Vocab
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| Decision-making process | A set of eight steps that includes identifying a problem, selecting a solution, and evaluating the effectiveness of the solution
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| Problem | A discrepancy between an existing and a desired state of affairs
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| Decision criteria | Factors that are relevant in a decision
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| Decision implementation | Putting a decision into action
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| Heuristics | Judmental shortcuts or "rules of thumb" used to simplify decision making
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| Rational decision making | Describes choices that are consistent and value-maximizing within specified constraints
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| Bounded rationality | Making decisions that are rational within the limits of a manager's ability to process information
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| Satisfice | Accepting solutions that are "good enough"
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| Escalation of commitment | An increased commitment to a previous decision despite evidence that it may have been a poor decision
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| Intuitive decision making | Making decisions on the basis of experience, feelings, and accumulated judgment
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| Structured problem | A straightforward, familiar, and easily defined problem
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| Unstructured problem | A problem that is new or unusual for which information is ambiguous or incomplete
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| Programmed decision | A repetitive decision that can be handled using a routine approach
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| Procedure | A series of interrelated, sequenfial steps used to respond to a structured problem
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| Rule | An ecplicit statement that tells employees what can or cannot be done
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| Policy | A guideline for making decisions
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| Nonprogrammed decision | A unique and nonrecurring decision that requires a custom-made solution
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| Certainty | A situation in which a decision maker can make accurate decisions because all outcomes are known
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| Risk | A situation in which a decision maker is able to estimate the likelihood of certain outcomes
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| Uncertainty | A situation in which a desicion maker has neither certainty nor reasonable probability estimates available
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| Groupthink | When a group exerts extensive pressure on an individual to withhold his or her different views in irder to appear to be in agreement
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| Brainstorming | A idea-generating process that encourages alternatives while withholding critism
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| Nominal group technique | A decision-making technique in which group members are physically present but operate independently
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| Electronice meeting | A type of nominal group technique in which participants are linked by computer
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| Ringisei | Japanese consensus-forming group decisions
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| Creativity | The ability to produce novel and useful ideas
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