Bus-Mhr: Lecture 4 And 5

Front 1

What is perception and why is it important?

Back 1

Perception is the process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. It is important because you cannot understand or predict attitudes or behavior without understanding perception. also because people feel and act based on their perceptions, not on reality itself.

Front 2

What are the 3 types of factors that influence Perception and give examples of each

Back 2

1.) Factors in situation
-time
-work setting
-social setting
2.) Factors in target
-Novelty
-Motion
-Sound
-Size
-Background
-Productivity
-Similarity
3.) Factors in perceiver
-attitudes
-motives
-interests
-experience
-expectations

Front 3

Explain the Prospect Theory

Back 3

States that people are risk-adverse in the domain of gains while and risk-seeking in the domain of losses.

Front 4

Where does over-confidence come from?

Back 4

Stems from ego-centric views where we view ourselves as being better than we actually are

Front 5

How do you debias yourself?

Back 5

1.) Remember that you are vulnerable to overconfidence
2.) Ask yourself why you might be overconfident
3.) Seek the council of a neutral third party

Front 6

What are 4 common biases and errors?

Back 6

1.) Representative Bias - the tendency the assess the likelihood of an occurrence by inappropriately considering the current situation as identical to past situations
2.) Escalation of Commitment - staying with a decision when there is clear evidence that it is wrong
3.)Randomness Error - the tendency to believe that we can predict the outcome of random events
4.) Hindsight Bias - the tendency to believe falsely that we accurately predicted the outcome of an event after that outcome is actually known.

Front 7

What are attributions?

Back 7

A way we make sense of what we perceive by ascribing motives, intentions or reasons to explain why things happened or why someone did what they did.

Front 8

Explain the Attribution Theory

Back 8

Observation -> Interpretation -> Attribution of cause

1.) Individual Behavior
-a.) Distinctiveness
--High=external
--Low=internal
-b.) Consensus
--high=external
--low=internal
-c.) Consistancy
--high=internal
--low=external

Front 9

What are 5 shortcuts used in judging others?

Back 9

1.) Selective Perception - a characteristic that makes someone stand out in our mind will increase the probability that it will be perceived
2.) Halo Effect - drawing a general impression based on a single characteristic
3.) Contrast Effects - our reaction is influenced by others we have recently encountered
4.) Projection - the tendency to attribute our own characteristics to other people
5.) Stereotyping - judging someone on the basis of our perception of the group to which they belong

Front 10

What does perception influence?

Back 10

1.) Awareness that a problem exists
2.) The interpretation and evaluation of information
3.) Bias of analysis and conclusions

Front 11

Describe the Rational Decision-Making Model

Back 11

1.) Define the problem
2.) Identify the decision criteria
3.) Allocate weights to the criteria
4.) Develop alternatives
5.) Evaluate the alternatives
6.) Select the best alternative

Front 12

What are the assumption of the Rational Decision-Making Model

Back 12

1.) The problem is clear and unambiguous
2.) Options are known
3.) Clear preferences
4.) Constant preferences
5.) No time or cost constraints
6.) Maximum payoff

Front 13

What does it mean to be bounded by rationality?

Back 13

Humans have limited information processing capability which makes it impossible to assimilate and understand all the information necessary to optimize. So people seek solutions that are satusfactory and sufficient, rather than optional. Thus bounded rationality is constructing simplified models that extract the essential features from problems without capturing all their complexity.

Front 14

When is Intuitive Decision Making used?

Back 14

1.) A high level of uncertainity exists
2.) there is little precedent to draw on
3.) Variables are less scientifically predictable
4.) "Facts" are limited
5.) Facts dont clearly mark the way
6.) Analytical data are of little use
7.) There are several plausible alternatives with good arguments for each
8.) Time is limited and there is pressure to come up with the right decision

Front 15

What is the difference between Line and Staff Authority?

Back 15

Authority is the right to make decisions, direct the work of others, and give orders.

Line Authority - managers can give orders to their direct reports
Staff Authority - assitst and advise managers, but they need managers cooperation to give orders

Front 16

What is Competitive Advantage?

Back 16

Any factors that allow an organization to differentiate its product or service from those of its competitors to increase market share

Front 17

What are Distinctive Core Competencies?

Back 17

Highly developed, integrated employee skills; distinctive organizational cultures; and/or innovative management processes and systems that distinguish an organization from its competitors.

Front 18

What are 4 HR Value-Added Outcomes?

Back 18

1.) Enhancing Employee Productivity
2.) Reducing Turnover
3.) Increasing Job Satisfaction
4.) Cutting Costs and/or Increasing Revenue

Front 19

Explain Strategic Planning?

Back 19

Addresses the competitive challeneges faced by the organization and provides an overarching vision for tactical decision making. Critical to an organization's success. Occurs as multiple levels

Front 20

What are the 2 primary elements of Strategic Planning?

Back 20

1.) Formulation
2.) Implementation

Front 21

Name the 3 levels of Strategic Planning and explain each

Back 21

1.) Organizational - broad plan for operating in a competitive environment to achieve specified organizational goals (ex. diversification, consolidation, geographical expansion)
2.) Business - The plan to build and strengthen each business unit's long term competitive position in the marketplace (ex. cost leadership, differentiation)
3.) Functional - the basic courses of action that each of the business's department will pursue to help the busness attain its competitive goals (ex. HR policies)

Front 22

What is the link between business strategy and results?

Back 22

PEOPLE

Front 23

Describe Staffing

Back 23

Determining employment needs, locating and attracting qualified applicants, evaluating those applicants, and choosing the best from them.

Front 24

What is the objective of Human Resource Planning?

Back 24

To have the right talent in the right place at the right time capable of effectively and efficiently completing the taks needed to help the organization achieve its strategic objectives