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27 Cards in this Set
- Front
- Back
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Information System |
collect, organize and distribute data in such a way that they become meaningful as information |
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Management Information System |
meet the specific information needs of managers as they make a variety of day-to-day decisions |
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Structured Problem |
are familiar, straight forward and clear with respect to information needs; are routine and occur over and over again; dealt with by programmed decisions that use solutions or decision rules already available from past experience |
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Unstructured Problems |
are new or unusual situations full of ambiguities and information deficiencies; require nonprogrammed decisions that craft novel solutions to meet the demands of the unique situation at hand |
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Certain Environment |
Complete information on possible action alternatives and their consequences |
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Risk Environment |
Lacks complete information but offers “probabilities” of the likely outcome for possible action alternatives |
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Certain Environment |
Lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives |
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Classical Decision Model |
Describes decision making with complete information |
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Optimizing decision |
chooses the alternative giving the absolute best solution to a problem |
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Behavioral decision model |
Describes decision making with limited information and bounded rationality |
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Satisficing decision |
chooses the first satisfactory alternative that comes to one’s attention. |
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Lack of participation error |
is failure to involve in a decision the persons whose support is needed to implement it |
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Availability bias |
occurs when people assess a current event or situation by using information that is “readily available” from memory |
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Confirmation error |
occurs when focusing only on information that confirms a decision already made |
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Escalating commitment |
is the continuation of a course of action even though it is not working |
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SWOT ANALYSIS |
provides information that is helpful in matching the firm's resources and capabilities to the competitive environment in which it operates |
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IE matrix |
Strategic management tool used to analyze working conditions and strategic position of a business |
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Organization |
collection of people working together to achieve a common purpose |
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Manager |
person who supports, activates and is responsible for the work of others |
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Line managers |
Directly contribute to producing the organization’s goods and services |
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Functional managers |
Responsible for one area such as finance, marketing, production, personnel, accounting or sales |
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General manager |
Responsible for complex, multifunctional units |
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Administrator |
Manager in a public or non profit organization |
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Planning |
Settling performance objectives and deciding how to achieve them |
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Organizing |
Arranging task, people and other resources to accomplish the work |
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Leading |
Inspiring people to work hard to achieve high performance |
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Controlling |
Measuring performance and taking action to ensure desired results |
