Discuss the various steps of the rational decision-making process. Apply each step to either a personal or professional decision.
What will be an ideal response?
The steps of the rational approach to decision making are as follows: (1) State the situational goal, (2) identify the problem, (3) determine the decision type, (4) generate alternatives, (5) evaluate alternatives, (6) choose an alternative (while also considering contingency plans), (7) implement the plan, (8) control: measure and adjust.An example of using these steps to make a decision would be as follows: A marketing department has a goal of obtaining a 50percent market share for a new video game by the end of the year. The department will gather information about its actual market share and then compare it to the desired 50percent goal. A programmed marketing decision may be needed if analysis reveals that competitors are outspending the company on print advertising. Next, the marketing department will need to find alternatives for increasing its market share. The marketing department must describe the benefits of each alternative, evaluate the costs of each alternative, and estimate the uncertainties and risks of each alternative. Managers of the department must select the alternative with the highest possible payoff. The marketing manager should assign the project to a work group or task force. Finally, the department must constantly monitor market research data and compare its new market share to the desired 50percent market share.
You might also like to view...
One characteristic of citizen marketers is that they hold amateur status, which means they
A) share information voluntarily and are transparent about their motives. B) need a great deal of training before they can be expected to sell products. C) often make mistakes that can result in public relations mishaps for companies. D) generally lack higher education and are mainly low-income earners. E) have to be recruited regularly by firms because they lack commitment and enthusiasm.
In February, one of the processing departments at Encinias Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $21,000. During the month, $316,000 of costs were added to production and the cost of units transferred out from the department was $322,000.The company uses the FIFO method in its process costing system.Required:Construct a cost reconciliation report for the department for the month of February.
What will be an ideal response?
Ragged Edge Arts uses a just-in-time (JIT) manufacturing environment. For the month of October, Ragged Edge Arts has completed $2,400 of quilts and paintings. The journal entry required to record the transfer to finished goods is ________
a. Raw and In Process Inventory 2,400 Accounts Payable 2,400 b. Finished Goods Inventory 2,400 Cost of Goods Sold 2,400 c. Finished Goods Inventory 2,400 Raw Materials Inventory 2,400 d. Finished Goods Inventory 2,400 Raw and In Process Inventory 2,400
In low-power-distance countries, subordinates expect formal hierarchies and embrace relatively authoritarian, paternalistic power relationships
Indicate whether the statement is true or false