Lists the 7 steps generally used in decision-making in applying management science tools
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A: Below is the solution;-
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A: ANSWER IS AS BELOW:
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Lists the 7 steps generally used in decision-making in applying management science tools. Give complete examples to each step.
Requirement:
The examples should be a case problems or a scenario
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Solved in 2 steps
- In applying management science tools, a decision-maker commonly use the 7 steps. What are those? Lists and give examples to each steps. Requirement: The examples should be a scenario or a caseDecision making is a fundamental management function. In the light of this statement, define and explain including all the 3 approach of decision making (rational, behaviour and practical), with examples, all the views on how managers make decisions. Explain with Examples.Identify the statement which is TRUE regarding decision making. a. Managers should use only ready-made solutions all the time. b. Managers should not use any ready-made solutions at all. c. Managers should rank the solutions according to his personal preferences only. d. Managers should rank the solution according to its advantages and disadvantages.
- 9- Majid is framing the decisions that will contribute significantly to the achievement of company objectives.The above statement refers to which of the following? a. Majid is framing strategic decisions b. Majid is framing simple decisions c. Majid is framing minor decision d. Majid is framing operational decisionsSelect the least accurate statement regarding capabilities and features of PrecisionTree. a) Can generate a decision tree. b) Can allow different input values to be random, simulating the randomness over many trials. c) Can compute expected utility of the optimal decision path. d) Can identify the optimal sequence of decisions. e) Can compute expected profit of the optimal decision path.In the problem on excel : 1.What are the decision variables 2.What is the objective functions 3. What are the constraints and explain
- Consider the problem of locating a new hospital in a metropolitan area. List thefactors that can be quantified and those that cannot. Comment on the usefulness ofquantitative methods in the decision-making process.22- Identify the statement which is TRUE regarding decision making. a. Managers should use only ready-made solutions all the time. b. Managers should rank the solution according to its advantages and disadvantages. c. Managers should not use any ready-made solutions at all. d. Managers should rank the solutions according to his personal preferences only.TRUE FALSE Management science is an approach to decision making based on the scientific method. Management science makes extensive use of quantitative analysis. Management Science is also known as operations research and decision science Modern management science research is generally considered to have originated during the World War I period. Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference. Management science is an approach to decision making based on the scientific method. Management science makes extensive use of quantitative analysis. Management Science is also known as operations research and decision science Modern management science research is generally considered to have originated during the World War I period. Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and…
- A multitude of business problems can be analyzed and solved by decision trees. They are useful tools for business managers, technicians, engineers, medical staff and anyone else who has to make decisions under uncertain conditions.1. In general, which one of the following statements is CORRECT? a. Decision making is both an art and a science. b. Decision making is neither an art nor a science. c. Decision making is an art with some scientific overtones. d. Decision making is an art but not a science. e. Decision making is a science but not an art. 2. Which one of the following statements IS NOT a characteristic of decision making at the organizational level? a. Organizations often use rather simple rules of thumb to make decisions. b. Organizations make extensive use of programmed decisions. c. Organizations learn. d. Organizations engage in directed search. e. Organizations make decisions that are bound by the biases of their mission statements. 3. Which one of the following statements is CORRECT? a. Category I decisions often require a judgmental decision-making strategy. b. Category II decisions usually require a computational decision-making strategy. c. A computational decision-making strategy can be…entify and discuss briefly four (4) common errors that may be committed in the decision-making process.