MGMT 303 Final Exam

What are the stages in rational decision-making process?

1. Identify the problem or opportunity 2. Think up alternative solutions 3. Evaluate alternatives and select a solution 4. Implement and evaluate the solution chosen

What are the 4 decision making styles?

1. The directive style 2. The analytical style 3. The conceptual style 4. The behavioral style

What is Bounded Rationality?

A concept that suggests that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, and money.

Organizational Culture—What are norms, values, assumptions?

Norms = Values = Assumptions =

Understand the difference between rational vs nonrational decision making model

Rational = Also called the classical model, explains how managers SHOULD make decisions, and it assumes managers will logical decisions that are the optimal means of furthering the organization's best interests. Non-Rational = Explains how managers make decisions, they assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions.