About This Chapter
Below is a sample breakdown of the Quantitative Decision Making and Risk Analysis chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Management science/operations research; strategic management||The decision making approach of management science and operations research; four strategic management planning steps, including strategy formulation, strategy evaluation, environmental scanning and strategy implementation|
|Tuesday||Organizational and management decision making||Seven decision making steps; explanation of uncertainty, certainty and risk|
|Wednesday||Quantitative approaches; decision making models||Purpose, methods and benefits of quantitative approaches to decision making for organization and managers; definition of decision making models, such as deterministic, iconic, probabilistic/stochastic, analog and mathematical|
|Thursday||Decision making tools and models||Decision making for profit, cost and revenue; use of tools, such as simulations, decision trees and payback analysis|
|Friday||Risk management and analysis||Role of risk analysis in the management process; comparison of risk management and risk analysis|
1. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
2. The Decision Making Process for Organizations
We will be discussing the formal decision making process for managers. The process will show you how to look at a problem and use a series of steps to address that problem. It is a key element of managerial decision making and one that is very practical for the business environment.
3. Quantitative Decision Making Tools: Decision Trees, Payback Analysis & Simulations
Successful managers use decision-making tools to analyze a problem and try to determine the best solution for that problem. Here, we will discuss three main decision-making tools and help you to understand their function and implementation.
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Other chapters within the Quantitative Analysis Syllabus Resource & Lesson Plans course