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Discusses decisions faced by marketing managers and whether answers to some important questions can be successfully answered. Examines marketing information systems (MIS…
Discusses decisions faced by marketing managers and whether answers to some important questions can be successfully answered. Examines marketing information systems (MIS) components – the data bank, the model bank, the measurement statistics bank, and the system user interface. Posits that there are economic benefits derived from making ‘better’ marketing decisions that result in larger monetary payoffs to the firm. Suggests a systematic impact study be based on analysis of the various steps that have to be taken in constructing a decision model. States MIS aids the marketing manager in specifying the decision model and in implementing this model. Concludes the MIS designer should look at each step in the construction of the decision model in order to estimate the potential impact of the change.
Model management systems (MMS) empower decision makers throughout the problem‐solving phases by providing operations research and management science (OR/MS) models as well…
Model management systems (MMS) empower decision makers throughout the problem‐solving phases by providing operations research and management science (OR/MS) models as well as the knowledge to build or use such models. Managerial problem solving typically involves a wide range of modeling activities, i.e., definition, retrieval, modification, execution, modification, and integration of decision models. This research stems from the basic premise that, given the problem, decision aiding software such as MMS can reach its highest level of performance when the necessary modeling activities are adequately supported, subsequently enhancing the quality of the decisions made by the users. Reported in this paper are the results from an experiment involving two versions of MMS used by naïve modelers in two decision‐making settings. Through this study, we learn that the decision‐making behavior of software users, especially the way they develop their decision strategies, is considerably influenced by the capability of the software.
Explains that the focus of decision theory is on the mathematical models. These may be probability based; loss functions or other forms of statistical representations of judgements. Yet, much of decision theory does not lie entirely within any one discipline: it draws on psychology, economics, mathematics, statistics, social sciences and many other areas of study. Investigates investors’ perceptions and attitudes towards real estate. Highlights the important difference between theoretical exposure levels and pragmatic business considerations. Suggests a prescriptive model to explore judgements, beliefs and preferences of decision makers and to inform decision making. Examines the concept of risk and its place in developing a prescriptive model. Maintains that a decision must be judged on factors other than the risk of a single outcome.
Takes the view that managerial decisions are made in a diversity of organizational settings which can best be explained and evaluated in the context of conceptual interdisciplinary decision‐making models, and that such models constitute an appropriate vehicle for explaining the eclectic aspects of managerial decision making in all types of formal organization. Presents a typology of conceptual decision‐making models and evaluates their similarities and differences along with their respective efficacies in various managerial decision‐making contexts. Advances the process model of managerial decision making as the ideal choice for decisions which have significant long‐term consequences for the whole organization.
Purpose: The purpose of the chapter is to determine the specifics of making of managerial decisions in business systems of modern countries of Europe, to compile a…
Purpose: The purpose of the chapter is to determine the specifics of making of managerial decisions in business systems of modern countries of Europe, to compile a European model of decision making in modern business systems, and to determine its capabilities for ensuring optimal decisions.
Methodology: The authors use the method of systemic and problem analysis, the method of comparative analysis (for comparing the European practice of managerial decisions to practices of other regions of the world), and the methods of modeling and formalization.
Conclusions: A European model of making of managerial decisions in modern business systems is compiled; it has the following peculiarities: collective offering, discussing, and making managerial decisions; presence of independent marketing committee that conducts systemic marketing; internal communications of business entities only with the production committee; and sustainability of horizontal connections between committees with the linear organizational structure.
Originality/value: Due to determined peculiarities, such advantages of the European model as making of well-balanced managerial decisions from positions of all interested parties, low expenditures for decision making due to usage of internal outsource, high effectiveness of marketing activities, and integration of managerial staff that allows solving current problems of the business system are achieved. However, in the European model, the process of making of managerial decisions is the longest as compared to other studied regional models. That's why application of the European model of decision making in modern business systems allows achieving high effectiveness of this process in a period of stability, and in case of downward wave of economic cycle, this model cannot ensure high effectiveness of managerial decisions.
It should be re‐emphasized, however, that the [Vroom‐Yetton] model is explicitly normative in character in that it specifies what leaders should do in various…
It should be re‐emphasized, however, that the [Vroom‐Yetton] model is explicitly normative in character in that it specifies what leaders should do in various organizational circumstances — rather than attempting to summarize what leaders do do and what the effects of those actions are. Thus, if the assumptions in the model about the outcomes which result from various leader behaviors are incorrect, the model will lead to faulty behavioral prescriptions.
This paper proposes a decision support model that can be used to help decide the destination of defective products, for mass production industries. The objective of this…
This paper proposes a decision support model that can be used to help decide the destination of defective products, for mass production industries. The objective of this model is to reduce the cost of the defect, and consequently reduce the total quality costs.
The decision model was developed based on the theory of quality costs and decision-making models, considering the practical aspects of reality through data collection, observation and experience in Industrial Pole of Manaus (Brazil) industries. A decision model adjusted to reality assists in the construction of the decision process, indicating the facts, data collection and the planning of the actions to choose the best alternative.
The specific contributions of this research are: (1) define a sequential structure of actions, effects and costs associated with defective items; (2) allow a comprehensive approach to failure costs, including various elements of lost opportunity costs; (3) minimize failure costs, and consequently reduce total quality costs, without necessarily investing in prevention and assessment; (4) describe the use and application of the built theory; (5) identify the quality cost elements most representative in existence of defective items; and (6) identify improvement points in the management of possible future defective items.
Much of the work of implementation of quality cost models do not emphasize the analysis of the destination of defective items. Also, there are no studies that use decision models with identification, accounting and evaluation of effects and criteria of quality, productivity and cost to define the destination of manufacture defective items.
Marketing management presents challenging ground for the integrated use of intelligent agents. The design of a strategic marketing plan presents a natural division of four…
Marketing management presents challenging ground for the integrated use of intelligent agents. The design of a strategic marketing plan presents a natural division of four distinct yet independent decision problems. Concurrent execution of these four functions can yield a significant decrease in time‐to‐market for new products, and turnaround time for modified products. Electronic information is a two‐edged sword. On the one hand, it results in information overload, taxing the decision‐ making process. On the other hand, the electronic nature of these vast information flows makes them accessible to intelligent agents who can improve the decision‐making process. This paper presents the problem of information overload and decision‐making complexity in marketing management. In it, we present a blackboard‐based agent architecture that allows individual agents to proceed toward their given goals yet react opportunistically to developments reported by other marketing agents. We present the blackboard model of problem solving, and discuss why it is well suited to support multiple marketing agents. CMA, a multi‐agent model for concurrent marketing analysis, is discussed and the agent architecture required for creating a cooperating society of marketing agents is presented.
Although there are many models of decision making, there are few attempts to match the appropriate decision strategy with different situations. After reviewing and…
Although there are many models of decision making, there are few attempts to match the appropriate decision strategy with different situations. After reviewing and comparing six contemporary decision‐making models, a framework and propositions are developed that match strategies with circumstances. The article concludes with a discussion of theoretical and practical application of the proposed contingency model decision making.