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mangement ch 7

a choice made from among alternatives. decision
the process of identifying and choosing alternative courses of action. decision making
also called the classical model, explain how managers should make decisions; it assumes manager will make logical decisions that will be the optimum in furthering the organization's best interests. rational model of decision making.
difficulties that inhibit the achievement of goals problems
situations that present possibilities for exceeding exisitng goal. opportunities
analyzing the underlying causes diagnosis
is prescriptive, describing how managers ought to make decisions, but doesen't describe how managers actually make decision. rational model.
explain how managers make decisions; they assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions. nonrational models of decision making.
models that are descriptive rather than prescriptive. non rational models.
Three nonrational models are 1. satisficing 2. incremental 3. intuition.
The concept suggests that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time,and money. bounded rationality.
managers seek alternatives until they find one that is satisfactory, not optimal satisficing model
in which managers take smalls,short term steps to alleviate a problem rather than steps that will accomplish a long term solution. incremental model.
making a choice without the use of concious thought or logical inference. intuition.
intuition that stems from expertise- a person's explicit and tacit knowledge about a person, situation, object, or decision opportunity- is known as holistic hunch
intuition based on feelings- the involuntary emotional response to those same matters- is known as automated experience
seven implementation principles of pfeffer and sutton to help companies that are committed to doing what it takes to profit from evidence-based management. 1. treat your organization as an unfinished prototype 2. no brag, just facts. 3. see yourself and your organization as outsiders do 4. evidence based management is not just for senior executives. 5. like everything else, you still need to sell it.
The term used for sophisticated forms of business data analysis. business analytics.
A data mining technique used to predict future behavior and anticipate the consequence of change. predictive modeling
The willingness to gamble or to undertake risk for the possibility of gaining an increased payoff. risk propensity
it reflects the combination of how an individual perceives and responds to information. decision making style
it reflects the extent to which a peron focus on either task and technical concerns or people and social concerns when making decisions. value orientation
Four styles of decision making: 1. Directive 2. Analytical 3. Conceptual 4. Behavioral
you can use knowledge of decision making style in three ways: 1. Know thyself 2. influence others 3. Deal with conflict
Someone trained about matters of ethics in the workplace particularly about resolving ethichal dilemmas. ethics officer.
a graph of decisions and their possible consequences; it is used to create a plan to reach a goal. decision tree
a manager decides to take no action in the belief that there will be no great negative consequences. relaxed avoidance
a manager realizes that complete inaction will have negative consequences but opts for the first available alternative that invloves low risk. relaxed change
a manager can't find a good solution and follows by a) procrastinating, b) passing the buck, or c) denying the risk of any negative consequences. Defensive avoidance.
in ...., a manager is so frantic to get rid of the problem that he or she can't deal with the situation realistically. Panic
in ......, a manager agrees that he or she must decide what to do about a problem or opportunity and take effective decision making steps. deciding to decide.
strategies that simplify the process of making decisions. heuristics
managers use information readily available from memory to make judgements. availability bias.
when people seek information to support their point of view and discount data that do not. confirmation bias
the tendency to generatlize from a small sample or a single event. representativeness bias
when managers add up all the money already spent on a project and conclude it is too costly to simply abandon it. sunk- cost bias
the tendency to make decisions based on an initial figure anchoring and adjustment bias.
decision makers increae their commitment to a project despite negative information about it. escalation of commitment bias
advantages of group decision making 1. greater pool of knowledge 2. different perepective 3. intellectual stimulation 4. better understanding of decision rationale. 5. commitment to the decision
Disadvantage of group decision making 1. a few people dominate or intimidate 2. Groupthink 3. Satisficing 4. Goal displacement
The process of involving employees in a) setting goals b) making decisions c) solving decisions d) making changes in the organization Participative management
which e to when members are able to express their opinions and reach aggreement to support the final decision consensus
a technique used to help groups generate multiple ideas and alternatives for solving problems brainstorming
sometimes called brainwriting, in which members of a group come together over a computer network to generate ideas and alternatives. electronic brainstorming
a group process that uses physically dispersed experts who fill out quetionnaires to anonymously generate ideas; the judgements are combined and in effect averaged to achieve a consensus of expert opinion. Delphi Technique
Two types of computer-aided decision making systems are Chauffeue driven Group driven
Created by: 100002456119902
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