizational resources. Decision making is the process by which managers respond to opps and threats by analyzing options and determining the organizational goals and actions to take. Decision making in response to opportunities occurs when managers look for ways to improve organizational performance to benefit customers, employees and other stakeholder groups. Whenever they engage planning, organizing, leading and control their 5 principles, they make decisions. Decision-making process is either programmed or nonprogrammed. The(cid:455)"re (cid:374)o(cid:374)routi(cid:374)e decision making that occurs in response to unusual, unpredictable opps a(cid:374)d threats, rules do(cid:374)"t e(cid:454)ist si(cid:374)(cid:272)e the situatio(cid:374) is u(cid:374)e(cid:454)pe(cid:272)ted a(cid:374)d (cid:373)a(cid:374)agers la(cid:272)k the info they need to make rules to cover it ex. Investing in new kind of green tech or enter a new market/start a new business.
