Decision Making Models
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The document discusses three decision making models: 1. The Economic Man Model which involves defining the problem, developing criteria, selecting the best alternative, developing outcomes, and acting. 2. The Administrative Model which involves defining the problem, establishing criteria, identifying feasible alternatives, appraising alternatives, and acting. 3. The Implicit Favourite Model which involves setting a goal, identifying a favorite alternative, comparing and ranking other alternatives, identifying a conforming action, establishing criteria, and announcing and acting on the decision.
Decision Making Models
- 2. BIBLIOGRAPHY Weihrich & Koontz, Management Study Material by Prof. Keshav Sharma. Peter F. Drucker, Management Tasks, Responsibilities and Practices. www.google.co.in Business Today
- 3. DECISION MAKING MODELS Economic Man Model Administrative Model Implicit Favourite Model
- 4. Economic Model Discover Symptom (1) Define Problem (2) Develop Criteria (3) Select Best Alterna tive (6) Act Decision (7) Dev Altntivs (4) Dev Outc- ome (5)
- 5. ASSUMPTIONS Collection Of Information Storage Of Information Information Manipulation Economic Rationality
- 6. EXAMPLES Introduction Of new Product
- 7. ADMINISTRATIVE MODEL Define Problem (1) Establish Criteria (2) Identify Feasible Alternative (3) Appraise Alternative (4) Act (5) Appraise Ease Of Aspiration Level(6)
- 8. GAMESMAN MODEL Set Goal (1) Identify Implicit Favorite (2) Compare And Rank Rejected Alternatives (3) Identify Conform Action Candidate (4) Establish Criteria (5) Announce Decision (6) Act (7)
- 9. CORPORATE EXAMPLES Microsoft Ltd ROB-Internal Application 3400 Financials Analysts Wipro Technologies Ltd Specialized Tools Infosys Ltd
- 10. Queries??????