Decision Making Models

BIBLIOGRAPHY • Weihrich & Koontz, Management • Study Material by Prof. Keshav Sharma. • Peter F. Drucker, Management Tasks, Responsibilities and Practices. • www.google.co.in • Business Today

DECISION MAKING MODELS Economic Man Model Administrative Model Implicit Favourite Model

Economic Model

Discover Symptom (1)

Define Problem (2) Develop Criteria (3)

Select Best Alterna tive (6) Dev Altntivs (4)

Dev Outcome (5)

Act Decision (7)

ASSUMPTIONS • Collection Of Information • Storage Of Information • Information Manipulation • Economic Rationality

EXAMPLES

Introduction Of new Product

ADMINISTRATIVE MODEL Define Problem (1)

Establish Criteria (2)

Identify Feasible Alternative (3)

Appraise Alternative (4)

Act (5) Appraise Ease Of Aspiration

GAMESMAN MODEL Set Goal (1)

Identify Implicit Favorite (2)

Identify Compare And Rank Conform Action Rejected Alternatives Candidate (4) (3)

Act (7)

Establish Criteria (5)

Announce Decision (6)

CORPORATE EXAMPLES Microsoft Ltd  ROB-Internal Application  3400 Financials Analysts Wipro Technologies Ltd Specialized Tools Infosys Ltd

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