MGT 3200 : Exam 2 Study Guide1 1
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Exam two objectives (from the notes & outside. Decision-making: is decision-making a function of management, decision-making is not a function of management. It is part of every function of management it is not a separate function. 2: non-programmed decisions are specific to management problems that are novel and unique; they are complex and unstructured, with no established procedure, non-programmed decisions are novel, unique, complex, and unstructured they require thinking to make a decision. They do not even have a way of finding out this information. Most difficult: most common is risk, least common is certainty. You know all the alternatives, you know all the outcomes, and there is nothing left to chance everything is known. You go through the alternatives and pick the best one maximizing decision. 5: under what decision-making condition do decisions get made in the traditional economic model, decisions are made under the conditions of certainty.
