Homework Clinic
Social Science Clinic => Business => Management => Topic started by: student77 on Jul 6, 2018
-
Maximizing value for an organization means making sure that ________.
A) the organization makes money
B) the best interests of the organization are addressed
C) the decision made is as rational as possible
D) the decision is as simple as possible
Question 2
In a short essay, list and discuss the final four steps in the decision-making process. Give an example of each step.
What will be an ideal response?
-
Answer to Question 1
Answer: B
Explanation: Managerial decisions for an organization must always take the organization's best interests into account. This is how decisions for organizations differ from those for individuals. As an individual, a manager looks out only for him- or herself. As a manager, the same person must put the interests of the organization first. Making money, or making highly rational or simple decisions, does not maximize value for an organization.
Answer to Question 2
Answer: Step 5: Analysis of alternatives
Once the alternatives have been identified, the decision maker must critically analyze each alternative. From this comparison, the strengths and weaknesses of each alternative become evident. An example of analyzing alternatives is to make a table of weighted scores for possible new cars.
Step 6: Selection of an alternative
The sixth step is the important act of choosing the best alternative from among those considered. All the pertinent factors should be considered here, both objective and subjective. Then a choice of a single alternativeor group of alternativesshould be selected. An example of selecting an alternative is to choose a single new car from a list of alternatives.
Step 7: Implementation of the alternative
Implementation involves carrying out the decision that was made. In the car example, it involves purchasing the car that was selected.
Step 8: Evaluation of decision effectiveness
The last step in the decision-making process involves appraising the outcome of the decision to see if the problem has been resolved. Did the alternative chosen and implemented accomplish the desired result? If not, the decision maker may consider returning to a previous step or may even consider starting the whole decision process over. An example of this final step would be to assess the success of the car-buying decision. Was the right car selected? Did it have all of the features and characteristics that were needed? Did it perform all of the functions that were needed?
-
Thank you
-
Thank You