SMGT 3143 Lecture Notes - Lecture 6: Probability Theory, Capital Budgeting, Queueing Theory
Document Summary
Decision making styles: reflexive, shoot from the hip, snap decisions, reflective, slow, thoughtful, considerable analysis, consistent, not too fast, not to slow, baby bear "just right" Steps in decision making: define/frame the problem, set objectives and criteria, generate alternatives, select the most feasible alternative. Advantages of group decision making: more information and alternatives, better understanding, greater commitment and sense of ownership, good training. Disadvantages of group decision making: time consuming, satisficing, alternatives that are just satisfactory, "good enough, domination by certain subgroups or individuals, possibility of group conflicts arising out of differences in opinion. Stages of creative process: prepare, get feelings and facts, dream big, don"t judge. Incubate and illuminate: sleep on it, let subconscious do heavy lifting, recognize when big ideas come, evaluate (re-evaluate, not personal, critique, play devil"s advocate. Quantitative analysis: using mathematical analysis to assess alternatives, break-even analysis, capital budgeting, queueing theory, probability theory.
