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20 Cards in this Set
- Front
- Back
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Analytics
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a conscientious and explicit process of making decisions on the basis of the best available evidence
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Decision making
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Identifying and choosing solutions that lead to a desired end result
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Rational model
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logical four step approach to decision making.
1.Identify problem 2.generate alternative solutions 3. select a solution 4. implement and evaluate solution |
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Problem
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gap between an actual and desired situation
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Optimizing
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choosing the best possible solution
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Bounded rationality
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constraints that restrict decision making
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Judgemental heuristics
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rules of thumb or shortcuts that people use to reduce information processing demands
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availability hueristic
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tendency to base decisions on information readily available to memory
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Representativeness heuristic
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tendency to assess the likelihood of an event occurring based on impressions about similar occurences
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Satisficing
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choosing a solution that meets the minimum standard
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Knowledge management(KM)
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implementing systems and practices that increase the sharing of knowledge and information throughout and organization
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Tacit knowledge
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information gained through experience that is difficult to express and formalize
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Explicit knowledge
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information that can be easily put into words and shared with others
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Decision making style
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a combination of how individuals perceive and respond to information
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Creativity
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process of developing something new or unique
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Participative management
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involving employees in various forms of decision making
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Consensus
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presenting opinions and gaining agreement to support a decision
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Brainstorming
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process to generate a quantity of ideas
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Nominal group technique(NGT)
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process to generate ideas and evaluate solutions
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Delphi technique
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process to generate ideas from physically dispersed experts
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