Mgt 3303 Chapter 7

Front 1

decision

Back 1

choice made from among available alternatives

Front 2

decision making

Back 2

process of identifying and choosing alternative course of action

Front 3

rational model of decision making

Back 3

explains the way managers should make decisions, assuming they will make logical decisions that will be the optimum in furthering the organizations bests interest

Front 4

problem

Back 4

difficulty that inhibits the achievement of goals

Front 5

opportunities

Back 5

situations that present possibilities for exceeding existing goals

Front 6

diagnosis

Back 6

analyzing the underlying causes of a problem or opportunity

Front 7

bounded rationality

Back 7

suggests that the ability of decision makers to be rational is limited by numerous constraints

Front 8

satisficing model

Back 8

managers seek alternatives until they find one that is satisfactory, not optimal

Front 9

incremental model

Back 9

managers take small, short term steps to alleviate a problem

Front 10

intuition

Back 10

making a choice without the use of conscious thought or logical interference

Front 11

Analytics/Business analytics

Back 11

terms used for sophisticated forms of business data analysis

Front 12

predictive modeling

Back 12

data mining technique used to predict future behavior and anticipate the consequences of change

Front 13

risk propensity

Back 13

the willingness to gamble or to undertake risk for the possibility of gaining

Front 14

decision making style

Back 14

the combination of how an individual perceives and responds to information

Front 15

ethnics officer

Back 15

someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas

Front 16

decision tree

Back 16

graph of decisions and their possible consequences used to create a plan to reach a goal

Front 17

relaxed avoidance

Back 17

manager decides to take no action in the belief that there will be no great negative consequences

Front 18

relaxed change

Back 18

manager realizes that complete inaction will have negative consequences but opts for the first available alternative that involves low risk

Front 19

defense avoidance

Back 19

a manager cant find a good solution and follows by procrastinating, passing the buck, or denying the risk of any negative consequences

Front 20

panic

Back 20

manager is so frantic to get rid of problem that he or she cant deal with the situation realistically

Front 21

deciding to decide

Back 21

a manager agrees that he or she must decide what to do about a problem or opportunity and take effective decision making steps

Front 22

importance

Back 22

how high priority is this situation

Front 23

credibility

Back 23

how believable is the information about the situation

Front 24

urgency

Back 24

how quickly must I act on the information about the situation

Front 25

heuristics

Back 25

strategies that simplify the process of making decisions

Front 26

the confirmation bias

Back 26

when people seek information to support their point of view and discount data that do not

Front 27

the representative bias

Back 27

the tendency to generalize from a small sample or a single event

Front 28

the sunk cost bias

Back 28

when managers add up all the money already spent on a project and concludes it is too costly to abandon it

Front 29

the anchoring and adjustment bias

Back 29

the tendency to make decisions based on an initial figure

Front 30

the escalation of commitment bias

Back 30

decision makers increase their commitment to a project despite negative information about it

Front 31

groupthink

Back 31

group members strive to agree for the sake unanimity and thus avoid accurately assessing the decision situation

Front 32

goal displacement

Back 32

primary goal is subsumed by a secondary goal

Front 33

participative management

Back 33

the process of involving employees in setting goals, making decisions. solving problems, and making changes in the organization

Front 34

consensus

Back 34

occurs when members are able to express their opinions and reach agreement to support the final decision

Front 35

brainstorming

Back 35

technique used to help group come together over a computer network to generate ideas and alternatives

Front 36

electronic brainstorming

Back 36

members of a group come together over a computer network to generate ideas and alternatives

Front 37

delphi technique

Back 37

group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas