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GMS200 Ch13.docx

2 Pages

Global Management Studies
Course Code
GMS 200
Shavin Malhotra

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GMS200 Chapter 13: Information and Decision Making Data – raw facts and observations Information – data made useful for decision making Information technology – helps us acquire, store, and process information Information systems- use IT to collect, organize and distribute data for use in decision making Management information systems – meet the information needs of managers in making daily decision Problem solving – involves identifying and taking action to resolve problems Decision – choice among possible alternative courses of action Systematic thinking – approaches problems in a rational and analytical fashion Intuitive thinking – approaches problems in a flexible and spontaneous fashion Multidimensional thinking – ability to address many problems at once Strategic opportunism – focuses on long term objectives while being flexible in dealing with short term problems Types of Managerial Decisions: Structured problems – are straightforward and clear with respect to information needs Programmed decision – applies to solution from past experience to a routine problem Unstructured problems – have ambiguities and information deficiencies Nonprogrammed decision – applies a specific solution crafted for a unique problem Crisis – an unexpected problem that can lead to disaster if not resolved quickly and appropriately Crisis management – preparation for the management of crises that threaten an organizations health and well being Certain environment – offers complete information on possible action alternatives and their consequences Rick environment – lacks complete information but offers probabilities of the likely outcomes for possible action alternatives Uncertain environment – lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives Decision making process – beings with identification of a problem and ends with evaluation of implemented solutions Step 1. Identify and define the problem Step 2. Generate and evaluate alternative courses of action Cost-benefit analysis – involves comparing the cost and benefits of each potential course of action Ste
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