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15 Cards in this Set
- Front
- Back
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Behavioral (administrative) theory of decision making
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A theory of managerial decision making, based on the work of Herbert A. Simon, that describes how managers actually make decisions in business situations
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Bounded rationality
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Managers must make decisions as rationally as possible with only limited information available
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Classical theory of decision making
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Theory of managerial decision making representing an ideal model of decision making, with maximizing outcomes as a primary goal
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Creativity
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The generation of new ideas
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Critical thinking
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An approach to evaluating a claim that requires thorough analysis of assumptions and reasoning followed by evaluation based on the argument rather than on assertions.
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Decision making
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The process through which a manager identifies and solves problems creatively; a process that involves making appropriate and rational decisions.
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Innovation
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The translation of a new idea into a new product, service, production method, or organization.
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Maximizing
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The process of making a decision that is aimed at realizing the best possible outcome on one dimension - seeking the best answer
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Nonprogrammed decisions
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Decisions that have no precedents and represent situations that have not been dealt with previously, and if so, only on a limited basis within the organization
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Programmed decisions
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Decisions made routinely on a recurring basis and most often do not require huge expenditures and are less complex in nature.
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Optimizing
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Selecting the best alternative from a range of options that have been evaluated within the existing time and price constraints.
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Problem Solving
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A process of identifying a problem, exploring solutions, and testing a solution
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Satisficing
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Adopting the solution that minimally meets the objectives, often found in the first acceptable option that arises without extensive study
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Scientific method
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The steps of logical thinking, which include identifying and defining the problem; gathering information about the problem; developing alternative solutions; evaluating alternatives; and choosing an alternative
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Vroom model
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The most common decision-making tree, which was developed by Vroom and Yetton. The model helps determine the optimal amount of subordinate participation desired in the decision-making process
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