Umer is a businessman, and with time, the demand for his product increases rapidly. To effectively manage the supply and demand, he should have to develop an effective decision-making process to select different alternatives. He is unable to decide what he should do. Make some valuable suggestions for a practical decision.
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Umer is a businessman, and with time, the demand for his product increases rapidly. To
effectively manage the supply and demand, he should have to develop an effective decision-making process to select different alternatives. He is unable to decide what he should do. Make some valuable suggestions for a practical decision.
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Solved in 3 steps
- United Garments is looking to implement Business Intelligence to improve the decision making capability within the organization. To which decision making level you will recommend United Garments to implement Business Intelligence and why?Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.Review the six-step decision-making process outlined below, then answer the question that follows. Step 1: Define the problem Step 2: Identify alternatives to the problem Step 3: Evaluate the identified alternatives Step 4: Make the decision Step 5: Implement the decision Step 6: Evaluate the decision A customer is frequently slow in paying invoices—sometimes as late as 30 days. Is this because (1) he does not manage his books well, (2) he is trying to conserve his working capital as long as possible, or (3) his own customers are often slow in paying him for the goods he sells them? Consider that there may be another explanation as well. Based on your ethical concerns, use the six-step decision-making process to arrive at a solution. Explain your reasoning for each of these steps.
- A step in decision-making process which involves a manager uncover the risks involved or difficulties which need to be overcome when implementing the options. * Step 7: Select the options to pursue Step 8: Analyze the risks Step 5: Establish decision-making criteria Step 6: Evaluate the options against the criteriaYou are on the lookout for a new smartphone after your old unit has gone kaput. Given so many brands available in the market, you were confused and undecided about the purchase to give you the optimum solution. a. Illustrate the EIGHT (8) steps of decision making graphically as suggested in the Decision-Making Process model.28 When managers make decisions that are objective and for the best interest of the firm instead himself/herself, they are following the concept of A) escalation of commitment B) bounded rational decision making C) rational decision making D) intuitive decision making E) none of the above
- Business decision support systems, sometimes known as DSSs, provide assistance in making choices that require many steps.Describe the many components that make up the DSS. In what ways does DSS modify IT?When Delroy draws on well-developed procedures in his job of grocery store inventory clerk to determine which products to stock first, he is making which type of decision? a. Tactical decision b. Programmed decision c. Operational decision d. Non-programmed decisionIdentify each of the following examples as a programmed or nonprogrammed decision. Example Determining when to pay taxes Determining whether or not to ground an entire fleet of airplanes after one similar airplane has had an accident Identify the order in which the following steps are taken in the decision-making process. Step Monitoring the outcomes of a decision to see if it meets its objective Gathering information relevant to the problem Recognizing the problem Selecting the alternative that best meets the decision objective Listing and evaluating alternative courses of action Implementing the decision Identifying the objective of the decision Order 7 2 ▼ 1 ▼ 5 ▼ 4 ▼ 6 3 ▼ Programmed Decision Nonprogrammed Decision
- 9- Majid is framing the decisions that will contribute significantly to the achievement of company objectives.The above statement refers to which of the following? a. Majid is framing strategic decisions b. Majid is framing simple decisions c. Majid is framing minor decision d. Majid is framing operational decisions34- The process of decision making starts with: a. Diagnosing the problem b. Identification of the problem c. Developing alternatives d. Selecting the best alternative22. Which of the following factors will affect decision making? A. The time available to make the decision. B. The effort that a given strategy will involve.C. The decision maker’s knowledge about the environment.D. The importance of making an accurate decision.