May be defined as "the process of identifying & choosing alternative courses of action in a manner appropriate to the demands of the situation" Show
The heart of all the mgmt function Diagnose problem Analyze environment Articulate problem or opportunity Develop viable alternatives Evaluate alternatives Make a choice Implement decision Evaluate & adapt decision results Exists when there is a difference bw an actual situation and a desired situation Components of the Environment: Refers to organizational activities within a firm that surrounds decision-making Refers to variables that are outside the organization and not typically within the short-run control of the top mgmt The process of selecting among alternatives representing potential solutions to a problem Carrying out the decision so that the objectives sought will be achieved The process wc requires checking at each stage of the process to assure that the alternatives generated, the criteria used in evaluation, and the sln selected for implementation are in keeping with the goals and objectives... Actions made to ensure that activities performed matched the desired activities or goals, that have been set Qualitative eval Quantitative eval Approaches in Solving Problems: Refers to evaluation of alternatives using intuition and subjective judgment Refers to the evaluation of alternatives using any technique in a group classified as rational and analytical Inventory models Queuing theory Network models Forecasting Regression analysis Simulation Linear programming.. Types of Quantitative Models: Consist of several types all designed to help the engineer manager make decisions regarding inventory EOQ model Production Order quantity model Back order inventory model Quantity discount model Used to calculate the number of items that should be ordered at one time to minimize the total yearly cost of placing orders.. Production order quantity model An eoq technique applied to production orders Back order inventory model An inventory model used for planned shortages Inventory model used to minimize the total cost when quantity discounts are offered by suppliers Describes how to determine the number of service units that will minimize both customer waiting time and cost of service Models where large complex tasks are broken into smaller segments that can managed independently 2 most prominent network models: A technique wc enables engineer managers to schedule, monitor, and control large and complex projects by employing 3 time estimates for each activity A network technique using only one time factor per activity that enables engineer managers to schedule, monitor, and control.. A forecasting method that examines the association bw two or more variables A model constructed to represent reality, in wc conclusions about real-life problems can be used A quantitative technique that is used to produce an optimum solution within the bounds imposed A quantitative technique where samples of populations are statistically determined to be ised for a number of processes, such as quality control and marketing research Statistical Decision-theory Rational way to conceptualize, analyze, and solve problems in situations involving limited, or partial information abt th decision environment The collection of past and current info to make predictions abt the future May be simple or multiple depending on the number of independent variables present What are different types of decision making in engineering management?Decisions are made under three types of circumstances (Roth, 2007):. Choices: selection of a subset from a larger set of alternatives.. Acceptances/rejections: the binary decision.. Evaluations: assigning worth to an option.. Constructions: attempting to create an ideal solution given available resources.. What refers to the evaluation of alternatives using any technique in a group classified as rational and analytical?Quantitative Evaluation.
This term refers to the evaluation of alternatives using any technique in a group classified as rational and analytical.
What refers to evaluation of alternatives using intuition and subjective judgment?To provide him with some guide, he must be familiar with the following approaches: Qualitative evaluation – refers to evaluation of alternatives using intuition and subjective judgment.
What is the importance of planning and decision making in engineering management?Planning gives you the luxury of deciding ahead of time what you're going to do. Making good decisions is something that every manager strives to do since the overall quality of managerial decisions has a major influence on organizational success or failure.
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What refers to organizational activities within a firm that surrounds decision making?
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