Term
| "The limitations on decision making caused by costs, human abilities, time, technology, and availability of information." |
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Definition
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Term
| Risk management strategies (3) |
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Definition
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Term
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Definition
Programmed - routine and regular
Non-programmed - rarer, risky |
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Definition
| Directive, analytical (high risk tolerance), behavioral, conceptual, reactive |
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Definition
| Interim, adaptive, corrective, preventative, contingency |
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Term
| Decision aids - quantitative techniques (4) |
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Definition
| Simulation modeling, monte carlo, queuing theory, game theory |
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Term
| Game Theory - who and what? |
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Definition
| Von Neumann and Morgenstern, competitive outcome |
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Definition
| Choose alternative with the best of the worst possible payoffs |
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Term
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Definition
| Choose alternative with the best possible payoff |
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Term
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Definition
| Choose alternative with best average payoff |
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Definition
| Choose alternative with that has the least of the worst regrets |
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Term
| Qualitative techniques (5) |
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Definition
| Executive opinions, consumer surveys, outside opinion, opinions of managers and staff, delphi technique |
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Definition
| Trend (long-term), seasonality, irregular variations, random variations |
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Term
| "Managers are too busy to plan." |
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Definition
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Definition
| Short-range, intermediate, long-range, continuous |
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Definition
Objectives
Policies
Procedures
Rules
Programs
Budgets |
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Term
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Definition
| Originated (top-down), appealed (situational), implied, imposed |
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