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BUAD309 Final
Chapter 6
| Question | Answer |
|---|---|
| Perception | a process by which individuals and organizations organize and interpret their sensory impressions in order to give meaning to their environment |
| Factors that influence perception | Situational- time, work setting, social setting Perceiver- attitude, motives, interests, experience, expectation Target-novelty, motion, sounds, size, background, proximity, similarity. |
| Person perception | Making judgements about others |
| Attribution theory | our perception and judgement of others is significantly influenced by our assumptions of the other person's internal state. |
| The rational model for decision making | Six step decision making process -Perfect world model, assumes complete information, all options known, and maximum payoff. |
| Bounded rationality | "Real world model"- seeks satisfactory and sufficient solutions from limited data and alternatives. |
| Intuition | a non-conscious process created from distilled experience that results in quick decisions -relies on hollistic associations -affectively charged-engaging the emotions |
| Ovwerconfidence biases | believe too much in ones own abilities to make good decisions -especially when outside of your own expertise |
| Anchoring Bias | using early, first received information as the basis for making subsequent judgements |
| Confirmation bias | selecting and using only facts that support our decision |
| Availability bias | emphasizing and using most readily available information *recent *vivid |
| Escalation of commitment | inc. commitment to a decision in spite of evidence that it is wrong |
| randomness error | creating meaning out of random events-superstition |
| winner's curse | high bidder pays to much because of value overestimation -likelihood increases with # of people in auction |
| Hindsight bias | after an outcome is already known, believing it could have been accuratley predicted beforehand |
| Personality differences in decision making-conscient. | Conscientousness- achievement strivers are likely to increase commitment -dutiful people are less likely to have this bias |
| Self esteem | people with high self esteem are succeptible to self-serving bias |
| Gender | women analyze decisions more than men |
| Rumination | differences develop early |
| Performance evalation constraints | managerial evaluation criteria influences actions |
| Reward systems constraints | Managers will make the decision with greatest personal payoff for them |
| Formal regulations constraint | limit the alternative choices of decision makers |
| System imposed time constraints | restrict ability to gather or evaluate information collected |
| Historical precidents constraint | past decisions influence current decisions |
Created by:
rbmooney
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