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STMG191 Ch. 3 & 7

Planning and Decision Making

QuestionAnswer
What is information? Is data made useful for decision making
What is intellectual capital? The collective brain power or shared knowledge of a workforce
________ ___________ is the ability to understand and use computers to advantage Computer competency
Information competency is what? The ability to use computers and information technology to locate, retrieve, evaluate, organise, and analyse information for decision making.
What is does IT stand for? Information Technology
Define Information Technology (IT) The computer hardware, software, networks, and databases supporting information use
___________ ____________ is instantaneous communication between people online at the same time Instant messaging
What does peer-to-peer file sharing do? Connects PC's directly to one another over the internet
What is the most significant way that IT is changing organisations? It is breaking down barriers within organisations and between organisations
Define electronic commerce. The buying and selling of goods and services through use of the internet
What do information systems do? They use IT to collect, organise, and distribute data for us in decision making
Information systems use _______ to collect, organise, and distribute data for us in decision making IT
What are the five essential characteristics of useful information? Timeliness, quality, completeness, relevance, understandability
The five essential characteristics of useful information are __________, quality, completeness, relevance, understandability Timeliness
The five essential characteristics of useful information are timeliness, _________, completeness, relevance, understandability Quality
The five essential characteristics of useful information are timeliness, quality, __________, relevance, understandability Completeness
The five essential characteristics of useful information are timeliness, quality, completeness, ___________, understandability Relevance
The five essential characteristics of useful information are timeliness, quality, completeness, relevance, __________________ Understandability
Intelligence information is _________from the external environment Gathered
Intelligence Information is what? Information gathered from the external environment
Public information is ____________ to the external environment disseminated
Information flows ____________ and _____________ within an organisation to facilitate problem solving and decision-making vertically / horizontally
What problem-solving and decision-making tasks do First Level Managers do? Implement operational plans and objectives; make short-term decisions; transact day-to-dy business operations
What Level of manager performs the following tasks: Implement operational plans and objectives; make short-term decisions; transact day-to-dy business operations? First Level
hat problem-solving and decision-making tasks to Middle Managers do? Formulate operational plans and objectives to implement strategy; make operational decisions
What Level of manager performs the following tasks: Formulate operational plans and objectives to implement strategy; make operational decisions? Middle Managers
What problem-solving and decision-making tasks do Top Managers do? Formulate strategy, policies, long term plans and objectives, make strategic decisions
What Level of manager performs the following tasks:Formulate strategy, policies, long term plans and objectives, make strategic decisions? Top Managers
What does a 'decision support system' do? Allows a computer to help organise and analyse data for problem solving
What system allows a computer to help organise and analyse data for problem solving? A decision support system
What do 'expert systems' allow? Computers to mimic the thinking of human experts for applied problem solving
What does DSS stand for? Decision Support System
What does GDSS stand for? Group Decision Support System
What is AI? Artificial Intelligence
What do intranets and corporate portals have in common? They use the web for communication and data sharing within an organisation
What do extranets and enterprise portals do? Use the web for communication and data sharing between the organisation and its environment
What does an electronic data exchange do? Uses controlled access to enterprise portals and supporting software to enable firms to transact business electronically with one another
What is a management information system (MIS) designed to do? Use IT to meet the information needs of managers as they make a variety of decisions on a day to day basis
What do all of Mintzberg's vital managerial roles involve? Using communication and information processing
What are the vital managerial roles as defined by Mintzberg? Interpersonal roles, decisional roles, and information roles
What are the four functions of management? Controlling, leading, planning, and organising
What does problem-solving involve? Identifying and taking action to resolve problems
What involves identifying and taking action to resolve problems? Problem solving
What is a decision? A choice between alternative choices of action
What is a choice between alternative choices of action? A decision
What are programmed decisions? Solutions already available form past experience to solve problems that are familiar, clear, straight-forward and have transparent information needs
What do 'programmed decisions' do? Apply solutions from past experience to a routine problem
What do 'non-programmed decisions' do? Apply specific solutions crafted for a unique problem
What type of decision applies specific solutions crafted for a unique problem? Non-programmed Decisions
What type of decision applies solutions from past experience to a routine problem? Programmed Decisions
Define a 'crisis'. An unexpected problem that can lead to disaster if not resolved quickly and appropriately
What is an unexpected problem that can lead to disaster if not resolved quickly and appropriately? A crisis
What do 'certain environments' offer? Complete information on possible action alternatives and their consequences
What does a 'risk environment' look like? Lacks complete information, but offers 'probabilities' of the likely outcomes for possible action alternatives
What does an 'uncertain environment' look like? Lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives
What are the three different types of managerial approaches to decisions? Problem avoiders, problem solvers, and problem seekers
What type of managerial approach to decision making ignores information that would otherwise signal the presence of an opportunity or performance deficiency? Problem avoider
What type of managerial approach to decision making is willing to make decisions and try to solve problems only when forced to do so by the situation? Problem solvers
Problem solvers are __________ in gathering information and responding to problems as they occur. reactive
What type of managerial approach to decision making actively processes information and constantly looks for problems to solve or opportunities to explore? Problem seeker
Problem seekrs are ___________ and forward thinking in their anticipation of problems and opportunities and they take appropriate action to gain the advantage. proactive
How does 'systematic thinking' approach problems? In a rational and analytical fashion
What way of thinking approaches problems in a rational and analytical fashion? Systematic thinking
What way of thinking approaches problems in a flexible and spontaneous fashion? Intuitive thinking
How does 'intuitive thinking' approach problems? In a flexible and spontaneous fashion
What does 'strategic opportunism' do? Focuses on long-term objectives while being flexible in dealing with short-term problems
What management approach to decisions focuses on long-term objectives while being flexible in dealing with short-term problems? Strategic opportunism
Define 'decision-making'. The process of making choices between alternative choices of action
What are the five steps in decision making? 1. Find and define problem 2. Generate and evaluate alternative solutions 3. Select preferred solution and conduct ethics double check 4. Implement solution 5. Evaluate results
How many steps are there in decision making? Five
What step in decision making is missing? 1. Find and define problem 2. Generate and evaluate alternative solutions ___________________________________ 4. Implement solution 5. Evaluate results 3. Select preferred solution and conduct ethics double check
The classical decision model and the optimising decision model are useful during what step of the decision making process? 3. Choosing a solution
What does the 'classical decision model' describe? Decision-making with complete information
What does the 'optimising decision model' describe? The alternative giving the best solution to a problem
How does the Classical Model view the manager's situation in decision making? As acting with complete information in a certain environment
How does the Behavioural Model view the manager's situation in decision making? As having cognitive limitations and acting with incomplete information in risk and uncertain environments
What are 'cognitive limitations'? Limits to our human information-processing capabilities (Herbert Simon)
What are 'satisficing decisions'? Choosing the first satisfactory alternative to your decision
Which model does 'satisficing decisions' belong to? The Behavioural Model
What are heuristics? Strategies for simplifying decision making
What decision-making approach uses heuristics? The Judgemental Heuristics Approach
What three heuristics are present in the Judgemental Heuristics Approach? Availability heuristic, representativeness heuristic, anchoring and adjustment heuristic
Define 'escalating commitment' A decision to increase effort and perhaps appy more resources to pursue a course of action that is not working
When does the availability heuristic occur? When people use information readily available from memory as a basis for assessing a current event or situation
When does the representativeness heuristic occur? When people assess the likelihood of something occurring based on its similarity to a stereotyped set of occurrences
When does the anchoring and adjustment heuristic occur? When decisions are made based on adjustments to a previously existing value or starting point
What are some of the potential advantages of group decision making? Greater amounts of information, knowledge and expertise; expanded number of action alternatives that are examined; avoidance of tunnel vision and limited options; increased understanding and acceptance of outcomes by members; increase in commitment
What are some of the potential disadvantages of group decision making? Social pressure to conform; minority domination reduces actual involvement of entire group; time factor can be too long or too costly
What is the 'ethics double check'? Asking two questions; "how would I feel if my family found out about this decision?" and "how would I feel if this decision were published in the local newspaper?"
What is knowledge management? The process of using intellectual capital for competitive advantage
Who is a CKO? Chief Knowledge Officer
What are the five core ingredients of 'learning organisations'? 1. Mental models; 2. Personal mastery; 3. Systems thinking; 4. Share vision; 5. Team learning
Define a 'learning organisation'. An organisation that continuously changes and improves using the lessons of experience
__________ is the process of setting objectives and determining how to accomplish them. Planning
Define 'planning'. Setting objectives and determining how to accomplish them.
What are 'objectives'? Specific results that someone wishes to achieve and may relate to the individual, the group, or the organisation
___________ are specific results that someone wishes to achieve and may relate to the individual, the group, or the organisation? Objectives
What does 'scenario planning' do? Identifies alternative future scenarios and makes plans to deal with each.
__________ __________ identifies alternative future scenarios and makes plans to deal with each. Scenario planning
What does planning do? Sets the direction - defines where you want to go and the best way to go about it
What sets the direction and defines where you want to go and the best way to go about it? Planning
What is a plan? A statement of intended means for accomplishing objectives
How many steps are there in the planning process? Five
What are the five steps of the planning process? 1. Define your objectives; 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results
The five steps of the planning process are:_________ 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results 1. Define your objectives;
The five steps of the planning process are: 1. Define your objectives;________________ 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results 2. Determine where you stand in relation to objectives
The five steps of the planning process are: 1. Define your objectives; 2. Determine where you stand in relation to objectives; _________________; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results 3. Develop premises regarding future conditions
The five steps of the planning process are: 1. Define your objectives; 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; ____________________; 5; Implement the plan and evaluate results 4. Analyse and choose among action alternatives;
The five steps of the planning process are: 1. Define your objectives; 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; ____________________. 5. Implement the plan and evaluate results
What is the SMART model? A planning approach to determining effective organisational objectives that requires that they be specific, measurable, actionable, reasonable, and timetabled.
What planning approach to determining effective organisational objectives requires that they be specific, measurable, actionable, reasonable, and timetabled? The SMART Model
Explain the "Specific" characteristic of the SMART Goal Model. Objectives need to be clearly defined so that it is easy to understand what is achieved and what will be considered successful
Which characteristic of the SMART model states that: Objectives need to be clearly defined so that it is easy to understand what is achieved and what will be considered successful? Specific
Explain the "Measurable" characteristic of the SMART Goal Model. The exact measure must be stated and the objective must be able to be measured through some means
Which characteristic of the Smart model states that: The exact measure must b stated and the objective must be able to be measured through some means? Measurable
Explain the "Actionable" characteristic of the SMART Goal Model. An organisation needs to ensure that its business-unit managers have the authority and resources to take the actions necessary to achieve set objectives
Which SMART model states that: An organisation needs to ensure that its business-unit managers have the authority and resources to take the actions necessary to achieve set objectives? Actionable
Explain the "Reasonable" characteristic of the SMART Goal Model. Unrealistic objectives are a disincentive for both managers and their employees
Which characteristic of the SMART Goal Model states that: Unrealistic objectives are a disincentive for both managers and their employees? Reasonable
Explain the "Timetabled" characteristic of the SMART Goal Model. Objectives should have milestone dates or deadlines at which progress towards achieving them will be measured.
Which SMART Goal Model states that: Objectives should have milestone dates or deadlines at which progress towards achieving them will be measured? Timetabled
What prevents the input of effort into ineffective objectives? Alignment
Scenario planning improves what five aspects of management? Focus and flexibility, action orientation, coordination, time management, and control
The hierarchy of objectives for TQM contain what five objectives? Mission and purpose, top management objective, senior management objective, middle manager objective, line manager objective
______ of ______ shows objectives at each level of work linked together in a means-ends fashion. Hierarchy [of] Aims
How much time does a short-rang plan cover? One year or less
How much time does an intermediate-range plan cover? One to two years
How much time does a long-range plan cover? Three or more years
Who is likely to be involved in long-range plan setting? Top management
Who is likely to be involved in intermediate-range plan setting? Lower management levels (Line, Middle)
What do strategic plans do? Define long-term needs and set action directions for the organisation. Tactical plans are developed and used to implement strategic plans.
What are plans that "define long-term needs and set action directions for the organisation. Tactical plans are developed and used to implement strategic plans" called? Strategic plans
What do operational plans do? Define specific activities to implement strategic plans
What type of plan defines specific activities to implement strategic plans? Operational plans
What are five typical operational plans? Production plans, financial plans, facilities plans, marketing plans, and human resource plans
Production plans, financial plans, facilities plans, marketing plans, and human resource plans are all examples of which type of plan? Operational plan
A policy is what? A standing plan that communicates broad guidelines for decisions and action.
A standing plan that communicates broad guidelines for decisions and action is a __________. Policy
Procedures do what? Precisely describe actions that are to be taken in specific situations. They define the recommended sequence of events needed to accomplish a task or set of tasks
What precisely describes actions that are to be taken in specific situations. They define the recommended sequence of events needed to accomplish a task or set of tasks? Procedures
What do rules do? Indicate what is and what is not acceptable behaviour and often specify the outcome of breaking them
What type of plans are budgets? Plans that commit resources to projects or activities
Plans that indicate what is and what is not acceptable behaviour and often specify the outcome of breaking them are called...? Rules
Plans that commit resources to projects or activities are called...? Budgets
What is a zero-based budget? A budget that allocates resources to a project or activity as it were brand new and where all projects compete anew for available funds.
What type of budget allocates resources to a project or activity as it were brand new and where all projects compete anew for available funds? Zero-based budget
Single-use plans for accomplishing a specific major project are called what? Project schedules.
Project schedules are what? Single-use plans for accomplishing a specific major project are called what?
What is a forecast? An attempt to predict future outcomes
An attempt to predict future outcomes is called what? Forecasting
What does qualitative forecasting use to predict the future? The opinions of a single person with expertise or reputation, or a panel of experts
What does quantitative forecasting use to predict the future? Mathematical and statistical analysis of data banks to predict future events
What is contingency planning? A type of planning that identifies alternative courses of action for use if and when circumstances change with time
Planning that identifies alternative courses of action for use if and when circumstances change with time is called...? Contingency planning
What is scenario planning? The long-term version of contingency planning that focusses on organisation flexibility in terms of geopolitical change, terrorism, climate change, sustainable development, human rights, and biodiversity
What does benchmarking do? Benchmarking uses external comparisons to gain insights for planning
What uses external comparisons to gain insights for planning? Benchmarking
What is Management By Objectives (MBO)? The process of joint objective-setting between a manager and a staff member
The process of joint objective-setting between a manager and a staff member is called what? Management By Objectives
MBO stands for what? Management By Objectives
What agreement between managers and staff members involves jointly planning, individually acting, and jointly controlling objectives? Management By Objectives(MBO)
What three types of objectives can be specified in a MBO contract? Improvement objectives, Personal development objectives, Maintenance objectives
What is one challenge of MBO? The need for performance objectives to be measurable/quantifiable
What can a manager use to bypass difficulties measuring objectives in MBO? Verifiable work activities
What is participatory planning? Planning that includes the people who will be affected by plans and/or whose help is needed to implement them.
What steps to planning are included in the Formal Planning Process? Define planning objectives, determine where things stand in regard to objectives, develop premises regarding future conditions, identify action alternatives and make plans, implement plans and evaluate results
What planning process defines planning objectives, determines where things stand in regard to objectives, develops premises regarding future conditions, identifies action alternatives and make plans, and implements plans and evaluates results? The Formal Planning Process
Created by: ginamaye
 

 



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