Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
What is DECISION MAKING?
|
the process of choosing a course of action for dealing with a problem or opportunity.
|
|
|
What is ODDIE?
|
(a checklist for DM in general)
OBSERVE: recognize and define the problem or opportunity DIAGNOSE: identify and analyze alternative courses of action, and estimate their effects on the problem or opportunity (eg: like choosing a school) DECIDE: choose a preferred course of action IMPLEMENT: implement the preferred course of action (actually attending that school you chose) EVALUATE: evaluate the results and follow up as necessary - did you include the right people (lack-of-participation error)? |
|
|
What is 'Ethics'?
|
the study of standards regarding good character and behavior
|
|
|
what are the steps to the ethical ODDIE?
|
OBSERVE: check for moral problems
DIAGNOSE:check implications for all stakeholders and for the common good etc. DECIDE:check that the choice reflects the best ends and uses the right means IMPLEMENT: check consistency and integrity (not just intensions). EVALUATE: check consistency and means versus desired ends and means - ethics double checks (criteria questions:) Utility, Rights, Justice, Caring |
|
|
What are the (3) DM environments and their definitions?
|
(1) certain decision environments
-provide full information on the expected results for DM alternatives (ex. investing in a savings account, min wage job) - less difficult to make (2) Risk decision environments - provide probabilities regarding expected results for DM alternatives (ex: likelihood of a candidate accept a job) - you can estimate the risk (75% yes, 25% no) (3) Uncertain decision environments - provide no information to predict expected results for DM alternatives (ex: starting a new company) - very risky and failure is higher |
|
|
What are the (2) fundamental types of decisions??
|
(1) Programmed Decision
- implement solutions that have already been determined by past experience as appropriate for the problem at hand. (you make these decisions all the time and you expect that you'll have to decide) - Ex: how to hire a new staff person (2) Nonprogrammed decisions - are created to deal specifically with a problem at hand - crisis decisions: occur when a unexpected problem can lead to disaster if not resolved quickly and appropriately - Ex: handling a new competitor |
|
|
what did we learn in the lost at sea exercise? and how is it related to DM?
|
it was an unprogrammed type of decision; and
it was an 'uncertain risk environment' |
|
|
What are the (4) DM theories/DM models?
just list them |
Classical
Behavioral Garbage Can Intuitive thinking |
|
|
Define (1 of 4) Classical DM model
|
focuses on what should be done
Classical assumes: - we face a clearly defined problem - world of complete certainty - we know al possible action alternatives and their consequences - we then choose the optimal solution |
|
|
Define (2 of 4) Behavioral DM model
|
Focuses on what is
-people are acting only in terms of what they perceive - 'bounded rationality' : suggests that, while individuals are reasoned and logical, humans have their limits - 'Satisficing': decision makers choose the first alternatives that appears to give an acceptable or satisfactory resolution of the problem "most human DM, whether individual or organizational, is concerned with the discovery and selection of satisfactory alternatives; only in exceptional cases is it concerned with the discovery and selection of optimal decisions." |
|
|
Define (3 of 4) Garbage Can DM model
|
-the main components are all mixed up
- different individuals may do choice making and implementation - many decisions being made. many problems go unsolved when you can't even figure out what to ask |
|
|
Define (4 of 4) Intuitive thinking DM model
|
approaches problems in a flexible and spontaneous fashion
ex: Don Draper - key under risk and uncertainty - vs. systematic thinking (rational and analytical) |
|
|
list ways to improve your intuition
|
drop the problem for a while
spend some quiet time by yourself try to clear your mind use images to guide your thinking let ideas run freely without a specific goal |
|
|
what are Judgmental heuristics or heuristics??
|
Simplifying strategies or “rules of thumb” used to make decisions.
...They make it easier to deal with uncertainty and limited information; but they interfere with the quality of the decision. |
|
|
what is availability heuristic??
|
it bases a decision on recent events relating to the situation at hand.
|
|
|
what is representativeness heuristic?
|
Bases a decisions on similarities between the situation at hand and stereotypes of similar occurrences
- Ignoring base-rate (sample size) information |
|
|
what is anchoring and adjustment heuristic??
|
Bases a decision on incremental adjustments to an initial value determined by historical precedent or some reference point
|
|
|
What is a confirmation trap??
|
the tendency to seek confirmation for what is already thought to be true and to not search for diconfirming information
basically, our memory targets the information we are trying to seek out |
|
|
What is a hindsight trap??
|
the tendency to overestimate the degree to which an event that has already taken place could have been predicted
|
|
|
what is escalating commitment???
|
continuation and renewed effort on a previously chosen course of action, even though it is not working.
|
|
|
when to quit escalating commitment and what happens when you don't quit... .
|
Resources are committed to an initial course of action
action does not produce desire return more resources committed to "turn things around" cost of failure increases more resources invested why?? decision makers ignore the cognitions of others Emphasis on sunk -- not opportunity -- costs Emotional investment; competitiveness, reputational concerns |
|
|
what is the Vroom model of DM??
|
“The Vroom-Yetton-Jago model is a decision making tree that enables a leader to examine a situation and determine which style or level of involvement to engage.
By asking oneself a series of questions about the nature of the problem, decision, and consequences, the leader can decide just how much involvement others should have in the decision.” |
|
|
Vroom DM model
authority (2) |
Individual
Autocratic l (Al) Leader solves the problem along using information that is readily available to him/her Individual Autocratic ll (All) Leader obtains additional information from group members, then makes decision alone. Group members may or may not be informed. |
|
|
Vroom DM model
Consultative (2) |
Consultative l (Cl)
Leader shares problem with group members individually, and asks for information and evaluation. Group members do not meet collectively, and leader makes decision alone. Consultative ll (Cll) Leader shares problem with group members collectively, but makes decision alone |
|
|
Vroom DM model
group (1) |
Team/Group ll (Gll)
Leader meets with group to discuss situation. Leader focuses and directs discussion, but does not impose will. Group makes final decision. |
