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information technology
combination of computer hardware, software, networks, and databases that allow information to be shared, stored, and manipulated
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electronic commerce
buying and selling goods/services electronically through use of the internet
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certain environment
offer COMPLETE information on possible action alternatives and their consequences
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risk environment
LACK complete information, but offer probabilities of likely outcomes for possible action alternatives
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uncertain environment
manager has INSUFFICIENT information to know the consequences of different actions
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programmed decisions
solutions that are already available from past experiences
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non-programmed decisions
new, complex decisions having NO proven answers
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structured problems
ones that are familiar, straightforward, and clear in respect to the info needed to resolve them
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unstructured problems
tend to occur as new or unexpected situations involve ambiguity, and info deficiencies
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satisficing
choosing the first satisfactory alternative that comes to your attention
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decision
a choice among possible alternative courses of action
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optimizing
means that you achieve the best possible balance among several goals
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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?
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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
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