Management (Ch.4 -- Decision Making)

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Decision

Back 1

A choice from two or more alternatives.

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Decision-making process

Back 2

A set of eight steps that includes identifying a problem, selecting an alternative, and evaluating the decision's effectiveness.

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Problem

Back 3

A discrepancy between an existing and a desired state of affairs.

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Decision criteria

Back 4

Criteria that define what is relevant in making a decision.

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National decision making

Back 5

Making decisions that are consistent and value-maximizing within specified constraints.

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Decision

Back 6

A choice from two or more alternatives.

Front 7

Decision-making process

Back 7

A set of eight steps that includes identifying a problem, selecting an alternative, and evaluating the decision's effectiveness.

Front 8

Problem

Back 8

A discrepancy between an existing and a desired state of affairs.

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Decision criteria

Back 9

Criteria that define what is relevant in making a decision.

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Rational decision making

Back 10

Making decisions that are consistent and value-maximizing within specified constraints.

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Bounded rationality

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Limitations on a person's ability to interpret, process, and act on information.

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Satisfice

Back 12

To accept solutions that are "good enough."

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Intuitive decision making

Back 13

Making decisions on the basis of experience, feelings, and accumulated judgment.

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Structured problems

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Straight-forward, familiar, and easily defined problems.

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Programmed decision

Back 15

A repetitive decision that can be handled by a routine approach.

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Procedure

Back 16

A series of interrelated sequential steps that a decision maker can use to respond to a structured problem.

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rule

Back 17

An explicit statement that tells a decision maker what he or she can or cannot do.

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Policy

Back 18

A guideline for making a decision.

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Unstructured problems

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Problems that are new or unusual and for which information is ambiguous or incomplete.

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Non-programmed decisions

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Decisions that are unique and nonrecurring and require custom-made solutions.

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Certainty

Back 21

A condition in which a decision maker can make accurate decisions because the outcome of every alternative is known.

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Risk

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A condition in which a decision maker is able to estimate the likelihood of certain outcomes.

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Uncertainty

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A condition in which a decision maker is not certain about the outcomes and cannot even make reasonable probability estimates.

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Directive style

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A decision-making style characterized by a rational way of thinking and a low tolerance for ambiguity.

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Analytic style

Back 25

A decision-making style characterized by a rational way of thinking and a high tolerance for ambiguity.

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Conceptual style

Back 26

A decision-making style characterized by an intuitive way of thinking and a high tolerance for ambiguity.

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Behavioural style

Back 27

A decision-making style characterized by an intuitive way of thinking and a low tolerance for ambiguity.

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Groupthink

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The witholding by group members of different views in order to appear to be in agreement.

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Heuristics

Back 29

Rules of thumb that mangers use to simplify decision making.

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Escalation of commitment

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An increased commitment to a previous decision despite negative information.

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Ethics

Back 31

The study of moral values or principles that guide our behaviour and inform us whether actions are right or wrong.

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Utilitarian view of ethics

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A view of ethics that say that ethical decisions are made solely on the basis of their outcomes or consequences.

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Rights view of ethics

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A view of ethics that is concerned with respecting and protecting individual liberties and privileges.

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Theory of justice view of ethics

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A view of ethics in which mangers impose and enforce rules fairly and impartially and do so by following all legal rules and regulations.

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Integrative social contracts theory

Back 35

A view of ethics that proposes that ethical decisions be based on existing ethical norms in industries and communities in order to determine what constitutes right and wrong.

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Code of ethics

Back 36

A formal statement of an organization's primary values and the ethical rules it expects its employees to follow.