decision making ig
Because it can be completed without the use of statistical analysis software, the ________ Whys is a popular method that is used to assess the underlying cause of a problem or to better understand the different causes of a problem.
5
The people in the organization who make the decisions often face difficulties when evaluating alternatives as it can be difficult to measure the strengths and weaknesses of each alternative.
Benefits Costs Advantages
Once a problem has been investigated, analyzed, and determined, it is necessary to determine the best solution to overcome the problem. When investigating a solution, it is important to take into the account which of the following consideration?
Consider all outcomes. Identify what you know and don't know. Allocation of resources
Ensuring that the information being used to make informed business decisions is accurate and of high quality is critical in today's business environment. Which of the following are common characteristics of information quality?
Consistency Validity Completeness
Which of the following should be considered when evaluating alternatives?
Costs Disadvantages
Match the description to the correct characteristic of information quality.
Data collection methodologies and techniques should be valid. Data should be in the correct format and collected using legitimate techniques. Validity Data should be available when needed. Additionally, data should be up-to-date and reflect current market conditions. Using data from re-defined timeframes and timely use of data creates timeliness. Timeliness Multiple versions of a single item of data should be the same. Data should be consistent in content and format. Consistency
Henry Mintzberg, a Canadian researcher on management and business, classifies management roles into three categories. Which of the following are the three categories identified by Mintzberg?
Decisional roles Interpersonal roles Informational roles
Today's Behavioral scientists have created behavioral models that identify actual management behaviors. Based on their observations, researchers offer a set of five management attributes. Which of the following are contemporary management behaviors?
Fragmented activities Perform work at a fast pace Currency of information oral communication diversity of contacts with the organization
Match the step of the 5 Whys methodology to the correct description.
In order to identify the current problem, it is necessary to provide a complete description of the problem. Identify the current problem. In this step, it is important to ask why the problem occurred. Ask why the problem happened If the root cause of the problem is not clearly identified, continued to ask why questions. Continue to ask why. Once the why questions have been asked and information documented, it is important to consult with members of the organization to come up with an agreed upon root cause of the problem. Consult with members of the organization.
Match the element of the BAO framework to the correct description.
Includes information on the way various psychic states including beliefs, desires, and opportunities about the operating environment are formed. Belief formation Refers to how the psychic states translate into action by the organization. Action formation Explains the methods used to measure and monitor the belief and action steps of the BAO framework. Outcome terminology
Match the stage of Herbert Simon's four-stage approach to decision-making to the correct description.
Intelligence This stage includes the discovery, identification, and cognition of the problems an organization is experiencing. Managers often ask, "What is the problem?" in this stage. Design This process includes the identification and exploration of the solutions to a problem. Managers often ask, "What are the possible solutions?" Choice In this stage identified alternatives are considered, measured, and eventually the most viable solution is selected. Managers often ask, "What is the best solution?" Implementation This stage involves choosing a solution from all identified alternatives, executing the solution, and monitoring the solution to ensure it is working.
Of the decisions/activities listed, which would be considered structured decisions?
Inventory decisions Payroll and overtime decisions
Henry Mintzberg, a Canadian researcher on management and business, classifies management roles into three categories. Match the category to the appropriate description. Instructions
Managers perform as leaders for the organization. They represent their business to stakeholders outside the organization and perform a number of figurative responsibilities. Interpersonal Roles In their informational capacity, managers are the central location for information provided by the organization. Informational Roles Managers help to initiate new strategic objectives, handle conflicts, and distribute budgetary resources to departments and employees under their supervisory control. Decisional Roles
Select the true statements about the balanced scorecard method for decision making.
Measurable outcomes on a balanced scorecard include financial, internal business processes, learning and growth, and customers. In order to get the information they need to create a balanced scorecard, managers rely on output provided from executive support systems (ESS). The balanced scorecard framework was developed by Robert Kaplan and David Norton and is used to structure an organization's strategic plan and goals using measurable outcomes of organizational performance.*
The classical model of management describes what managers do. Classical management theorist Henry Fayol identified the five classical functions of managers which includes:
Organizing Planning Coordinating
Match the type of MIS report to the correct description.
Pinpoints outliers that vary from the norm. This could be when a production quota falls below forecasted levels or when performance of sales associates falls below a pre-defined threshold Exception reports Track current and predicted future levels of production and whether production goals will be met. Production reports Provide information about future expectations and whether current conditions will meet, exceed, or fail to meet these expectations. Forecasting reports
A variety of Management Information Systems (MIS) and the reports they provide are used to assist in making structured decisions. Which of the following are common reports provided by MIS?
Production reports Exception reports Forecasting reports
The analytical hierarchy process (AHP) is a multi-criteria programming model that uses an analytical hierarchy process for decision making in multifaceted operational environments. Data included in an AHP model includes which of the following?
Qualitative data Observational data Data from enterprise systems
The balanced scorecard is a methodology is used to make a variety of organizational decisions.
Select the true statements about the balanced scorecard method for decision making. The balanced scorecard framework was developed by Robert Kaplan and David Norton and is used to structure an organization's strategic plan and goals. In order to get the information they need to create a balanced scorecard, managers rely on output provided from executive support systems (ESS). Measurable outcomes on a balanced scorecard include financial, internal business processes, learning and growth, and customers.
Of the decisions/activities listed, which would be considered unstructured decisions?
Strategic goal development Capital budgeting decisions
Select the true statements about structured management decisions.
Structured decisions are regularly made by individual employees and teams and frequently include operational decisions. Structured decisions are made easier through the creation of defined processes and procedures. Structured decisions involve tasks and choices that are routine.
Match the measurable outcomes commonly found on the balanced scorecard framework to the correct description.
There are a number of financial outcomes that are measured. These outcomes include revenue, expenses, return on investment (ROI), net income, cash flow, and return on equity. Financial These outcomes measure how efficiently a business is operating. It also measures if customer's needs and wants are being met. Internal Business Processes This investigates the culture of the organization. Measurable outcomes include employee training, retention, satisfaction, gender and ethnic ratios, and compensation. Learning and Growth The focus is on who is purchasing products or services. Measurable outcomes include customer satisfaction and retention, product/service delivery, and product/service performance. Customers
Match the characteristic of information quality to the correct description
This refers to how well-collected data describes and associates with the real-world conditions it is trying to describe. Accuracy Data is well-structured and includes all elements that were intended to be collected. Completeness Data to be collected should be useful to the organization. Data should be relevant and usable. There is no need to collect data just for the sake of collecting it. Relevance Data collection methodologies and techniques should be valid. Data should be in the correct format and collected using legitimate techniques. Validity
When investigating a solution, it is important to take into account a variety of considerations. Match the consideration to the correct description.
When investigating solutions, acquaint yourself with what you know and don't know. Consider the information you already have, consider what additional information you need. Identify what you know and don't know When designing a solution, you should consider other possible plans or ways to overcome the problem. Creating multiple plans (Plan A, Plan B, Plan C, etc.) helps to visualize all possible solutions. Consider all outcomes Includes the analysis of the money, time, effort, and essentially anything expended when implementing a solution. Allocation of resources
Decision making executed by middle managers is often fairly structured to ensure alignment with organizational objectives.
Which of the following performance areas are commonly observed by middle managers and operational managers? Sales Employee performance Adherence to organizational guidelines
The belief outcome ______ (BAO) framework is a method for structuring research questions that are interconnected with information systems within an organization. These questions often surround sustainability and online sustainability reports.
action
An analysis tool that is similar to cost-benefit analysis, multiple-criteria ________ analysis is an analysis tool used for decision making. It is not constrained by quantitative or monetary means of comparison.
decision
Put the steps used for multiple-criteria decision analysis (MCDA) in the correct order.
describe the context identify available options identify and select objectives and criteria measure each criterion calculate the values
Herbert Simon identified a four-stage process for decision making. The second step of the process is _______. This process includes the identification and exploration of the solutions to a problem. Managers often ask, "What are the possible solutions?"
design
Management _____ give managers the ability to search data sets for information that is needed for a specific decision. Members of the organization predefine the filters and design them to eliminate the time-consuming task of searching through large volumes of data and helps to avoid management bias and predefined subjective interpretation.
filters
Put the steps of 5 Whys analysis in the correct order starting with the first step.
identify the current problem ask why the problem happened continue to ask why consult with members of the organization
Many decisions required a multistep process. In order to better identify and to simplify the decision-making process, Herbert Simon created a four-stage approach to decision making. Put the steps of the decision-making process in the correct order.
intelligence design choice implementation
According to Mintzberg, there are three categories of management roles. One of these categories is _______ roles where managers represent their business to stakeholders outside the organization and perform a number of figurative responsibilities such as communicating with the public and recognizing employee performance.
interpersonal
A number of researchers in psychology and economics uncovered the fact that managers, for the most part, are not very good at assessing risk and most are risk-averse. They do not like to make decisions that could be interpreted as "risky." Additionally, most managers make decisions based on intuition, perception, and feelings about the issue. As a result, risk ______ systems are often developed to mitigate the human impact on decision making.
management
Quantifiable values that validate how effectively an organization is accomplishing significant business objectives are called key ______ indicators (KPIs). For example, a KPI for an e-commerce business might measure how well they meeting customer expectations. A KPI can be established that tracks the frequency that the customers are receiving the exact products they ordered.
performance
First developed by Thomas Saaty, the analytical hierarchy _______ (AHP) is a multi-criteria programming model that uses an analytical hierarchy process for decision making in multifaceted operational environments.
process
A main component of the belief outcome action framework (BAO) is the creation of a sustainability _______. These tools are provided by organizations and cover the economic, environmental, and social impact that results from day-to-day operating activities.
report
Decision making involves the examination of well-defined _____ alternatives designed to overcome a problem.
solution
The response to an identified problem, a _______ is the method to overcome a problem
solution
Management decisions that involved tasks and choices that encompass prescribed and definite procedures for how they should be handled are referred to as _______ decisions
structured
Management decisions that are often executed by higher-level management and include strategic decisions such as market entry or exit and capital budgeting are called ______ decisions
unstructured
Decision making that is executed by computers through algorithms and software that can process data at a face pace is referred to as high-________ decision making. Software designed for this type of decision making is created by humans and is designed to identify issues, find solutions to these issues, and implement the programs needed to overcome these issues with an emphasis on transactional speed.
velocity
Software that is created by humans and is designed to identify issues, find solutions to these issues, and implement the programs needed to overcome these issues with an emphasis on transactional speed is referred to as high- _____ decision-making software.
velocity
