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Management Chapter-7
Robbins &Coulter 11th Edition
| Question | Answer |
|---|---|
| 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 |
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