Problem Solving And Decision - Making

Question 1

DEFINING DECISION-MAKING

Answer 1

1. Decision-Making can be defined as the process of making choices by identifying decision, gathering information and assessing alternative resolutions.

Question 2

TYPES OF MANAGERIAL DECISIONS

Answer 2

-Some decisions have long-lasting financial and marketing implications for a company.

• Other decisions will have a minimal impact.
• Managers have surfeit of information on which to base their decisions.
• Managers vary their decision-making process according to circumstances.
• Certain decision will be one-off decisions, while others will be routine.

Question 3

DISCUSS DECISION CONTENT AND UNIQUENESS

Answer 3

Decisions managers make depends on two factors, which are :

• Decision content
• Decision uniqueness.

Question 4

WHICH THREE FACTORS SHOULD YOU CONSIDERS WHEN ASSESSING DECISION UNIQUENESS.

Answer 4

1. Has the problem been encountered before?
2. How frequently has it occurred?
3. How satisfactorily has it been resolved?