The first step in rational decision making is : a. recognizing that a decision is necessary b. choosing an alternative c. understanding who will make the decision d. identifying alternatives to the problem This multiple choice question from INTRODUCTION TO BUSINESS course. just write for me the final answer.

The first step in rational decision making is : a. recognizing that a decision is necessary b. choosing an alternative c. understanding who will make the decision d. identifying alternatives to the problem This multiple choice question from INTRODUCTION TO BUSINESS course. just write for me the final answer.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section9.5: Multistage Decision Problems

Problem 22P: The model in Example 9.3 has only two market outcomes, good and bad, and two corresponding...

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The model in Example 9.3 has only two market outcomes, good and bad, and two corresponding predictions, good and bad. Modify the decision tree by allowing three outcomes and three predictions: good, fair, and bad. You can change the inputs to the model (monetary values and probabilities) in any reasonable way you like. Then you will also have to modify the Bayes rule calculations. You can decide whether it is easier to modify the existing tree or start from scratch with a new tree.
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 decision
Umer is a businessman, and with time, the demand for his product increases rapidly. Toeffectively 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.
1. Discuss the process you would employ to develop a suitable balanced scorecard for a tourist site organization and give examples of measures that would be incorporated within it. 2. Discuss how break even analysis can aid management in decision-making. 3. Discuss the practical difficulties associated with the use of breakeven analysis by managers in decision-making.
You 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.
Think of an important decision you have made. It may work or non-work related. a. Use the six steps in the decision making rational model to syematically review your decision. b. Would you have arrived at the same decision without applying the model? c. What actual or potential bias or errors may have played a factor in your decision making. Explain I am asking if you can help me come to a understanding to answer in my own words for the following an example. Thank you!
Which of the following is the fourth step in the decision making process? a.Identify decision criteria b.Allocating weight to each criteria c.Developing Alternatives d.Selecting Alternative
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Identify 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
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Identify the statement which is TRUE regarding decision making. a. Managers should use only ready-made solutions all the time. b. Managers should not use any ready-made solutions at all. c. Managers should rank the solutions according to his personal preferences only. d. Managers should rank the solution according to its advantages and disadvantages.
decision-makers whoare very rational and have a low tolerance for ambiguity are called Directive decision makers Analytic decision makers Conceptual decision makers Behavioral decision makers Problems that will require custom-made solutions are unstructured problems. True False The first step in decision making is to: establish priorities. establish specific goals and objectives. identify and define the problem. determine courses of the problem. "Problems which are straightforward, familiar, and easily defined are called Structured Problems" True False Decision making is (simplistically) typically described as which of the following? deciding what is correct putting preferences on paper choosing among alternatives processing information to completion "In comparison to the specific environment, which of these is true about the organization's general environment?"…