Decision Support System

539 Words2 Pages
bulb-icon

Recommended: Decision Making Process

Decision Support System
One of the biggest dilemmas in owning a store and providing a service in selling a product is figuring out how much of the item to get, if an owner gets too much of a product, the owner will lose money, if the owner does not get enough of a product, customers will shop somewhere else and the owner will not only lose the sale, but also potentially lose a customer who is willing to shop somewhere else to get the product they want. This past Christmas, I was shopping for the latest Frozen Movie Soundtrack for a gift. I had to go to three stores to find the CD to purchase. If the original stores that I went to had the product in stock, I most likely would have bought several more items.
Decision Support System
According to Herbert Simons, “decision making has four distinct phases: intelligence, design, choice and implementation.” (Haag & Cummings, 2013, pp. 98-99) In making a decision about how many of the hottest CD’s to have in stock for your music store, the first thought is how popular is the CD, how many CD’s do you think you can keep in stock? The se...

Show More
Related

  • Not Villainous on Necessity: Edmund Under the Myers-Briggs Type Indicator in King Lear

    1147 Words  | 3 Pages

    Leonard, Nancy H. "Information Processing Style and Decision Making." Journal of Organizational Behavior 20.3 (1999): 407-20. JSTOR. Web. 5 Feb. 2014.

    Read More

  • Team Dynamics And Decision Making For Project Success

    967 Words  | 2 Pages

    Each decision-making strategy has advantages and disadvantages and none are always better than the others. An effective team leader will consider the options and determine which strategy is the most appropriate one for the issues to be decided and the circumstances in which the decision is to be made and implemented. Outcome-oriented businesses need leaders skilled at decision-making. Decision-making styles are neither good nor bad. The effectiveness of any decision-making style depends on the situation in which it is used. Performance is enhanced by integrating all styles, by finding the style that works best in particular project, or by being able to move intentionally from one decision-making style to another.

    Read More

  • Holt Renfrew Essay

    1005 Words  | 3 Pages

    In the retail stores, managers are complaining of frequent stock outs even though the DC is full of merchandise, which is not moving enough through the supplier, DC, and retail stores.

    Read More

  • Kmart - What went wrong?

    668 Words  | 2 Pages

    Further, let's say that the blue shirts sell out immediately; the store is left with inventory of the three other colors. Yet Kmart doesn't reorder the blue ones because 75 percent of its inventory is still unsold – it's still got plenty of that style of shirt to sell. Wal-Mart, meanwhile, would order a new shipment of blue shirts. Their model takes the customer into account, not the inventory – Wal-Mart understands that it's the color the customers want, not the style (in this case, anyway).

    Read More

  • Consumer Behavior and Marketing

    1824 Words  | 4 Pages

    Busy people with time constraints in shopping will prefer limited choices because too many choices will take too much time to choose a product.

    Read More

  • Spotify As The 5 Step Consumer Decision Process Model

    923 Words  | 2 Pages

    From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase. Not all purchases require following all five steps to a T, but consumers, whether they know it or not, follow a version of this model when making a purchase. Companies also use this model in order to effectively market their products and services. A company

    Read More

  • Business Decision Making

    783 Words  | 2 Pages

    Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it will be examined how the decision making process can be followed using various tools and techniques to make successful business decisions by using these same tools and techniques during a thinking critically business scenario. The paper will also discuss how different tools and techniques could have been used to make different, yet still successful decisions.

    Read More

  • Critical Thinking and Decision Making

    585 Words  | 2 Pages

    In dealing with most complex problems in today’s work environment, there may be more than one good answer to a problem. The question then becomes one of picking the best answer; this is called decision-making. Weighing the consequences of th...

    Read More

  • Differential Analysis In Business

    1360 Words  | 3 Pages

    Making business decisions involves choosing between alternative courses of action. Many factors affect business decisions, yet analysis typically focuses on finding the alternative that offers the highest return on investment or the greatest reduction in costs. Some decisions are based on little more than an intuitive understanding of the situation because available information is too limited to allow a more systematic analysis. In other cases, intangible factors such as convenience, prestige, and environmental considerations are more important than strictly quantitative factors. In all situations, managers can reach a sounder decision if they identify the consequences of alternative choices in financial terms. This unit

    Read More

  • Organizational Life Cycle

    1245 Words  | 3 Pages

    Managers should be ready to teach the importance of decision-making skills and reinforcing organizational policy. Avoiding hasty, careless decisions, which can have devastating results on the manager's unit or the entire organization. Decisions made with forethought, using the many managerial tools available will lead to better and more profitable operatio...

    Read More

  • Decision Making

    1261 Words  | 3 Pages

    An employee does an unsatisfactory job on an assigned project. Explain the attribution process that this person's manager will use to form judgments about this employee's job performance.

    Read More

  • What Is Managerial Economics?

    1284 Words  | 3 Pages

    Therefore, to achieve this objective, managers have to make choices in decision-making, which is the process of selecting a course of action from two or more alternatives (Weihrich & Koontz; 1994, 199). A sound decision making requires extensive knowledge of economic theory and the tools of economic analysis, that are directly related in the process of decision-making. Since managerial economics is concerned with such economic theories and tools of analysis, it is very relevant to the managerial decision-making process.

    Read More

  • Decision Making Reflection Paper

    883 Words  | 2 Pages

    Making decisions is an important part of our everyday life. Decisions define actions and lead to the achievement of goals. However, these depend on the effectiveness of the decision-making process. An effective decision is free from biases, uncertainties, and is deeply dependent on information and critical thinking. Poor decisions lead to the inability to achieve set objectives and could lead to losses, if finance is a factor. Therefore, it is important to contemplate about quality and ways to achieve it in decision-making, which is the focus of this paper. The purpose is to look into the needs of decision-making, including what one should do and what one should not do.

    Read More

  • The Importance of Critical Thinking to the Decision Making Process

    909 Words  | 2 Pages

    Effective decision making involves the ability to identify consistently and select the best choice among multiple options. This is true both personally and professionally. For the decision making process one may use a decision making model. A decision making mo...

    Read More

  • Importance of the Decision Making Concept:

    866 Words  | 2 Pages

    Decision making is one of the most important aspects in life and work because of its strong link to success and effectiveness. Actually, successful people achieve their goals in life and work through effective and efficient decision making. The decision making process is usually guided by an individual’s beliefs, values, and attitudes as well concepts. While a person can use various concepts in making decisions, they should be very careful to select a concept that is effective and contributes to huge success. Nonetheless, these concepts exist to help an individual become a better decision maker in the world around him/her.

    Read More

More about Decision Support System

Open Document