MGT 033 Ch 2

Question 1

There are choices made by an organization’s managers to govern daily activities and internal processes. These are also focused on completing tasks and solving immediate problems.

Answer 1

Operational decision

Question 2

This actor of Operational Decision is responsible for the overall vision of the organization. She makes strategic decisions that affect the entire company.

Answer 2

General management

Question 2

These actor of Operational Decision are responsible for implementing strategic decisions at the operational level. They supervise daily activities, set goals, and make decisions to achieve those goals.

Answer 2

Operational managers

Question 3

These actor of Operational Decision are the Departments such as human resources, finance, and IT provide essential information and services to support operations.

Answer 3

Support services

Question 3

These are the characteristics of what?
-The significant or long lasting decisions,
-The time availability and the cost of analysis, and
-The degree of complexity of the decision.

Answer 3

CHARACTERISTICS OF DECISIONS

Question 3

These actor of Operational Decision are all the people who carry out daily operational tasks. Their experience and expertise are essential in providing valuable information for decision-making

Answer 3

Field employees

Question 4

What are the roles of Operational Managers?

Answer 4

Planning
Implementation
Monitoring and controlling
Communication

Question 5

This framework for decision making is relatively objective in an analytical decision process because the criteria for evaluating the alternatives have been precisely defined. The best alternative is the one that most closely satisfies the criteria.

Answer 5

EVALUATION OF THE ALTERNATIVES

Question 5

What are the operational decision making process?

Answer 5

1. Identify the problem or decision to be made
2. Collect relevant data
3. Analyzing available options and decision making
4. Implement the chosen plan
5. Evaluate results

Question 5

This framework for decision making enables to identify the relevant variables and the cause of the problem.

Answer 5

DEFINING THE PROBLEM

Question 5

This framework for decision making is important because the criterion reflects the goals and purpose of the work efforts.

Answer 5

ESTABLISH THE DECISION CRITERIA

Question 5

This framework for decision making lies at the heart of the scientific decision-making process. Model describes the essence of a problem or relationship by abstracting relevant variables from the real world situation. Also used to simplify or approximate reality, so the relationships can be expressed in tangible form and studied in isolation.

Answer 5

FORMULATION OF A MODEL

Question 5

This framework for decision making is wherein alternatives are generated by varying the values of the parameters. Mathematical and statistical models are particularly suitable for generating alternatives because they can be easily modified.

Answer 5

GENERATING ALTERNATIVES

Question 5

In this decision methodology all relevant information about the decision variables and outcomes is known or assumed to be known

Answer 5

Complete Certainty Methods

Question 5

What do these represent in a Decision Tree?
Square Nodes
Circular Nodes
Branches leaving square nodes
Branches leaving circular nodes

Answer 5

Square nodes denote decision points
Circular nodes denote chance events.
Branches leaving square nodes represent alternatives;
Branches leaving circular nodes represent chance events

Question 6

In this decision methodology information about the decision variables or the outcomes is probabilistic

Answer 6

Risk and Uncertainty Methods

Question 6

These are essential for completing the managerial action.

Answer 6

IMPLEMENTATION AND MONITORING

Question 6

This is a schematic representation of the alternatives available to a decision maker and their possible consequences. The term gets its name from the tree like appearance of the diagram, and is composed of a number of nodes that have branches emanating from them

Answer 6

DECISION TREE

Question 6

This type of probability are based upon equally likely outcomes that can be calculated prior to an event on the basis of mathematical logic.

Answer 6

Classical probabilities

Question 7

In this decision methodology no information is available to assess the likelihood of alternative outcomes.

Answer 7

Extreme Uncertainty Methods

Question 7

This is an economic model describing cost-price-volume relationships

Answer 7

Break-even Analysis

(Relationship between costs and activity level (AL) is also assumed to be linear.)

Question 7

This is a computer-based systems designed to aid decision-makers of any stage of the decision process in the development of alternatives and evaluation of possible course of action

Their purpose is to provide the information and analytical support that enables managers to better control and guide the decision process. Emphasis is given for giving useful information and appropriate quantitative models that support the manager’s skills.

Answer 7

DECISION SUPPORT SYSTEM

Question 8

This type of probability are based upon observed data and express the relative frequency of an event in the long run.

Answer 8

Empirical probabilities

Question 9

This type of probability are based upon personal experience or judgment and are sometimes used to analyze one-time occurrences.

Answer 9

Subjective probabilities

Question 10

This can help to control error associated with the amount of data used in the decision process.

Answer 10

Statistical theory

Question 11

Events are called independent if?

Answer 11

If the occurrence of one in no way affects any other one.

Question 12

Decision makers utilize probabilities, which are the most basic measures of uncertainty. Probabilities attach a quantitative value (between 0 and 1) to the occurrence of an event.

Answer 12

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