ADMS 2511 Lecture Notes - Lecture 11: Sensitivity Analysis, Business Performance Management, Strategic Planning
6 Oct 2015
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Document Summary
Management: process by which an organization achieves its goals through the use of resources: resources = inputs; achieving the organizational goals = output; productivity = the ratio. Managers have 3 roles: interpersonal roles: figurehead, leader, liaison, informational roles: monitor, disseminator, spokesperson, analyzer, decisional role: entrepreneur, disturbance handler, resource allocator, negotiator. Number of alternatives to be considered is constantly increasing due to innovations in technology, improved communication, the development of global markets, and the use of the internet and e-business. Most decisions must be made under time pressure; not possible to process information manually fast enough to be effective. Due to increased uncertainty in the decision environment, decisions are becoming more complex; necessary to conduct a sophisticated analysis in order to make a good decision. Often necessary to rapidly access remote information, consult with experts, or conduct a group decision-making session, all without incurring large expenses.
