ADM 1300 Study Guide - Midterm Guide: Goal Setting, Ob River, Brainstorming

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: All

Document Summary

What is decision making: the process by which managers make a choice between two or more alternatives to solve a problem, 4 elements or stages to decision making. An objective (what are we trying to do/fix?) The alternatives (what are my options to get there?) The choice (which option is the best?) Types of decision making: programmed routine, almost automatic process (restocking grocery shelves, non-programmed unusual situations that have not often been addressed, responds to unusual opportunities and threats. Conditions affecting managerial decisions: certainty very rarely will a manager know exactly what will happen, risk use of probabilities, outcome can be estimated, uncertainty nothing is known, alternatives are not known , can"t assign probabilities. Implement chosen alternative: managers must not carry out the alternative: learn from feedback: managers should consider what went right and wrong with the decision and learn for the future. Decision making challenges: ease of recall: make judgement based on recent event (beef recall).