1. information technology
    combination of computer hardware, software, networks, and databases that allow information to be shared, stored, and manipulated
  2. electronic commerce
    buying and selling goods/services electronically through use of the internet
  3. certain environment
    offer COMPLETE information on possible action alternatives and their consequences
  4. risk environment
    LACK complete information, but offer probabilities of likely outcomes for possible action alternatives
  5. uncertain environment
    manager has INSUFFICIENT information to know the consequences of different actions
  6. programmed decisions
    solutions that are already available from past experiences
  7. non-programmed decisions
    new, complex decisions having NO proven answers
  8. structured problems
    ones that are familiar, straightforward, and clear in respect to the info needed to resolve them
  9. unstructured problems
    tend to occur as new or unexpected situations involve ambiguity, and info deficiencies
  10. satisficing
    choosing the first satisfactory alternative that comes to your attention
  11. decision
    a choice among possible alternative courses of action
  12. optimizing
    means that you achieve the best possible balance among several goals
  13. two questions to ask when making a decision
    • 1. How would you feel if you family found out?
    • 2. How would you feel if it were published in a newspaper?
  14. stages of decision making (IGMIE)
    identifying the problem, generate alternative courses of action to solve problem, maximize to make the best possible decision, implement decision, evaluating the decision
Card Set
chapter 7