Case studies in management and managerial decision making
A management information system is a computer-based information system that gathers comprehensive data, analyzes and summarizes it, and provides it in a form that is of value to functional managers.
The three non-rational models of decision-making discussed in the chapter are: satisficing, incremental, and garbage-can models.
The success of an organization depends greatly on the decisions of managers. They have well-established and understood solutions.
Management decision problem case study
In terms of strengths of the case study organization it was believed to have a strong vision and an honest unit that can be trusted with deliveries and is disciplined in getting things done even in difficult situations. Finally, the different decision-making techniques such as marginal analysis, financial analysis, break-even analysis, ratio analysis and operations research techniques have been discussed. The most common forms of group decision-making are: interacting groups, Delphi groups, and nominal groups. A decision support system is an interactive computer system that can be easily accessed and operated by people who are not computer specialists, and who use this system to help them in planning and decision-making. Based on the degree of certainty involved, every decision-making situation falls into one of three categories: i certainty, ii risk, and iii uncertainty. Hence, managers and leaders had mainly responsibility but no real empowerment to take decisions and this meant escalating lots of country level decisions to Nordic level leaders. Overall one can conclude that managerial decision making is result of combination of tangible and intangible factors. Findings — The findings of the research paper suggest that managerial capabilities and skills, and attitudes toward decision making, the information and performance measurement supporting decision making, and companies' approaches to the management of relationship with their stakeholders have a significant impact on the effectiveness of managerial decision making. The study was an exploratory study following an inductive research approach where I first gathered the data, made analysis and conclusions and then identified the relevant theories that best fit the gathered data and objectives of the study.
Chapter Summary Decision-making describes the process by which a course of action is selected to deal with a specific problem. The theoretical framework was based on combining number of managerial decision making literature into unified contaxt.
Under a state of risk, the decision-maker has incomplete information about available alternatives but has a good idea of the probability of particular outcomes of each alternative.
Conditions of uncertainty exist when the future environment is unpredictable and everything is in a state of flux.
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