Effective Decision-Making Models in Organizational Management
Decision-Making in Organizations
Managers design structures and cultures that fit the environment; they choose technologies to convert inputs into outputs and a strategy to guide the use of competencies and resources to create value. In doing so, they face two types of decisions:
- Programmed Decisions (Routine): These are repetitive and routine decisions handled through standard rules and procedures.
- Non-Programmed Decisions: These are new, unstructured decisions made without predefined rules.
The Rational
Read MoreThe Role and Structure of Financial Institutions (Banks)
What is a Bank? Definition and Core Role
A bank is a financial institution that accepts deposits from the public and provides loans and other financial services to individuals, businesses, and the government. It acts as an intermediary between those who have surplus funds (depositors) and those who need funds (borrowers).
In simple terms, a bank mobilizes the savings of the public and channels them into productive uses, thereby promoting economic development. It also provides various facilities such
Read MoreRetail Design Secrets: Layout, Merchandising, and Influence
Factors Influencing Store Image and Customer Behavior
Several psychological factors affect customer commitment to a store’s image, design, and operation:
- Consistency: This is people’s desire to maintain consistency with previous deeds or choices. Once customers make a decision, they tend to move ahead automatically, convinced they made the right choice.
- Social Proof: Rooted in the maxim, “If everybody’s doing it, it must be okay.” Aside from word-of-mouth advertising, a store can convey social
Essential Strategies for High-Performance Sales Leadership
The Core Responsibilities of a Sales Director
The five key roles of a Sales Director are:
- Sales Planning
- Sales Control
- Sales Team Management
- Key Account Management
- Participation in the Board of Directors
From Salesperson to Sales Director
A good salesperson is not necessarily a good Sales Director. While competence is often defined as Competence = (Knowledge + Skills) x Attitude, the transition requires mastering the five key directorial roles and demonstrating responsibility.
Achieving Customer Loyalty
A
Read MoreNational and European Employment Policy Frameworks
Employment Policy: Purpose and Objectives
Topic 3: Labor Market Characterization. Employment policy refers to a set of measures implemented by the government aimed at facilitating entry into and retention of employment, alongside providing protection against unemployment.
Defining Employment Policy
The main objective is achieving full employment quality. Full employment is a major aim of the welfare state, emphasizing the quality of employment provided.
Balancing Labor Supply and Demand
Employment policy
Read MoreCore Concepts in Operations Management, Quality, and Behavioral Science
Behavioral Science and Decision Making
Behavioral Science is the study of why people act and make decisions the way they do.
Key Insight: If you understand the dynamics of decision making, you can influence that decision in your favor.
Rational Decision Making
- Consider the options, then pick the one that maximizes profit or experience.
- Assess pros and cons objectively without prejudice.
Irrational Decision Making
- Allows irrelevant biases, emotions, and environment to influence our decisions.