Exam 2: Decision-making

Question 1

Healthy way of decision making

Answer 1

To be Or not to be

To be AND not to be

Question 2

3 ways in dealing with problems

Answer 2

Resolving
Solving
Dissolving

Question 3

Resolving (method, approach, objective)

Answer 3

Method: Satisfies
Approach: Clinical
Objective: survival

Question 4

Solving (method, approach, objective)

Answer 4

Method: Optimizes
Approach: research
Objective: thrival

Question 5

Dissolving (method, approach, objective)

Answer 5

Method: idealizes
Approach: design
Objective: development

Question 6

Analytics

Answer 6

Using info, technology, models and methods to enhance organization’s abilities for sense making, predictive, evaluating, and decision-making (to be more efficient and effective). Leading to more effective performance by these firms and supply chains

Question 7

Steps in the Decision Making Process (5)

Answer 7

1. Identify and define the problem
2. Generate and evaluate alternative solutions
3. Decide on preferred course of action
4. implement decision
5. evaluate results

Question 8

Additional issues in decision making

Answer 8

External environment is always changing

Question 9

Heuristic approach

Answer 9

Simple decision making when time or info are scarce (“rule of thumb” “Trial and error)