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- Learn about the management science-operations research approach to decision making.
- Explain the four steps of the strategic management planning process.
- Discover various ways of analyzing alternatives and choosing the best option.
- Explore the purpose of quantitative methods in the business arena.
- Evaluate the role of different kinds of decision-making models.
- Examine profit, cost and revenue models.
- Review the quantitative tools that assist managers in making sound decisions.
- Study the implications of certainty and risk.
- Gain an understanding of the differences between 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.
4. Risk Matrix: Definition & Examples
Life is full of risks. There are risks every time we get in our car and every time we let our child walk across the street. Risks are everywhere and businesses are not excluded. In this lesson we will learn how many businesses handle risks.
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