by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
[cite] Back to: Business Management What is the Organizing Function of Management? Organizing is the process of assembling the people, organizing resources, and distributing the planned work necessary to carry out the managers plan. Organizing is driven by goals...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
[cite] Back to: Business Management What are the Common Biases & Errors in Decision-Making? Some common decision-making errors and biases are as follows: Overconfidence Bias – Individuals overestimate or have excessive confidence in their ability to predict...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
[cite] Back to: Business Management What are Approaches to Decision Making? We will cover four decision-making approaches starting with the rational decision-making model, moving to the bounded rationality decision-making model, the intuitive decision-making model,...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
[cite] Back to: Business Management Methods of Decision Making Below are some of the most common approaches used by decision-makers (particularly managers): What is Expected Value in Decision Making? Expected Value – If there are two possible results, each may...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
[cite] Back to: Business Management What are the Conditions for Management Decision Making? Conditions for decision making are common for all individuals. Decisions, however, are subject to conditions of certainty. That is, any decision will vary in the extent to...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
[cite] Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE What is a Programmed Decision and an Unprogrammed Decision? The response to a problem is generally based upon the nature of the problem. The method of response can generally be characterized as follows:...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
[cite] Back to: Business Management What is a Structure Problem and an Unstructured Problem? Organizational decisions can be further categorized based upon the nature of the problem faced. Structured Problems – Structured problems are routine in nature. They...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
[cite] Back to: Business Management What is Management Decision Making? Management decision making is a critical part of the management planning function. Understanding the unique nature of managerial decisions requires understanding the types of decisions and the...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
[cite] Back to: Business Management What is McKinseys 7S Model? This model was developed by McKinsey & Co. Consultants in concert with Harvard Business School and Stanford Business School professors. The model presents the attributes of a company that are...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
[cite] Back to: Business Management How do Companies set Goals? How companies develop goals and objectives will vary based upon the organizations structure and the orientation of leaders. The traditional method of setting goals proceeds as follows. Guided by the...
