PPT-Chapter 3: Information and Decision-Making

John Wiley amp 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 decisionmaking. Sarah Lennon. Inclusion Ireland. Overview. The current situation in Ireland. Context for Change. Typical Case Studies. The Future. Currently in Ireland. Status Approach to Capacity. Decision that someone ‘lacks capacity’. SYSTEMS. Decision Support Software. Reasons for the growth of decision-making information systems. People need to. People must make . People must . techniques, such as modeling and forecasting, to make good decisions. SYSTEMS. Decision Support Software. Reasons for the growth of decision-making information systems. People need to analyze large amounts of information. People must make decisions quickly. People must apply sophisticated analysis techniques, such as modeling and forecasting, to make good decisions. 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?. What is the relationship between reaction time, movement time and response time?. What is Hick’s Law?. Decision Making. Decision Making. Having used our memory to identify a stimulus.... Next stage is to make a decision of how to respond . Management science uses a scientific approach for solving management problems. It is used in a variety of organizations to solve many different types of problems . It encompasses a logical mathematical approach to problem solving. © 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. SYSTEMS. Decision Support Software. Reasons for the growth of decision-making information systems. People need to analyze large amounts of information. People must make decisions quickly. People must apply sophisticated analysis techniques, such as modeling and forecasting, to make good decisions. Learning Outcomes. Identify the steps in the decision-making process. Describe various models of decision making. Discuss the individual influences that affect decision making. Explain how groups make decisions. Section 2-2: Making Decisions & Setting Goals. I. Making Responsible Decisions. Decisions about major life issues must be made carefully & deliberately.. Treat decision making like you would approaching a busy intersection.. component of career planning. .. Instructor: Dr. Janie S. Torain. Career Management. 5.00 Create . a career plan that leads to the achievement of career goals.. 11/23/2012. 1. CM 5.01 Decision Making Process. Decision . Making Styles. Planful. – A step-by-step process is used to identify alternatives and to choose one.. Painful – A lot of time and energy are spent, but a choice is not made.. Impulsive – A choice is made without adequately finding alternatives or collecting information about the self and alternatives.. Unstructured. : Decision maker must provide judgment, evaluation, and insight to solve . problem. Structured. : Repetitive and routine; involve definite procedure for handling so they do not have to be treated each time as . . Academics and . Traditional Finance. Investors Behave Rationally!. Complete Exploitation of Information. Sound Reasoning. People are Unbiased in Their Predictions About the Future. Traditional Finance.