MGM400H5 Chapter Notes -Expert System, Decision-Making, Root Mean Square
Document Summary
Decision making is arguably the most important of all managerial activities. It is the most common activity and most crucial role of senior managers. Decisions in organizations can be divided into various groups, and each division has various phases. Operational decisions: usually with short-term effects and of a routine nature. Tactical decisions: usually with medium-term effects and of a non-routine nature but not going s. Strategic decisions: usually with long-term effects and concerning the organization"s goals. Research on decision-making is concerned with very specific issues, such as how people infer information from data, how personal preferences affect decision-making and the deciding process itself. Hastie and dawes (2001) note that a rational choice can be defined as one that meets 4 criteria: it is baed on the decision-makers current assets. A persons ability, experience, and motivation have a powerful influence on how they see things.
