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37 Cards in this Set

  • Front
  • Back
decision
choice made from among available alternatives
decision making
process of identifying and choosing alternative course of action
rational model of decision making
explains the way managers should make decisions, assuming they will make logical decisions that will be the optimum in furthering the organizations bests interest
problem
difficulty that inhibits the achievement of goals
opportunities
situations that present possibilities for exceeding existing goals
diagnosis
analyzing the underlying causes of a problem or opportunity
bounded rationality
suggests that the ability of decision makers to be rational is limited by numerous constraints
satisficing model
managers seek alternatives until they find one that is satisfactory, not optimal
incremental model
managers take small, short term steps to alleviate a problem
intuition
making a choice without the use of conscious thought or logical interference
Analytics/Business analytics
terms used for sophisticated forms of business data analysis
predictive modeling
data mining technique used to predict future behavior and anticipate the consequences of change
risk propensity
the willingness to gamble or to undertake risk for the possibility of gaining
decision making style
the combination of how an individual perceives and responds to information
ethnics officer
someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas
decision tree
graph of decisions and their possible consequences used to create a plan to reach a goal
relaxed avoidance
manager decides to take no action in the belief that there will be no great negative consequences
relaxed change
manager realizes that complete inaction will have negative consequences but opts for the first available alternative that involves low risk
defense avoidance
a manager cant find a good solution and follows by procrastinating, passing the buck, or denying the risk of any negative consequences
panic
manager is so frantic to get rid of problem that he or she cant deal with the situation realistically
deciding to decide
a manager agrees that he or she must decide what to do about a problem or opportunity and take effective decision making steps
importance
how high priority is this situation
credibility
how believable is the information about the situation
urgency
how quickly must I act on the information about the situation
heuristics
strategies that simplify the process of making decisions
the confirmation bias
when people seek information to support their point of view and discount data that do not
the representative bias
the tendency to generalize from a small sample or a single event
the sunk cost bias
when managers add up all the money already spent on a project and concludes it is too costly to abandon it
the anchoring and adjustment bias
the tendency to make decisions based on an initial figure
the escalation of commitment bias
decision makers increase their commitment to a project despite negative information about it
groupthink
group members strive to agree for the sake unanimity and thus avoid accurately assessing the decision situation
goal displacement
primary goal is subsumed by a secondary goal
participative management
the process of involving employees in setting goals, making decisions. solving problems, and making changes in the organization
consensus
occurs when members are able to express their opinions and reach agreement to support the final decision
brainstorming
technique used to help group come together over a computer network to generate ideas and alternatives
electronic brainstorming
members of a group come together over a computer network to generate ideas and alternatives
delphi technique
group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas