Module 4.1: Managerial Decision Making

 


a) Overview
b) Objectives
c) Reading
d) Lecture
e) Activities/Assignments

Overview

Managers are responsible for making good decisions and for helping others make good decisions. The purpose of this module is to introduce you to the decision making process, common errors or challenges associated with decision making, and tools or techniques that can improve your ability to make effective decisions.
 

Objectives

After completing this module, you should be able to:

1. Describe the rational decision making process
2. Describe how to recognize common decision making biases
 
 

Readings


 1. Revisit planning (p. 72-75).
 2. Chapter 4: Foundations of Decision Making
 

Lecture

Note: The following lectures will open in separate windows. Please make sure you have the speakers volume turned 'on' to listen to the lecture. Once the page has finished loading you can start the lecture by hitting 'Play'.

In Module 3.2 you read that the term planning refers to the process of defining the organization’s objectives or goals, establishing an overall strategy for achieving those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities. It is concerned, then, with ends (what is to be done) as well as means (how it is to be done).

Consider the following revision: Planning refers to the process of deciding the organization’s objectives or goals, deciding upon an overall strategy for achieving those goals, and deciding upon a comprehensive hierarchy of plans to integrate and coordinate activities. It is concerned, then, with deciding the ends (what is to be done) as well as deciding upon the means (how it is to be done). Thus, if we accept this revision, we can conclude that planning requires a significant amount of decision making. Further, it is clear that once plans are developed the day-to-day process of implementing strategic, tactical, and operational plans requires a significant amount of decision making.

Managerial Decision making lecture
Notes
Print lecture handouts
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Activities/Assignments

 
Blackboard Quiz
Individual Activity
 
 

 

 
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College of Business and Economics
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