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What is risk projection?
Risk projection, also called risk estimation, attempts to rate each risk in two ways-the likelihood or probability that the risk is real and the consequences of the problems associated with the risk, should it occur. The project planner, along with other managers and technical staff, performs four risk projection activities: (1) Establish a scale that reflects the perceived likelihood of a risk, (2) Delineate the consequences of the risk, (3) Estimate the impact of the risk on the project and the product, and (4) Note the overall accuracy of the risk projection so that there will be no misunderstandings
Why do managers need to know statistical methods?
because there are projects that include statistical methods.
What is the use of statitcs to the management?
Statistics provides management with valuable insights for decision-making by analyzing data trends and patterns. It aids in forecasting, performance evaluation, and quality control, enabling managers to make informed choices and optimize resources. Additionally, statistical tools help assess risks and improve operational efficiency, ultimately supporting strategic planning and competitive advantage. By leveraging statistical analysis, management can enhance overall effectiveness and drive organizational success.
Which is a better certification PMP or six sigma?
Both have their own importance and usage. PMP is for people who are project managers while Six Sigma is for people who are quality oriented
An experiment involves selecting a random sample of 256 middle managers for study One item of interest is annual income The sample mean is computed to be 35420 and the sample standard deviation is 205?
The deviation would be how much off it would be off. Since this is a sample, it is impossible to get completely accurate results.
When managers cannot assign probabilities of future occurrence to possible alternatives to a decision this is known as?
When managers cannot assign probabilities to future occurrences of possible alternatives in decision-making, this situation is referred to as "ambiguity." In such cases, the uncertainty surrounding the potential outcomes is too great to quantify, making it difficult for managers to make informed choices. This can lead to reliance on subjective judgment, heuristics, or qualitative assessments instead of quantitative analysis.
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
How does working in a way which manages risk reduce the likelihood of clients being abused?
The hands on approach management of the managers will definitely reduce the likelihood of clients being abused.
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?
Challenges facing managers in regards to decision making?
Opinions may vary. One challenge that faced managers is making the right decision to a tough problem given a limited time.
Role of quantitative techniques in decision making?
Quantitative techniques in decision-making helps managers make decisions that are best for the organization. With numbers supporting decisions, managers can get the support of top management.
