Ali Abdullah Al shami

62030633

Sun, 13-09-2020

✓ Define the decision?

Choices made from among two or more alternatives
✓ Define the problem?
A discrepancy between the current state of affairs and some desired state.
✓ Explain the decision-making process?
1- Define the problem.
2- Identify the decision criteria.
3- Allocate weights to the criteria.
4- Develop the alternatives.
5- Evaluate the alternatives.
6- Select the best alternative.
✓ What are the types of decisions?
1- Programmed and non-programmed decisions.
2- Routine and strategic decisions.
3- Tactical (Policy) and operational decisions.
4- Organizational and personal decisions.
5- Major and minor decisions.
6- Individual and group decisions.
✓ What are the types of problems?
1- simple problems.
2- complicated problems.
3- complex problems.
4- chaotic problems.
✓ What are the perspectives on how managers make decisions?
1- Rational decision making.
2- Bounded rationality.
3- Intuitive decision making.
✓ What are the common biases and errors in decision making?
1- Overconfidence bias.
2- Anchoring bias.
3- Confirmation bias.
4- Availability bias.
5- Escalation of commitment.
6- Randomness error.
7- Risk aversion.
8- Hindsight bias.