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Management
Chapter 7
| Question | Answer |
|---|---|
| Decision | Choice made from among available alternatives |
| Decision Making | Process of identifying and choosing alternative courses of action |
| Rational Model of Decision Making | Explains how mangers should make decisions Assumes managers will make logical decision that will be optimum in furthering the organizations best interest Also called the classical model |
| Four Steps in Rational Decision Making | 1. Identify the problem or opportunity 2. Think up alternative solutions 3. Evaluate alternatives and select solution 4. Implement and Evaluate the solution chosen |
| Nonrational models of decision making | assumes that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions two types are discussed: satisficing and intuition |
| Bounded Rationality | Suggest that the ability of decision makers to be rational is limited by numerous constaints |
| Satisficing model | because of constraints, managers dont make an exhaustive search for the best alternative. Instead, managers seek alternatives until they find one that is satisfactory, not optimal |
| Intuition Model | making a choice without the use of conscious thought or logical inference |
| Ethics officer | someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas |
| Decision Tree | a graph of decision and their possible consequences |
| Evidence Based management | The translation of principles based on best evidence into organizational practice |
| Business analytics | sophisticated forms of business data analysis |
| Predictive modeling | a data-mining technique used to predict future behavior and anticipate the consequences of change |
| Big Data | includes not only data in corporate databases but also web-browsing data trails, social network communications, sensor data, and surveillance data |
| Big Data Analytics | the process of examining large amounts of data of a variety of types to uncover hidden patterns, unknown correlations, and other useful information |
| Decision-making style | Reflects the combination of how an individual perceives and responds to information |
| Value orientation | reflects the extent to which a person focuses on either task and technical concerns or on people and social concerns when making decisions |
| Tolerance for ambiguity | indicates the extent to which a person has a high need for structure or control in his or her life |
| Four General Decision-Making Styles | 1. Analytical 2. Conceptual 3. Directive 4. Behavioral |
| Relaxed Avoidance | taking no action in the belief that there will be no great negative consequences |
| Relaxed Change | realizing complete inaction will have negative consequences but opts for the first available alternative |
| Defensive avoidance | cant find a solution and follows a) procrastinating b) passing the buck c) denying the risk |
| Panic | so frantic to get rid of the problem that one can't deal with the situation realistically |
| Consensus | occurs when members are able to express their opinions and reach agreement to support the final decision |
| Brainstorming | Technique used to help groups generate multiple ideas and alternatives for solving problems |
Created by:
wtterry41
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