Introduction to management 13th schemerhorn bachrach chapter 07

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CHAPTER 7 THE DECISION-MAKING

Introduction to Management

13th edition

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PLANNING AHEAD — KEY TAKEAWAYS

 Discuss the role of information in the

 Describe the potential pitfalls and sources of

creativity in managerial decision making

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CHAPTER 7 OUTLINE

1. Information, Technology, and Management

2. Problem Solving and Managerial Decisions

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CHAPTER 7 OUTLINE

3. The Decision-Making Process

Courses of Action

4. Issues in Managerial Decision Making

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INFORMATION, TECHNOLOGY, &

MANAGEMENT

Information, Technology, & Management

 Managers must have

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Information drives management functions

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Analytics: systematic gathering and

processing of data to make it useful as

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MANAGEMENT

Data Mining and Analytics

Data mining is the process of analyzing data to

produce useful information for decision makers.

Big data exists in huge quantities and is difficult to

process without sophisticated mathematical and

computing techniques.

gathering and processing of data to make informed

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MANAGEMENT

Business intelligence and Executive

Dashboards

Management information systems

use in decision making

Business intelligence

in organized ways that are helpful to decision makers

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MANAGEMENT

Executive dashboards

Visually update and display key

performance indicators and information on a real-time basis

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MANAGEMENT

Information needs in organizations

Information exchanges with the external

environment:

Information exchanges within the

organization:

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FIGURE 7.1 INTERNAL AND EXTERNAL INFORMATION NEEDS IN ORGANIZATIONS

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PROBLEM SOLVING AND MANAGERIAL DECISIONS

Problem Solving and Managerial Decisions

Managers as Information Processors

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FIGURE 7.2 THE MANAGER AS AN INFORMATION-PROCESSING NERVE CENTER

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Problem solving

actual and desired performance and taking action to resolve it

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PROBLEM SOLVING AND MANAGERIAL DECISIONS

Problem-solving approaches or

styles:

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Systematic versus intuitive thinking

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Multidimensional thinking applies both

intuitive and systematic thinking

Effective multidimensional thinking requires skill at strategic opportunism

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PROBLEM SOLVING AND

MANAGERIAL DECISIONS

Managers use different cognitive styles

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Types of problems

Structured problems are ones that are

familiar, straightforward, and clear with

respect to information needs

Programmed decisions apply solutions that are readily available from past experiences to solve structured problems

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Types of problems

Unstructured problems are ones that are full

of ambiguities and information deficiencies

Nonprogrammed decisions apply a specific solution to meet the demands of a unique

problem

Commonly faced by higher-level

management

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Crisis decision making

A crisis involves an unexpected problem that can lead to disaster if not resolved quickly

and appropriately

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PROBLEM SOLVING AND

MANAGERIAL DECISIONS

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Managers make decisions with various

amounts of information

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FIGURE 7.3 THREE ENVIRONMENTS FOR MANAGERIAL DECISION MAKING

AND PROBLEM SOLVING

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FIGURE 7.4 STEPS IN MANAGERIAL DECISION MAKING AND PROBLEM

SOLVING

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THE DECISION-MAKING PROCESS

Step 1 — Identify and define the problem

Focuses on information gathering, information

processing, and deliberation

Decision objectives should be established

Common mistakes in defining problems:

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THE DECISION-MAKING

PROCESS

Step 2 — Generate and Evaluate

Alternative Courses of Action

Potential solutions are formulated and more information is gathered, data are analyzed,

the advantages and disadvantages of

alternative solutions are identified

Approaches for evaluating alternatives:

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Step 2 — Generate and Evaluate Possible

Courses of Action (cont.)

Criteria for evaluating alternatives:

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THE DECISION-MAKING

PROCESS

Step 2 — Generate and Evaluate

Possible Courses of Action (cont.)

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Step 3 — Decide on a Preferred Course

of Action

– Two different approaches

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FIGURE 7.5 DIFFERENCES IN THE

CLASSICAL AND BEHAVIORAL

DECISION-MAKING MODELS

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Step 4 — Implement the Decision

Involves taking action to make sure the

solution decided upon becomes a reality

Managers need to have willingness and

ability to implement action plans

Lack-of-participation error should be avoided

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Step 5 — Evaluate Results

Involves comparing actual and desired results

Positive and negative consequences of

chosen course of action should be examined

If actual results fall short of desired results,

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At all steps, check ethical reasoning!

Ask these spotlight questions

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ISSUES IN MANAGERIAL

DECISION MAKING

Issues in decision making

How do decision errors happen?

Heuristics are strategies for simplifying

decision making

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DECISION MAKING

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DECISION MAKING

Creative Decision making:

Creativity is the generation of a novel idea or unique approach that solves a problem or

crafts an opportunity

are done by exceptional people

come up with unique ways to deal with daily events and situations

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DECISION MAKING

Personal creativity drivers

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DECISION MAKING

Situational creativity drivers

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