Explain the eight-step traditional, analytical model of decision-making
What will be an ideal response?
(1 ) Identify the problem. Before a problem can be solved, it must be recognized and identified. Also, how a problem is solved depends on what it is. (2 ) Define objectives. It is important to conceive of a problem in ways that permit possible solutions to be identified. (3 ) Make a predecision. This involves deciding what process to follow in making the decision. (4 ) Generate alternatives. This is when possible solutions are identified. (5 ) Evaluate alternatives. A decision is made about which of the alternatives generated is best. (6 ) Make a choice. The most acceptable alternative is chosen. (7 ) Implement the decision. This involves carrying out the decision made in step number six. (8 ) Follow up. Monitoring the effectiveness of decisions is important to the success of the organization.
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What is the difference between management reserves and contingency reserves?
A. Contingency reserves address known knowns, wheareas management reserves address known unknowns. B. Contingency reserves address known unknowns, whereas management reserves address unknown unknowns. C. Contingency reserves are managed by senior management, whereas management reserves are managed by the project manager. D. Contingency and management reserves both address known unknowns and could be considered the same.
The interval over which the right-hand-side parameter of a constraint can vary while its shadow price remains valid is the ________
Fill in the blanks with correct word