PPT-Chapter 1 Introduction Introduction: Problem Solving and Decision Making

Quantitative Analysis and Decision Making Quantitative Analysis Model Development Software Packages Operations Research The body of knowledge involving quantitative approaches to decision making is referred to as . Managers as. Decision Makers. Exploring Management. Chapter 4. How do managers use information to solve problems?. What are the five steps in the decision-making process?. What are some current issues in managerial decision making?. © John Wiley & Sons Canada, Ltd.. Business Leadership: Management Fundamentals. John R. . Schermerhorn. , Jr. ., . Barry Wright, and Lorie Guest. Data. Raw facts and observations. Information. Data made useful for decision-making. Ben Lilly. Objectives. Learn a systematic problem solving process. Understand the relationship between Problem Solving and Project Planning . Learn a Decision Making Process. Put into action the skills the principles you have learned . © John Wiley & Sons Canada, Ltd.. Business Leadership: Management Fundamentals. John R. . Schermerhorn. , Jr. ., . Barry Wright, and Lorie Guest. Understand the role of . information in . the management process. in this presentation were developed by Rowan professor Mark Hale. Professor Hale is a Cognitive . Psychologist and . Human . Factors . Specialist and very gratefully contributed his material to this course in . : active efforts to discover what must be done to achieve a goal that is not readily attainable. TYPES OF PROBLEMS. Problems of inducing structure. : relations among numbers, words, symbols, ideas. Problems of arrangement. 15. 2. How many passengers have gotten off the train since the first station? . 50. 3. How many passengers have gotten on the train since the first station?. 65. 4. How many stations were there? . Intelligence. Problem Solving: In Search of . Solutions. Problem solving = active efforts to discover what must be done to achieve a goal that is not readily attainable. Types of Problems. Inducing . FEM 3107/PEM 3501. Problem solving and decision-making are important skills for life. Problem-solving often involves decision-making, and decision-making is especially important for management. There are processes and techniques to improve decision-making and the quality of decisions . Facilitated by:. CMA Enterprise Incorporated. Davie, Florida. Any other reproduction, resale or redistribution is strictly prohibited without the written consent of a CMA Enterprise Incorporated or Breakthru Institute representative. . CSC126 FUNDAMENTALS OF ALGORITHMS AND . COMPUTER PROBLEM SOLVING. 1. PART 3. CSC126 FUNDAMENTALS OF ALGORITHMS AND COMPUTER PROBLEM SOLVING . 24%. 15%. Source: Department of Statistics, 2013. Recommendation. It is used in a variety of organizations to solve many different types of problems . It encompasses a logical mathematical approach to problem solving. Mathematical tools have been used for thousands of years. Week -1. Prepared by: Dr . Waqar. Ahmad, . Asstt. . Prof.. Learning Objectives. What is Economics?. What is managerial Economics?. To analyze the concept of economics- scarcity and efficiency?. Micro Economics and macro economics?. Warm Up. What is the connection between language and decision-making?. Homework: Advertising Poster. Pretend that you are advertising a product. On a small poster (paper size), show a visual advertisement (could be real or you could make it up) that uses words and pictures to demonstrate the methods, strategies, and decisions that Advertisers make to get people to buy their product.