Information & Decision making
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The collective brain power or shared knowledge of a worforce.
Use IT to collect, organise and distribute data for use in decision making.
Decision support system
Allows a computer to help organise and analyse data for problem solving.
Allows computers to mimic the thinking of human experts for applied problem solving.
Apply solutions from past experience to a routine problem.
Apply specific solutions crafted for a unique problem.
Alternative courses of action and thier outcomes are known to the decision maker.
Decision maker views alternatives and their outcomes in terms of probabilities.
Decision maker doesn't know all alternatives and outcomes.
Approaches problems in a rational and analytical fashion.
Approaches problems in a flexible and spontaneous fashion.
Steps in the decision making process
- 1. Identify and define the problem
- 2. Generate and evaluate possible solutions
- 3. Choose a preferred solution
- 4. Implement the solution
- 5. Evaluate results
Classical decision model
Decisions make in a certain environment with complete information.
Behavioural decision model
Decision making in a risk or uncertain environment with limited information.
Choosing the best solution possible for a problem.
Choosing the first satisfactory alternative that comes to your attention.
Decisions are only rational within the boundaries defined by our cognitive limitations and the information available.
Strategies for simplifying decision making.
The continuation of a course of action even though it is not working.
The process of using intellectual capital for competitive advantage.
An organisation that continuously changes and improves using the lessons of experience.
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