...Chapter 2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive decision-making...
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...Chapter 2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive decision-making or both. Different...
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...Title: Application of Cognitive Continuum theory to decision making by nurse managers Student Name: Institutional Affiliation: 10th October, 2014 Introduction Decision making may in this case be expressed as a route of selecting an alternative that is more likely to facilitate the achievement of organizational or individual goals (Bjork & Hamilton, 2011). The nursing practice has moved towards full evidence-based implementation of care which as a result enhanced the call for proper creation of decision within nursing. However, numerous nursing theories have been developed to support increased rational analysis and decision making in the nursing practice. The theory of cognitive continuum is in this case a vivid middle-range theory developed Hammond. The theory basically shows how judgment situations are linked to cognition. Additionally, six of the decision making modes which are based on the cognition and judgment, are described in the theory (Custers, 2013). The cognitive continue part of the theory shifts from suspicion to examination whereas the judgment varies from worse-planned to well-planned (Dhami & Thomson, 2012). Indeed, this study seeks to launch how the theory of cognitive continuum strategy may be useful in helping nurse managers make critical decisions. The paper includes the following sections: statement of the nurse manager decision making issue; and description of how the theory of cognitive continuum theory may be employed to determine the issue...
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...actions or make decisions". White (2005) it defined BIS as information systems that provide information and improve its quality that supports decision making and achieves business goals. It divided BIS into two parts: 1) data warehouse 2) access to data, data analysis and reporting. KalKaota &Robinson, (1999) business intelligence systems infrastructure components that support the quality of decision making: 1. Key information technology related to store data (Extraction, transforming...
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...VIETNAM NATIONAL UNIVERSITY – HCMC INTERNATIONAL UNIVERSITY SCHOOL OF BUSINESS DECISION MAKING STYLES OF BUSINESS MANAGERS IN HO CHI MINH CITY In Partial Fulfillment of the Requirements of the Degree of BACHELOR OF Business Administration Advisor: PHAN TRIEU ANH, Ph.D. Student’s name: DO TIEN THINH (BAIU08113) Ho Chi Minh City, Vietnam, 2012 i DECISION MAKING STYLES OF BUSINESS MANAGERS IN HO CHI MINH CITY APPROVED BY: Advisor Committee APPROVED BY: Phan Trieu Anh, PhD., Chair ……………………………… ……………………………….. ………………………………. THESIS COMMITTEE (whichever applies) ii ACKNOWLEDGMENTS First and foremost, I wish to register my great thanks to (Almighty) Jehovah, the true God who strengthen my soul and spirit, and save me from being lost. I would like to show my sincere thanks to my supervisor, Dr. Phan Trieu Anh for his brilliant support, and precise advices. I would like to express my deepest gratitude to my family who has supported me a lot. My sincere appreciation also goes to my professors and lecturers at School of Business Administration, International University for teaching and training me during these four years. It would be a huge mistake if not mentioning my sincere appreciate to Miss Nu Hanh and all my friends who support me a lot during the semester that I had been doing my thesis. Last but not least, I would like to give my thanks to members of CIU, a small group bible study, who encourage me a lot. iii TABLE OF CONTENTS ACKNOWLEDGEMENTS...
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...of Lec(s) Per Week Nbr of Lec(s) Per Week 2 Duration Duration Duration 75 Minutes COURSE DISTRIBUTION Core Elective Open for Student Category Close for Student Category COURSE DESCRIPTION This course surveys quantitative marketing methodology. Our emphasis will be on the selection and use of models to support marketing strategy. Topics include: analysis of consumer behavior; segmentation, targeting, positioning, forecasting methods; new product decisions; and advertising decision models; sales force decision models and pricing decision models. The focus of the course is on the use of analytical approaches and computer-based models to formulate and solve problems. This course will also provide you an opportunity to improve your statistical and analytical skills. COURSE PREREQUISITE(S) • • • Statistics OR Statistics and Data Analysis OR Probability and Statistics COURSE OBJECTIVES (CO) 1. 2. 3. 4. Develop an understanding of the use of analytical techniques and computer models in enhancing marketing decision making in modern enterprises Improve students’ skills in viewing business processes and relationships systematically and analytically Provide students with the software tools that will enable them to apply the models and methods taught in the course to real business problems. Provide students an opportunity to demonstrate effective communication in presenting and defending their modeling work. COURSE LEARNING OUTCOMES (CLO) 1. 2. 3. Lahore University...
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...In the self-assessment that I took, it was about knowing what an individual’s decision-making style is. Every day we are faced with b circumstances that dictate that we must make decisions. The quality of the decisions that we make plays a role in shaping our lives. According to the assessment, there are four styles that an individual could use in making their decision. The main aim of this assessment was to identify the style of decision-making that suits me. In the final results, it appeared that my decision-making style is analytical. In the ten questions that were provided for self-assessment, I score six times for the analytical style. This style was the one that I had most scores, followed by directive style where I score three times, behavioral style where I scored only one time, and finally the conceptual style where I did not score any mark. Going by the scoring criterion, the style in which an individual had a lot of scoring is the style that they use wherever they are making their decisions. Therefore, my style of decision-making is analytical. I cannot say that I was very surprised by the results. It always occurred to me that whenever I am making any decision, I tend to be analytical. I always consider the available alternatives carefully before making the final decision. I totally do agree with these results as they confirmed what I have always been thinking about my decision-making behavior. I have no changes that...
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...Q1. Distinguish between information technology (IT) and information systems (IS)? List four organization functions that can be served by IS. * Information Technology deals with the scheming, designing and development of system software whereas Information Systems involves the study of the components and resources required to deliver information and information processing functions within an organization. * Information Technology focuses on the existing and upcoming technology, which helps in disseminating information whereas Information Systems concentrate more on how the system make use of the technology. * Information system is a computer system that provides management and other personnel within an organization with up-to-date information regarding the organization's performance; for example, current inventory, Human Resource Management (HRM), and sales. It usually is linked to a computer network, which is created by joining different computers together in order to share data and resources. It is designed to capture, transmit, store, retrieve, manipulate, and or display information used in one or more business processes. These systems output information in a form that is useable at all levels of the organization: strategic, tactical, and operational. Sales and marketing information systems help the firm identify customers for the organizations products and services, develop products and services to meet customers’ needs, promote the products and services...
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...businesses to respond to changing market trends in a timely manner. Decision-making is crucial in every business today. It has become important to adapt to, a data-driven decision-making process. Companies are taking advantage of the new technologies in data analysis to benefit from good decisions and identify new opportunities to gain a competitive advantage. Hadoop It is open source software designed to provide massive storage and large data processing power. Hadoop has the ability to handle tasks running at the same time. Hadoop has a storage and processing part. It works by dividing files into large blocks and distributing them amongst the nodes (Kozielski & Wrembel, 2014). In processing, it works with MapReduce to ensure that codes are transferred and nodes are processed in parallel. By using nodes, Hadoop allows data manipulation making it is process faster and more efficiently. It has four main components: The Hadoop Common which contains utilities required, the Hadoop Distributed File System which is the storage part, Hadoop Yarn which manages and computes resources and Hadoop MapReduce which is a program responsible for processing large-scale data. It can process large amounts of data quickly by using multiple computers (Kozielski & Wrembel, 2014). Hadoop is being turned into a data processing operating system by large organizations. This is because it allows numerous data manipulations and analytical processes. Other data analysis programs such as SQL run on Hadoop and...
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...2 CHAPTER 2.1 2.2 2.3 Decision Making and Business Processes Why Do I Need To Know This LEARNING OUTCOMES Explain the difference between transactional data and analytical information, and between OLTP and OLAP. Define TPS, DSS, and EIS, and explain how organizations use these types of information systems to make decisions. Understand what AI is and the four types of artificial intelligence systems used by organizations today. Describe how AI differs from TPS, DSS, and EIS. Describe the importance of business process improvement, business process reengineering, business process modelling, and business process management to an organization and how information systems can help in these areas. This chapter describes various types of business information systems found across the enterprise used to run basic business processes and used to facilitate sound and proper decision making. Using information systems to improve decision making and re-engineer business processes can significantly help organizations become more efficient and effective. ? 2.4 2.5 As a business student, you can gain valuable insight into an organization by understanding the types of information systems that exist in and across enterprises. When you understand how to use these systems to improve business processes and decision making, you can vastly improve organizational performance. After reading this chapter, you should have gained an appreciation of the various kinds of information systems employed...
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...BA 2002 BUSINESS STATISTICS Analytical Paper Format This Analytical Paper Format intends to guide you in preparing your term requirement for BA 2002 Business Statistics. An outline has been provided but you may want to include other sections as may be applicable or necessary for completeness of your paper. It is suggested that you select a business decision making situation program that you are familiar (either involved or very interested in) with, has access to data (and other related information), and being implemented in Davao City. I. Cover Sheet II. Executive Summary III. Table of Contents IV. Decision Problem Brief It is suggested that you select a current business decision making problem or situation within your organization where you will readily have access to data that may be used for statistical analyses. Provide a brief for this business decision problem or situation. Discuss why and how statistics may help in making a decision or solve this problem. Indicate any hypotheses that you may have prior to making any statistical computations, if there are any. V. Statistical Tool(s) Used & Results Identify and describe the statistical tool(s) used in your paper. Identify the variables and their operational definitions. How are these variables related to each other? You might want to indicate here your conceptual framework (a concept that you learn from your Business Research course). Present your results here. VI. Evaluation& Recommendation...
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...CSLO One: Apply the concepts, analytical techniques, and conventions of basic accounting in both the academic and practice environments. 1a. Describe THOUGHTFULLY why it is important to understand the application of concepts, analytical techniques, and conventions of basic accounting in both the academic and practice environments. (At least one paragraph.) Analytical techniques, and conventions of basic accounting In the accountants, no matter whether in public places exercise or perhaps business, expend time and effort and effort performing analysis with regards to clients. They must come to a decision tips on how to implement completely new information technology or perhaps auditing criteria, tips on how to provide abnormal monetary deals in the economic claims, and exactly how completely new levy legal guidelines influence their clients or perhaps companies. exactly how nicely recent auditing strategies perform and tips on how to improve these individuals; exactly how levy legal guidelines affect companies’ planning and information technology display; exactly how managerial information technology methods guide firms improve their by using the accessible information; exactly how information technology information impacts campaign and career within firms. therefore with the help of essential information technology knowledge there are the publicity to your school and also we could additionally find sensible understanding of exactly how financial is performed and also...
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...IMPORTANCE AND CURRENT ISSUES OF DECISION SUPPORT SYSTEM Cynthia P. C. Lee Abstract This paper emphasized on the Decision Support System (DSS) defined in various ways depending upon the author’s point of view by Turban (1995), Little (1970), Moore and Chang (1980), Keen (1980), and Power (1997); history of DSS during late 1950s and early 1960s until millennium approached of Web-based analytical applications; the Decision support system (DSS) has been used in many different ways (Alter 1980, Power, 2002). Turban (1995) defines it as "an interactive, flexible, and adaptable computerbased information system, especially developed for supporting the solution of a nonstructured management problem for improved decision making. It utilizes data, provides an easy-to-use interface, and allows for the decision maker's own insights." For Little (1970), a DSS is a "model-based set of procedures for processing data and judgments to assist a manager in his decision-making." Moore and Chang (1980) define DSS as extendible systems capable of supporting ad hoc data analysis and decision modeling, oriented toward future planning, and used at irregular, unplanned intervals. importance of DSS to assist in high-level decision-making, assist academic advising staff, improve the quality and timeliness of marketing decisions, and medical diagnosis process; and current issues of DSS where decision-making as the most important activities for human beings, Clinical Decision Support Systems (CDSSs)...
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...McIntire July 27, 2013 The environment in which decisions must be made is more complex than ever before. Informed consumers, employees, and shareholders demand greater public consciousness, responsibility, and accountability from corporate and governmental decision makers. Decision analysis captures the dynamic nature of decision processes by prescribing a decision strategy that indicates what action should be chosen initially and what further actions should be selected for each subsequent event that could occur. For instance, a decision strategy might suggest an initial test market for a new product and then, based on the results, either cancel the product, initiate further testing, or begin a full scale marketing and sales effort. Thus, in describing the alternatives, one must simultaneously specify the decision points, events that may occur between them, and the information that can be learned in the process. Decision analysis can be divided into four steps: structuring the problem; formulating inference and preference models; eliciting proba- bilities and utilities; and exploring the numerical model results. Structuring the problem is the most important and difficult part of the analysis process. Trees are the most common decision analytic structures. Decision trees are produced by algorithms that identify various ways of splitting a data set into branch-like segments. These segments form an inverted decision tree that originates with a root node at the top of...
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...Running head: DECISION MAKING Decision Making Bonnie K. Hinsdale Grand Canyon University BUS 660 November 24, 2010 Decision Making The purpose of this paper is to explore how a company can become an analytic competitor. Questions as to what are the sources of Decision Making to an analytic competitor will also be discussed. A discussion on how influential quantitative modeling is and its utility in business decision making will be summarized. Finally, a Christian view that presents an ethical perspective on quantitative modeling and decision making will be presented. In an ever increasing global environment, maintaining a competitive advantage can be sustained through quantitative modeling, which can make a company a viable analytic competitor. How Can a Company Become and Be an Analytics Competitor Competitors make it increasingly more difficult to maintain a strategic competitive advantage when exclusive technologies, products and services can be duplicated (Davenport, Cohen & Jacobson, 2005). Organizations are now framing their strategies to accomplish optimization of “key business processes”: serving optimal customers, optimize supply chains, and understand and create optimal financial performance (Davenport, et al., 2005, p. 1). Optimization strategies demand that organizations now gather extensive data and perform extensive analysis that will guide executives in the decision-making process. The data and the analysis...
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