CHAPTER 7 DECISION MAKING AND CREATIVITY Describe the six stages in the rational choice decision process Decision making: the conscious process of making choices among alternatives with the intention of moving toward some desired state of affairs. Rational choice paradigm of decision making: the view in decision making that people should and typically do‚ use logic and all available information to choose the alternative with the highest value. Decision making involves identifying‚ selecting and
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Chapter 1 Demand States 1. Negative demand 2. Nonexistent demand 3. Latent demand – strong need that cannot be satisfied by an existing product 4. Declining demand 5. Irregular demand 6. Full demand 7. Overfull demand – more would like to buy than can be satisfied 8. Unwholesome demand – attraction to products with undesirable social consequences Key Customer Markets - Consumer‚ Business‚ Global‚ and Nonprofit and Governmental Types of Needs – Stated‚ Real‚ Unstated
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The unstructured problem usually faced by the upper level manager. This happen because the lower level manager handle the routine decision themselves and let the upper level manager deal with the decision they find unusual or difficult. The table below will shows us the different between programmed and non-programmed decisions. Characteristic Programmed Decision Nonprogrammed Decision Type of problem Structured Unstructured Managerial level Lower level Upper level Frequency Repetitive‚ routine
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elimination by aspects A decision-making approach in which alternatives are evaluated against criteria that have been ranked according to importance heuristic A rule of thumb that is derived from experience and used in decision making and problem solving‚ even though there is no guarantee of its accuracy or usefullness availability heuristic A cognitive rule of thumb that says that the probability of an event or the
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in a modern banking system. Two models are developed. The first is a spreadsheet model to calculate desired teller manning levels from mathematical queuing models‚ and the second is a simulation model for testing new management policies. Manning heuristics are tested and found to provide the desired level of services. 1 INTRODUCTION In the highly competitive banking business‚ customers now demand many custom fit products from interest paying checking accounts and free traveler’s checks to “no
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You are the commissioner of a state lottery system that sponsors daily and weekly drawings. Lottery tickets have not been selling well over the past few months. Describe at least two ways you could take advantage of people’s use of the availability heuristic to boost sales. Explain why you would judge your tactics to be fair or unfair to your customers. After returning from a shopping trip with his mother‚ little Tommy reported‚ “I goed to the store and eated candy.” Why might a behaviorist such
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RSM100 Required Readings Summaries Nov. 23 - The Discipline of Teams * Teams and good performance are inseparable * Teamwork represent a set of values that encourage listening and responding constructively to views expressed by others * Group work is NOT same as team * Working-group focuses on individual goals * strong‚ clearly focused leader * group’s purpose = organizational mission * individual work product * efficient meetings * measured
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1. Biological Psychology 2.Neuron 3. Dendrite 4. axon 5 myelin 6 action potential 7 Threshold 8 Synapse 9 neurotransmitter 10 acetylcholine 11 Endorphins A branch of psychology concerned with the links between biology and behavior. A nerve cell; the basic building block of the nervous system. The bushy‚ branching extensions of a neuron that receive messages and conduct impulses
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2. You ask your academic advisor what to major in‚ as you can’t seem to decide. She suggests psychology; however‚ it is important to remember that this answer likely reflects her: Correct answer: Values. (Page 9) Social psychologists’ values penetrate their work in obvious ways‚ such as their choice of research topics and the types of people who are attracted to various fields of study. 3. When asked who you think will win the next presidential election‚ you reply that you do not know. However
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Sept 23‚ 2013 Online Beer Game Please: • bring your own notebook • use IE explorer • have wifi access right in MBA center • know how to clear your browser’s cache B4 you come • be punctual (will start the game on time 6:45 pm) • 2 persons each group (desirably)‚ please get a partner • install the beer game (come together with the textbook) 1 Logistics Network 2 Issues in Facility Location • • • • Proximity to customers Business climate Total costs Infrastructure Issues in Facility
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