MGMT3

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Vleon
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131255
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MGMT3
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2012-01-29 16:21:18
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Chapter3
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  1. Decision Making Process
    A set of eight steps that includes identifying a problem, selecting a solution, and evaluating the effectiveness of the solution.
  2. Steps of decision making process
    • 1-Identification of a problem
    • 2-Identification of decision criteria
    • 3-Allocation of weights to criteria
    • 4-Development of Alternatives
    • 5-Analysis of alternatives
    • 6-Selection of an Alternative
    • 7-Implementation of the Alternative
    • 8-Evalutation of decision Effectiveness
  3. Problem
    A discrepancy between an existing and a desired state of affairs.
  4. Decision criteria
    Factors that are relevant in a decision
  5. Decision Implementation
    Putting a decision into action
  6. Heuristics
    Judgmental shortcuts or "rules of thumb" used to simplify decision making
  7. Overconfidence bias
    Decision makers think to know more than they do or hold unrealistically positive views of themselves and their performance.
  8. Immediate Gratification bias
    Decision makers who tend to want immediate rewards and to avoid immediate costs.
  9. Achoring effect
    When decision makers fixate on initial information as a starting point and then, once set fail to adequately adjust for subsequent information.
  10. Selective perception bias
    When decision makers selectively organize and interpret events based on their biased perceptions.
  11. Confirmation bias
    Decision makers who seek out information that reaffirms their past choices and discount information that contradicts past judgements.
  12. Framing bias
    When decision makers select and highlight certain aspects of a situation while excluding others
  13. Availability bias
    when decision makers tend to remember events that are the most recent and vivid in their memory.
  14. Representation bias
    when decision makers assess the likelihood of an event based on how closely it resembles other events or sets of events
  15. Randomness bias
    when decision makers try to create meaning out of radom events
  16. Sunk costs error
    when decision makers forget that current choices can't correct the past
  17. Hindsight bias
    tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once that outcome is actually known.
  18. Self-serving bias
    decision makers who are quick to take credit for their successes and to blame failure on outside factors
  19. Rational decision making
    Describes choices that are consistent and value-maximizing within specified constraints.
  20. Bounded rationally
    Making decisions that are rational within the limits of a manager's ability to process information.
  21. Satisfice
    Accepting solutions that are "good enough"
  22. Escalation of commitment
    An increased commitment to a previous decision despite evidence that it may have been a poor decision
  23. Intuitive decision making
    Making decisions on the basis of experience, feelings, and accumulated judgment
  24. How do problems differ?
    • -Structured problems
    • -Unstructured problems
  25. Structured problem
    A straightforward, familiar, and easily defined problem
  26. Unstructed problem
    A problem that is new or unusual for which information is ambiguous or incomplete
  27. Programmed decision
    A repetitive decision that can be handled using a routine approach
  28. Procedure
    A series of interrelated, sequential steps used to respond to a structured problem
  29. Rule
    An explicit statement that tells employees what can or cannot be done.
  30. Policy
    A guideline for making decision
  31. Nonprogrammed Decision
    A unique and nonrecurring decision that requires a custom-made solution
  32. Certainty
    A situation in which a decision maker can make accurate decisions because off outcomes are known
  33. Risk
    A situation in which a decision maker is able to estimate the likehood of certain outcomes
  34. Uncertainty
    A situation in which a decision maker has neither certainty not reasonable probability estimates available
  35. What are the disadvantages of group decision making?
    • -Time consuming
    • -Minority domination
    • -Pressures of conform
    • -Groupthink
    • -Ambiguous responsability
  36. Groupthink
    When a group exerts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement
  37. How can you improve group decision making?
    • -Brainstorming
    • -Nominal group technique
    • -Electric meeting
  38. Brainstorming
    An idea-generating process that encourges alternatives while withholding criticism
  39. Nominal group tecnhique
    A decision making technique in which group members are physically present but operate independently
  40. Electronic Meeting
    A type of nominal group technique in which participants are linked by computer
  41. Ringisei
    Japanese consensus-forming group decisions
  42. creativity
    The ability to produce novel and useful ideas
  43. Model process that individual creativity essentially requires
    • -Expertise
    • -Creative thinking skills
    • -Intrinsic tash motivation

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