Textbook Notes (367,974)
MGOC10H3 (3)
Vinh Quan (3)
Chapter 1

# Chapter 1.docx

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Department
Management (MGO)
Course
MGOC10H3
Professor
Vinh Quan
Semester
Fall

Description
Chapter 1 Introduction 1.1 Problem Solving and Decision Making  problem solving  the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference  for problems important enough to justify the time and effort of careful analysis, the problem-solving process involves the following 7 steps: 1. identify and define the problem 2. determine the set of alternative solutions 3. determine the criterion or criteria that will be used to evaluate the alternatives 4. evaluate the alternatives 5. choose an alternative 6. implement the selected alternative 7. evaluate the results to determine whether a satisfactory solution has been obtained  decision making  the process of defining the problem, identifying the alternatives, determining the criteria, evaluating the alternatives, and choosing an alternative  single-criterion decision problem  problem in which objective is to find “best” solution with respect to just 1 criterion  multi-criteria decision problem  a problem that involves more than one criterion; the objective is to find the “best” solution, taking into account all the criteria  decision  the alternative selected 1.2 Quantitative Analysis and Decision Making  the analysis phase of the decision-making process may take two basic forms: qualitative and quantitative  qualitative analysis is based primarily on the manager’s judgment and experience; it includes the manager’s intuitive “feel” for the problem and is more an art than a science  if the manager has had experience with similar problems or if the problem is relatively simple, heavy emphasis may be placed upon a qualitative analysis  however, if the manager has had little experience with similar problems, or if the problem is sufficiently complex, then a quantitative analysis of the problem can be especially important consideration in the manager’s final decision  when using quantitative approach, an analyst will concentrate on quantitative facts or data associated with problem and develop mathematical expressions that describe objectives, constraints, and other relationships that exist in problem  some of the reasons why a quantitative approach might be used in the decision-making process: 1. the problem is complex, and the manager cannot develop a good solution without the aid of quantitative analysis 2. t
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