Decision Tree Model

Bateman, T.S., & Senll, S.A. (2009). (pp. 461, 470, 508, 564) Management: Learning and Collaborating

2.1 Evaluate the decision making models which are used to support decision making 2.2 Identify those to be involved in analysing information and decision making 2.3 Evaluate methods of presenting decisions made

Kessler, E. H. (Ed.) (2013). Encyclopedia of management theory (Vols. 1-2). Thousand Oaks, CA: SAGE Publications Ltd. doi: 10.4135/9781452276090

Kessler, E. H. (Ed.) (2013). Encyclopedia of management theory (Vols. 1-2). Thousand Oaks, CA: SAGE Publications Ltd. doi: 10.4135/9781452276090

b) Evaluate how this model can be applied to identify study and review patterns of management behaviour.

The management science (MS) follows a five step systematic process making it possible to follow a scientific approach based on mathematical modeling. The user partakes in the four step process of:

McGuigan, J.R. Moyer, R.C. & Harris, F.H. deB (2014). Managerial Economics; Applications, Strategies and Tactics (13th ed.). Stamford, CT: Cengage Learning

The concept of analytics-based decision marking takes into consideration industry knowledge and business analytics which includes four acts (Bartlett, 2013). The four acts help prepare analytics to support an anticipated decision and illustrate a process for analytics-based decision making. As a result, the role of statistical thinking, the interaction, and relationship between industry knowledge and analytics, as well as where things can go wrong in a real business problem can be revealed (Bartlett, 2013). In addition, moving from one act to another seamlessly, jumping back from and forth from one act to another or simply following some other route is easy to do in a real business problem. This annotated bibliography will examine articles that contain resources that support the concepts contained in the four acts.

Robbins, S. P., & Coulter, M. (2012). Management (11th ed.). Upper Saddle River, NJ: Prentice

According to Boddy (2008), management refers to the process of bringing together individuals with the sole intention of achieving desired objectives, aims and goal using available resources effectively. Composed of several vital tenets, this paper seeks to

Evidence-based decision making exemplifies a practice of conscientiously using the best obtainable data and evidence when making managerial decisions. There are five steps in the evidence-based decision model. The first step is to identify the problem or opportunity, step two is to gather internal evidence or information about the problem and evaluate its relevance and validity. The third step is to gather external evidence about the problem from published research, step four is to gather views from stakeholders affected by decision and consider ethical implications. Finally, the fifth step is to integrate and critically appraise all data and then make a decision (Kreitner & Kinicki, 2013).

This lesson changed how I managed my results and I have worked hard over the years to ensure I use data to accurately measure the performance of my teams and to devise strategies to achieve my goals. In my role as the Operations Director at an Executive Search firm, I was tasked with managing our offshore operations. This created a unique challenge since traditional management techniques of observation were ineffective when managing a team on the other side of the planet. I discovered the intricacies of Excel to spot areas of opportunities that most managers would rely on observation. This reliance on data analysis resulted in a highly successful operation that was able to detect early risks to avoid revenue

Bergman, R. Coulter, M. Robbins, S., & Stagg, I. (2012). Management 6 (pp. 86-91). New South Wales: Pearson.

Given that nodes 3 and 4 are both decision nodes, the decision alternative branch that leads to the best expected value for each of these two nodes will be selected. At node 3, there is a choice of D1 (node 6) or D2. As node 5 has the higher expected value, D1 will be selected over D2. Consequently, the expected value at node 3 becomes $0.35 million. Whereas for node 4, the decision alternative of D1 or D2 both give the same expected value – 0. Therefore, the expected value at node 4 is 0.

Successful management requires an understanding of the fundamental concepts of effective management techniques and principles. In order to gain such insight, and manage effectively and efficiently, managers must develop an awareness of past management principles, models and theories. From the turn of the 20th Century, the