Management is an integrating process. Nature of Management / 3 4. Example: A decision that depends on states of nature • Options: – Plan picnic outdoors – Plan picnic indoors • Possible states of nature – Rain – No rain • Choice depends on likelihood of rain, relative quality of picnic indoors/outdoors with and without rain The four positions on the scale are certainty, risk, uncertainty, and ambiguity. Improving decision making could be the key to superior business performance if global markets give all organisations access to similar resources and competition causes many business processes to converge on world-class standards. Decision(Making,Models(! 1. Decision making … 5. It is included here as a convenient way of drawing attention to issues that might warrant consideration when making strategic decisions. 8. Errors in Planning and Decision‐making and the Nature of Human Information Processing. • Heuristics are chosen on the basis of the nature of the task problem. Definition(Models!of!decision!making!attempt!to!describe,!using!stochastic!differential!equations! decision making under risk to decision making with certainty –Build the large plant if you know for sure that a favorable market will prevail –Do nothing if you know for sure that an unfavorable market will prevail States of Nature Favorable Unfavorable Decision p = 0.5 p = 0.5 Large plant $200,000 -$180,000 Small plant $100,000 -$20,000 ! Management involves decision making. • Beliefs and preferences are often constructed/generated through the process of decision-making, as opposed to individuals having known, well-defined preferences which they bring to a decision-making situation. Management is a universal activity. Decision Making at the Top, depicts some important constraints on strategic decision-making. 6. Management co-ordinates all activities and resources. 2. 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