{"id":197,"date":"2018-01-23T16:08:13","date_gmt":"2018-01-23T21:08:13","guid":{"rendered":"http:\/\/blog.richmond.edu\/mgmt340-05\/?p=197"},"modified":"2018-01-26T18:11:38","modified_gmt":"2018-01-26T23:11:38","slug":"decision-making-process-and-uncertainty","status":"publish","type":"post","link":"https:\/\/blog.richmond.edu\/mgmt340-05\/2018\/01\/23\/decision-making-process-and-uncertainty\/","title":{"rendered":"Decision Making Process and Uncertainty"},"content":{"rendered":"

There are many different processes and theories managers use when approaching decisions. However, these processes don’t always provide a clear answer when there is a degree of uncertainty, especially in a crisis situation.<\/p>\n

Johnson & Johnson is known for being great at crisis management. Attached is an article outlining how J&J handled a crisis situation in 2009, which was full of uncertainty. https:\/\/www.wsj.com\/articles\/SB124709897531615407<\/p>\n

The following list outlines the different approaches you can take while making decisions under uncertain circumstances.<\/p>\n

    \n
  1. Maxmin – Choose the alternative that is the “best of the worst”<\/li>\n
  2. Maximax – Choose the alternative that is the “best of the best”<\/li>\n
  3. Laplace – Choose the alternative with the best weighted payoff<\/li>\n
  4. Minimax Regret –\u00a0 Choose the alternative with the best “worst regret”<\/li>\n<\/ol>\n

    How do you think managers and company’s should respond to uncertainty and crisis management. How do you think J&J handled this crisis? What would you have done differently as a manager?<\/p>\n","protected":false},"excerpt":{"rendered":"

    There are many different processes and theories managers use when approaching decisions. However, these processes don’t always provide a clear<\/p>\n","protected":false},"author":3086,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[71160],"tags":[],"class_list":["post-197","post","type-post","status-publish","format-standard","hentry","category-making-decisions-defining-process-strategy"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/posts\/197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/users\/3086"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/comments?post=197"}],"version-history":[{"count":0,"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/posts\/197\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/media?parent=197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/categories?post=197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.richmond.edu\/mgmt340-05\/wp-json\/wp\/v2\/tags?post=197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}