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AE 322 > Decision Making > Flashcards

Decision Making Flashcards

1
Q

Mainly responsible for providing leadership in the effort to achieve goals of an organization.

A

Manager/Engineer Manager

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2
Q

Process of identifying and choosing alternative courses of action in every situation encountered.

A

DECISION MAKING

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3
Q

It is the heart of all management functions

A

DECISION MAKING

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4
Q

The way of making choices by establishing a decision, collecting data, and analyzing alternative resolutions.

A

DECISION MAKING

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5
Q

Conditions for Making a Decision:

A

• MUST have at least two (2) choices from which to choose
• MUST involve something that is achievable
• MUST have the POWER to decide

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6
Q

These need to be taken at different levels in an organization.

A

Decisions

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7
Q

responsible for decision-making.

A

engineering manager

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8
Q

must try to choose a choice as reliably as possible.

A

Management

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9
Q

As they have the authority, they are accountable for whatever result their choices carry.

A

Management

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10
Q

Provided the steps in the process of rational decision-making.

A

David H. Holt

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11
Q

DECISION-MAKING PROCESS:

A
  1. Diagnose Problem
  2. Analyze Environment
  3. Develop Viable Alternatives
  4. Evaluate Alternatives
  5. Make a Choice
  6. Implement Decisión
  7. Evaluate and Adapt Decision Results
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12
Q

To make an intelligent decision, it is necessary to find this first.

A

issue

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13
Q

“__________ is tantamount to having a problem half-solved.”

A

identification of the problem

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14
Q

“identification of the problem is tantamount to having a problem __________.”

A

half-solved

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15
Q

Exist when there is a difference between an actual situation and a desired situation

A

Problem

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16
Q

This is where the organization is located.

A

environment

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17
Q

Environmental analysis is conducted to identify these constraints:

A

● Internal Limitations
● External Limitations

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18
Q

must be considered when making a decision.

A

Internal and external limitations

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19
Q

Decision-making process where it is necessary to find the issue first.

A

Diagnose Problem

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20
Q

Decision-making process where constraints are identified.

A

Analyze the Environment

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21
Q

Examples of Internal Limitations:

A
  • Limited Funds
  • Limited Training
  • Ill-Designed Facilities
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22
Q

Examples of External Limitations

A
  • Patents controlled by other organization
  • Limited Market
  • Strict Local Zoning Regulations
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23
Q

Components of the Environment:

A
  • Internal Environment
  • External Environment
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24
Q

Refers to organizations activities within a firm.

A

Internal Environment

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25
Q

Factors that are outside of the organization and not usually under top management’s short-run.

A

External Environment

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26
Q

must consider the best one among the alternative solutions.

A

manager

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27
Q

Decision-making process where the manager must consider the best one among the alternative solutions.

A

Develop Viable Alternatives

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28
Q

procedure/steps in developing viable alternatives:

A
  1. Prepare a list of alternative solutions.
  2. Determine the viability of each solutions.
  3. Revise the list by striking out those which are not viable.
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29
Q

Proper assessment of __________ makes it less difficult to select the best option.

A

remaining alternatives

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30
Q

Each alternative must be analyzed and evaluated in terms of its:

A

value, cost, and risk characteristics

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31
Q

Decision-making process where remaining alternatives are properly assessed, analyzed and evaluated in terms of its value, cost, and risk characteristics.

A

Evaluate Alternatives

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32
Q

Refers to benefits that can be expected

33
Q

Refers to out-of-pocket cost

34
Q

Refer to the likelihood of achieving the goals.

A

Risk Characteristics

35
Q

must now be able to make choice after the alternatives have been assessed

A

Decision-maker

36
Q

“_________ refers to tube practice of choosing between alternatives that constitute possible solutions to a problem.”

A

Choice-making

37
Q

Decision-making process where the decision-maker is able to make choice after the alternatives have been assessed.

A

Make a Choice

38
Q

It follows after a decision has been made.

A

Implement Decision

39
Q

Refers to carrying out the decision.

A

Implement Decision

40
Q

Decision-making process where a plan must be devised to make an effective implementation.

A

Implement Decision

41
Q

must understand the solution and support it.

A

those involved in implementation

42
Q

This may or may not occur in enforcing the decision.

A

predicted outcome

43
Q

Process which requires checking at each stage of the process to assure that the alternatives generated, and solution selected for implementation are still aligned with the goals and objectives originally specified.

44
Q

The decision-making process saying that the predicted outcome may or may not occur in enforcing the decision.

A

Evaluate and Adapt Decision Results

45
Q

Steps taken to ensure that the tasks conducted adhere to the intended activities or set goals.

46
Q

In this last stage of decision-making process, the engineer manager will determine whether or not the desired outcome was accomplished.

A

Evaluate and Adapt Decision Results

47
Q

In this last stage of decision-making process, the _________ will determine whether or not the desired outcome was accomplished.

A

engineer manager

48
Q

APPROACHES IN SOLVING PROBLEMS:

A
  • Qualitative Approach
  • Quantitative Approach
49
Q

Assessment using intuition and subjective judgement for alternatives.

A

Qualitative Evaluation

50
Q

Qualitative approach is used when:

A
  1. Problem is simple
  2. Problem is familiar
  3. Costs involved are not great/low cost
  4. Immediate decisions are needed
51
Q

Evaluation of alternatives using any technique in a group classified as rational and analytical.

A

Quantitative Evaluation

52
Q

Benefits of Quantitative Approach:

A
  • To make optimal decision in a situation where the probability of all outcomes is uncertain through the use of mathematical and statistical models.
  • When the problem is well-defined, several solutions exist, and decision outcomes are easily observable, the quantitative approach to decision-making provides the best outcomes.
  • Quantitative approach techniques, especially the ones relying on statistical software, have the advantage of suggesting the best solution to the problem without even identifying all possible alternatives.
53
Q

make optimal decision in a situation where the probability of all outcomes is uncertain through the use of mathematical and statistical models.

A

Quantitative Approach

54
Q

provides the best outcomes when the problem is well-defined, several solutions exist, and decision outcomes are easily observable.

A

Quantitative Approach

55
Q

have the advantage of suggesting the best solution to the problem without even identifying all possible alternatives.

A

Quantitative approach techniques, especially the ones relying on statistical software

56
Q

Quantitative Models for Decision Making:

A
  1. Inventory Models
  2. Queuing Theory
  3. Network Models
  4. Forecasting
  5. Regression Analysis
  6. Simulation
  7. Linear Programming
  8. Sampling Theory
  9. Statistical Decision Theory
57
Q

Used to calculate the number of items that should be ordered at one time.

A

Economic Order Quantity Model

58
Q

Economic order quantity technique applied to production orders

A

Production Order Quantity Model

59
Q

Inventory model used for planned shortages.

A

Back Order Inventory Model

60
Q

Used to minimize the total cost when quantity discounts are offered by suppliers.

A

Quantity Discount Model

61
Q

Applicable to companies where waiting lines are common situation.

A

Queuing Theory

62
Q

Determine the number of service units that will minimize both customer waiting time and cost service.

A

Queuing Theory

63
Q

4 Inventory Models:

A
  • Economic Order Quantity Model
  • Production Order Quantity Model
  • Back Order Inventory Model
  • Quantity Discount Model
64
Q

Quantitative models for decision making where complex tasks are divided into smaller segments that can be independently managed in order to avoid wasting time, energy, and money.

A

Network Models

65
Q

Network Models:

A
  • Program Evaluation Review Technique (PERT)
  • Critical Path Method (CPM)
66
Q

Helps engineers and executives to plan, track, and manage large and complex projects by using three time estimates for each task.

A

Program Evaluation Review Technique (PERT)

67
Q

Network of technique using only one time factor per activity that enables engineer managers to schedule, monitor and control complex projects.

A

Critical Path Method (CPM)

68
Q

The collection of past and current information to make predictions about the future.

A

Forecasting

69
Q

A method of forecasting which examines the relation between two or more variables.

A

Regression Analysis

70
Q

may be simple or multiple depending on the number of independent variables present.

A

Regression Analysis

71
Q

Regression analysis depending on the number of independent variables present.

A
  • Simple Regression
  • Multiple Regression
72
Q

A model constructed to represent reality.

A

Simulation

73
Q

It is a highly sophisticated tool by means of which the decision maker develops a mathematical model of system under consideration.

A

Simulation

74
Q

Quantitative approach that is used to generate an optimal solution within the limits imposed on the decision by constraints.

A

Linear Programming

75
Q

Very useful as a decision-making mechanism when the system is limited by supply and demand constraints.

A

Linear Programming

76
Q

It is not useful when the conditions are unclear or unpredictable.

A

Linear Programming

77
Q

Quantitative approach in which population sample are statistically calculated to be used for a variety of processes.

A

Sampling Theory

78
Q

Logical way of conceptualizing, evaluating and solving problems in situations involving minimal or partial decision-environment knowledge.

A

Decision Theory

79
Q

Make choices in order to design a product or schedule an operation.

AE 322 (2 decks)

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