Adaptive Learning Assignment (ALA) - Decision Making Systems

Put the steps used for multiple-criteria decision analysis (MCDA) in the correct order.

1. Describe the context 2. identify available options 3. identify and select objectives and criteria 4. mensure each criterion 5. calculate the values

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.

1. intelligence 2. design 3. choice 4. implementation

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

Data values are correctly represented and displayed consistently.

Accuracy

This refers to how well-collected data describes and associates with the real-world conditions it is trying to describe.

Accuracy

Refers to how the psychic states translate into action by the organization.

Action formation

Includes the analysis of the money, time, effort, and essentially anything expended when implementing a solution.

Allocation of resources

In this step, it is important to ask why the problem occurred.

Ask why the problem happened.

Includes information on the way various psychic states including beliefs, desires, and opportunities about the operating environment are formed.

Belief formation

Data is well-structured and includes all elements that were intended to be collected.

Completeness

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

Data that is moved across an organization is uniform and remains in the same state.

Consistency

Multiple versions of a single item of data should be the same. Data should be consistent in content and format.

Consistency

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.

If the root cause of the problem is not clearly identified, continued to ask why questions.

Continue to ask why.

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

Which of the following should be considered when evaluating alternatives?

Disadvantages Costs

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

Corporate-level managers/executives are responsible for making decisions that impact profitability and the short-term and long-term success of an organization. In order to get the information they need, managers rely on output provided from ____. These systems are developed by creating a procedure for uncovering precisely what performance metrics are important to assist in making management decisions and what resources are needed to develop these systems.

Executive Support Systems (ESS)

Provide information about future expectations and whether current conditions will meet, exceed, or fail to meet these expectations.

Forecasting reports

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 Currency of information Perform work at a fast pace

In order to identify the current problem, it is necessary to provide a complete description of the problem.

Identify the current problem.

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

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?"

Select the true statements about the analytical hierarchy process (AHP) model.

Intricate situations and scenarios are analyzed by deconstructing the problem into a visible hierarchy that can be analyzed through comparison. A multi-criteria programming model that uses an analytical hierarchy process for decision making. Allows for many variables or conditions to be considered and prioritized, resulting in the selection of the best alternatives or projects.

Select the true statements about management filters.

Management filters are provided by many project management software applications. Filters allow managers the ability to search the specific type of data that is needed for a specific decision. Filters are often predefined by the organization and are designed to eliminate the time-consuming task of searching through large volumes of data.

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. 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.* In order to get the information they need to create a balanced scorecard, managers rely on output provided from executive support systems (ESS).

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?

Observational data Qualitative data Data from enterprise systems

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

Explains the methods used to measure and monitor the belief and action steps of the BAO framework.

Outcome terminology

Track current and predicted future levels of production and whether production goals will be met.

Production 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 Forecasting reports Exception reports

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

The content of the data match the user's or organization's area of interest.

Relevance

A main component of the belief outcome action framework (BAO) is the creation of a sustainability __. This covers the impacts of operating activities.

Report

Which of the following are considered financial outcomes/measures?

Revenue Return on Investment (ROI) Cashflow

Of the decisions/activities listed, which would be considered unstructured decisions?

Strategic goal development Capital budgeting decisions

Select the statements that are pertinent to the discussion about information quality.

The Data Management Body of Knowledge (DMBOK) defines data quality (DQ) as, the planning implementation, and control of activities that apply quality management techniques to data, in order to assure it is fit for consumption and meet the needs of data consumers. IBM estimates that U.S. economy loses over $3.1 trillion per year as a result of bad data. There are several factors that contribute to the quality of information including accuracy, completeness, relevance, validity, timeliness, and consistency.

Design

This process includes the identification and exploration of the solutions to a problem. Managers often ask, "What are the possible solutions?"

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.

Implementation

This stage involves choosing a solution from all identified alternatives, executing the solution, and monitoring the solution to ensure it is working.

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

There are several factors that contribute to the quality of information. Which of the following contribute to the creation of quality information?

Timeliness Accuracy Relevance

Select the true statements about unstructured management decisions.

Unstructured decisions are often executed by higher-level management and include strategic decisions such as market entry or exit, capital budgeting, and strategic goal development. Unstructured decisions involve management insight and judgment.

Select two true statements about unstructured management decisions.

Unstructured decisions are often made by senior executives. Unstructured decisions involve complex tasks that require each decision to be treated as a new task.

Data accurately reflects what it is intended to measure.

Validity

Data collection methodologies and techniques should be valid. Data should be in the correct format and collected using legitimate techniques.

Validity

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

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.

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

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

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

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 involved tasks and choices that encompass prescribed and definite procedures for how they should be handled are referred to as ____ -decisions.

structured

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