After studying this chapter, you should be able to:
Understand the nature of managerial decision making, differentiate between programmed and nonprogrammed decisions, and explain why nonprogrammed decision making is a complex, uncertain process. [LO 5-1]
Describe the six steps managers should take to make the best decisions, and explain how cognitive biases can lead managers to make poor decisions. [LO 5-2]
Identify the advantages and disadvantages of group decision making, and describe techniques that can improve it. [LO 5-3]
Explain the role that organizational learning and creativity play in helping managers to improve their decisions. [LO 5-4]
Describe how managers can encourage and promote entrepreneurship to create a learning organization, and differentiate between entrepreneurs and intrapreneurs. [LO 5-5]
