MGMT 325 Chapter Notes - Chapter 3: Plans, Michael D. Cohen (Academic)
13 May 2016
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Document Summary
Programmed decisions - decisions encountered and made before, having objectively correct answers, and solvable by using simple rules, polices, or numerical computations. Non-programmed decisions - new, novel, complex decisions having no proven answers. Certainty - the state that exists when decision makers have accurate and comprehensive information. Uncertainty - the state that exists when decision makers have insufficient information. Risk - the state that exists when the probability of success is less than 100 percent and losses may occur. Conflict - opposing pressures from different sources, occurring on the level of psychological conflict or of conflict between individuals or groups. Ready-made solutions - ideas that have been seen or tried before. Custom-made solutions - new, creative solutions designed specifically for the problem. Contingency plans - alternative courses of action that can be implemented based on how the future unfolds. Maximizing - a decision realizing the best possible outcome.
