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What are the roles of operational research and business decision making?
Operational research allows business leaders to have more technical knowledge. With more research about operations, managers can choose the best alternatives presented to them. The key thing in this equation is that good operational research helps better business decisions. Often times the business decision often opted for is to spend more money on research.
What allows managers and decision makers to perform quantitative analysis on both internal and external data?
Model Base
Use of statistics in business?
Managers use statistics to assess risks. When a project has a high probability of being unsuccessful, managers will avoid the project.
How might a managers use the grapevine to their benefit?
Managers might use the grapevine to their benefit in order to find out about any employee dissatisfaction. They can also find out about potential problems that are occurring in areas of the company.
Nature and scope of quantitative technique?
QT are mathematical & statistical methods used to analyze and interpret large amount of data in a systematical & objective manner. They play a crucial role in modern business decision making. The nature of Q.T in business tools that allow managers to optimize outcomes with limited resources.
When managers know the possible outcomes of a decision and can assign probabilities to each of these outcomes in terms of their likelihood of occurrence in the future this is known as?
risk
What are the steps involved in business research decision making process?
Managers research their options by research alternatives for their solutions. Once they have identified a number of alternatives, they choose the best one for their business.
What is the stage of the planning process managers should weigh the advantage's disadvantage's and potential effects of each alternative goal and plan?
Managers should examine alternatives before they determine their course of action. Without examining alternatives they may make a bad decision.
Why is decision making the primary task of the Managers?
Decision Making is the core of planning, managers must make choices of action among alternatives. Managers must make choices on the basis of limited or bounded rationality. That is, they must make decisions in light of everything they can learn about the situation, which may not be everything they should know.
How can managers avoid risk in decision making?
can the managers avoid making decisions
Manager who executed a legally sound decision?
Managers who executed a legally sound decision
What is the importance of financial statement to the managers?
to make a decision
HRM affect all managers?
Yes, indeed HRM affects the decision making of all the managers.
What is the difference between strategic decision administrative decision and operational decision?
Strategic decisions are made by executive level managers. Operational decisions are made by line managers. Operational decisions can change from day-to-day.
Which systems are intended to help individual managers in their decision making capability?
Decision Support system
How should managers monitor the progress of decision implementation?
Managers should monitor the progress of decision implementation by watching productivity. If productivity increases, then they have likely made the right decisions.
How does marketing research aid marketing managers in decision making disscuss with suitable example?
Marketing Research aid Marketing Managers in decision making . Discuss with suitable examples?
