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27 Cards in this Set
- Front
- Back
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Decision
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the choice made form 2 or more alternatives
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Rational
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Refers to choices that are consistent and value maximizing within specified constraints
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Rational Decision-Making Model
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A six-step decision making model that describes how individuals should behave in order to maximize some outcome
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Bounded Rationality
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limitations on a person's ability to interpret, process & act on info
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Satisfice
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To provide a solution that is both satisfactory and sufficient
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Intuitive Decision Making
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A subconscious process created out of a person's many experiences
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Overconfidence Bias
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Error in judgement that arises from being far too optimistic about one's own performance
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Anchoring Bias
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A tendency to fixate on initial info from which one then fails to adequately adjust for subsequent info
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Confirmation Bias
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The tendency to seek out info that reaffirms past choices and to discount info that contradicts past judgements
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Availability Bias
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The tendency for people to base their judgements on info that is readily available to them rather than complete data
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Escalation of Commitment
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An increased commitment to a previous decision despite negative info
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Randomness Error
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The tendency of individuals to believe that they can predict the outcome of random errors
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Winner's Curse
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The tendency for the winning participants in an auction to pay too much for the item they won
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Hindsight Bias
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The tendency to believe falsely, after an outcome of an event is actually known, that one could have accurately predicted the outcome
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Knowledge Management (KM)
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Process of organization and distribution of an organization's collective wisdom so that the right info gets to the right people at the right time
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Groupthink
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a phenomenon in which group pressures for conformity prevent the group from critically appraising unusual minority or unpopular views
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Group Shift
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a phenomenon in which the initial positions of individual group members become exaggerated because of the interactions of the group
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Interacting Groups
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Typical groups where members interact with each other face-to-face
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Brainstorming
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an idea-genearation process that specifically encourages any and all alternatives while withholding any criticism of those alternatives
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Nominal Group Technique
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A group decision making method in which individual members meet face-to-face to pool their judgements in a systematic but independent fashion
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electronic meeting
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a meeting where members interact on computers, allowing for anonymity of comments and aggregation of votes
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3-Component Model of Creativity
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the proposition that individual creativity requires expertise, creative-thinking skills & intrinsic task motivation
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Ethics
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The study of moral values or principles that guide our behavior and inform us whether actions are right or wrong
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Utilitarianism
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a decision focused on outcomes or consequences that emphasizes the greatest good for the greatest number
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Whistle-blowers
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individuals who report unethical practices by their employer to outsiders
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Stages of Moral Development
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The development stages that explain a person's capacity to judge what is morally right
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CSR
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Organization's responsibility to consider the impact of its decisions on society
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