Learning Objectives

After studying this chapter, you should be able to:

  • Discuss the relationship among objectives, problem solving, and decision making and their relationship among the management functions.
  • Describe when to use rational (maximizing) versus bounded rational (satisficing) decision making and group versus individual decision making.
  • Explain the difference between an objective and “must” and “want” criteria. 
  • State the difference between creativity and innovation and identify five group techniques used to generate creative alternatives.   
  • Compare quantitative techniques including big data, cost-benefit analysis, and intuition for analyzing and selecting an alternative.  
  • Explain the importance of planning, implementing, and controlling decisions.