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Management Chapter-7

Robbins &Coulter 11th Edition

QuestionAnswer
Decision a choice among two or more alternatives
Problem an obstacle that makes it difficult to achieve a desired goal or purpose
Decision Criteria criteria that define what's important or relevant to resolving a problem
Rational Decision making describes choices that are logical and consistent and maximize value
Bounded rationality decision making that's rational but limited(bounded) by an individual's ability to process information
Satisfice accept solutions that are " good enough"
Escalation of commitment an increased commitment to a previous decision despite evidence it may have been wrong
Intuitive decision making making decisions on the basis of experience, feelings, and accumulated judgment
Evidence-based management (EBMgt) the systematic use of the best availiable evidence to improve management practice
Structured problems straightforward, familiar, and easily defined problems
Rule an explicit statement that tells managers what can or cannot be done
Nonprogrammed decisions unique and nonrecurring decisions that require a custom-made solution
Programmed decision a repetitive decision that can be handled by a routine approach
Policy a guideline for making decisions
Certainty a situation in which a manager can make accurate decisions because all outcomes are known
Procedure a series of sequential steps used to respond to a well-structured problem
Unstructured problems problems that are new or unusual and for which information is ambiguous or incomplete
Risk a situation in which the decision maker is able to estimate the likelihood of certain outcomes
Uncertainty a situation in which a decision maker has neither certainty nor reasonable probability estimates availiable
Linear thinking style decision style characterized by a person's preference for using external data and facts and processing this information through rational, logical thinking
Nonlinear thinking style decision style characterized by a person's preference for internal sources or information and processing this information with internal insights, feelings, and hunches
Heuristics rules of thumb that managers use to simplify decision making
Created by: 1257641797
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