Qrb/501 Week Six Discussion Questions

Week Six Discussion Questions

Team B

• What are the elements of a decision? How does statistical decision theory differ in conditions of certainty and uncertainty? When making a decision, can doing nothing be a valid alternative? Why?
I think that the elements of decision making are centered around problem of rationalization, boundary conditions, the right thing to do, action, and feedback. Uncertainty is a measure of variety. Such that uncertainty (H) is zero when all elements are in the same category. H increases with both the number of categories and their equal probability. The uncertainty resulting from two or more sets of categories is the sum of the uncertainties of the sets of categories taken independently. Since the categories must be specified by an observer, the uncertainty of a system may be different as seen by different observers. In each alternative will have one of several possible consequences, and the probability of occurrence for each consequence is known. Therefore, each alternative is associated with a probability distribution, and a choice among probability distributions, and there’s will be always a decision to select.

• What skills do managers need today? Are these skills different from management skills of 50 years ago? Why?
Managers need to evaluate data more agile and fast that before because each day they they are assigned to do much more work with the same time. In order to be successful and have a good performance between team members, they must also be motivated to develop talents between team members, so the team members could make good decisions on behalf of the manager. Another important detail to be developed by the manager is to know the market behavior in term of sales. This information will be relevant in the time of making decisions about forecasting in order to plan reacheable goals and their team maintain a good motivation reaching the goals.

• In management, how important is it that you learn to use...