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MGMT 301: Chapter 7

MGMT 301: Chapter 7 Questions

Define Decision: Is a choice made from among available alternatives
Define Decision Making: Process of identifying and choosing alternative courses of action
What are the two forms of thinking? 1) System 1 - Intuitive and largely unconscious 2) System 2 - Analytical and conscious System 1 uses association and metaphor to produce quick and dirty draft of reality. System 2 draws on to arrive at explicit beliefs and reasoned choices
What are the two approaches to making decisions? 1) Rational Model 2) Nonrational Model
Define Rational Model of Decision Making: Also known as the classical model, it explains how managers should make decisions. It assumes managers will make logical decisions that are the optimal means of furthering the organization's best interests
What are the stages associated with radical decision making? Stage 1 - Identify the problem or opportunity Stage 2 - Think up alternative solutions Stage 3 - Evaluate alternatives & select a solution Stage 4 - Implement & evaluate the solution chosen
Define Problems: Difficulties that inhibit the achievement of goals: customer complaints, supplier breakdowns, staff turnover, sales shortfalls, competitor innovations, low employee motivation, and poor quality
Define Opportunities: Situations that present possibilities for exceeding existing goals
Define Diagnosis: Analyzing the underlying causes.
What is stage 1 of the radical decision making process? Identify the problem or opportunity, determine the actual versus the desirable.
What is stage 2 of the radical decision making process? Think up alternative solutions both the obvious and the creative. After identifying the problem or opportunity and diagnosed its causes, you need to come up with alternative solutions
What is stage 3 of the radical decision making process? Evaluate alternatives and select a solution - ethics, feasibility, and effectiveness.
What is stage 4 of the radical decision making process? Implement and evaluate the solution chosen. For implementation to be successful, you need to do two things: Plan carefully Be sensitive to those affected
What is the Law of Unintended Consequences? Things happen that weren't foreseen
What should you do if an action is not working? Give it more time Change it slightly Try another alternative Start over
What are the assumptions of the rational model? 1) Complete information, no uncertainty 2) Logical, unemotional analysis 3) Best decision for the organization
Define Nonrational Models: 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 are... Descriptive rather than prescriptive. Describe how managers actually make decisions rather than how they should.
What did Herbert Simon propose? Proposed that managers could not act truly logically because their rationality was bounded by so many restrictions
Define Bounded Rationality: Concept suggest that the ability of decision makers to be rational is limited by numerous constraints
Define Satisficing Model: Managers seek alternatives until they found one that is satisfactory, not optimal
Define Intuition: Making a choice without the use of conscious thought or logical inference. 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
How do you improve intuition? 1) Immerse yourself in data and facts 2) Practice "first principles thinking" 3) Be mindful and open to insights 4) Test your intuition 5) Reward your intuitions
Define Ethics Officer: Someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas
Define Decision Tree: Graph of decisions and their possible consequences; it is used to create a plan to reach a goal.
What are 4 questions to ask during an ethical decision making process? 1) Is the proposed action legal? 2) If "Yes" Does the proposed action maximize shareholder value 3) If "Yes" Is the proposed Action Ethical? 4) If "No" Would It Be Ethical Not To Take Proposed Action
What are the first four/eight Google rules for being a better manager? 1) Be a good coach 2) Empower your team, don't micromanage 3) Express interest in team members' success and personal well-being 4) Don't be a "sissy" : Be productive and results oriented
What are the last four/eight Google rules for being a better manager? 5) Be a good communicator and listen to your team 6) Help your employees with career development 7) Have a clear vision 8) Have key technical skills so you can help advise the team
What are the two last two rules Google introduced later after establishing first eight? 9) Collaborate across Google 10) Be a strong decision maker
Define Evidence-Based Management: Translation of principles based on best evidence into organizational practice, bringing rationality to the decision-making process.
What are the first five/seven implementation principles? 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
What are the last two/seven implementation principles 6) If all else fails, slow the spread of bad practice 7) The best diagnostic question: What happens when people fail?
What makes it hard to be evidence based? 1) Too much evidence 2) Not enough good evidence 3) Evidence doesn't quite apply 4) People are trying to mislead you 5) You are trying to mislead yourself 6) Side-effects outweigh the cure
Define Analytics: Term used for sophisticated forms of business data analysis
What are the key attributes among analytics competitors: Use of modeling, multiple applications, and support from top management
Using of Modeling is... Going beyond simple descriptive statistics . Companies will look well beyond basic statistics, data mining, and predictive modeling to identify potential and most profitable customers
Define Predictive Modeling: Data mining technique used to predict future behavior and anticipate the consequences of change
Analytics competitors advise to use... Multiple applications, not just one
Major transition requires... Support from the top (top executives) who have a passion for the quantitative approach
Define Big Data: Includes not only data in corporate databases, but also web-browsing trails, social network communications, sensor data, and surveillance data.
Define Big Data Analytics: Process of examining large amounts of data of a variety of types to uncover hidden patterns unknown correlations, and other useful information
Uses of Big Data analytics consist of: Analyzing consumer behavior and spurring sales Improving hiring and human resource management Tracking movie, music, TV, and reading data Advancing health and medicine Aiding public policy
Define Decision-Making Style: Reflects the combination of how an individual perceives and respond to information
Researchers developed a model of decision making styles based on the idea that styles vary along two different dimensions. What are those two different dimensions? Value orientation and tolerance for ambiguity
Define Value Orientation: Reflects the extent to which a person focuses on either task and technical concerns or people and social concerns when making decisions
Define Tolerance for Ambiguity: Individual difference indicates the extent to which a person has a high need for structure or control in his or her life. Some people desire a lot of structure in their lives and find ambiguous situations stressful and psychologically uncomfortable
When the dimensions of value orientation and tolerance for ambiguity are combined, they form the styles of decision making: 1) Directive 2) Analytical 3) Conceptual 4) Behavioral
What is the Directive Style? Action-oriented decision makers who focus on facts. Managers have low tolerance for ambiguity and are oriented toward task and technical concerns in making decisions.
What is the Analytical Style? Careful decision makers who like lots of information and alternative choices. Managers have higher tolerance for ambiguity and respond well to new or uncertain situations
What is the Conceptual Style? Decision makers who rely on intuition and have a long-term perspective. Managers have a high tolerance for ambiguity and tend to focus on the people social aspects of a work situation
What is the Behavioral Style? Most people-oriented decision makers. This style is the most people-oriented of the four styles. People work well with others and enjoy social interactions in which opinions are openly exchanged.
Define Heuristics: Strategies that simplify the process of making decisions
Define Availability Bias: Use of information readily available from memory to make judgements
Define Representative Bias: Tendency to generalize from a small sample or a single event
Define Confirmation Bias: Occurs when people seek information to support their point of view and discount data that do not support it
Define Sunk-Cost Bias: Occurs when managers add up all the money already spent on a project and conclude it is too costly to simply abandon it.
Define Anchoring and Adjustments Bias: Tendency to make decisions based on an initial figure
Define Overconfidence Bias: Bias in which people's subjective confidence in their decision making is greater than their objective accuracy
Define Hinsdight Bias: Tendency of people to view events as more predictable than they really are
Define Framing Bias: Tendency of decision makers to be influenced by the way a situation or problem is presented to them
Define Escalation of Commitment Bias: Whereby decision makers increase their commitment to a project despite negative information about it
Assisted Intelligence.... Simply automates basic tasks, making it faster and cheaper for humans to accomplish them
Augmented Intelligence.... Describes most of the applications with Assisted Intelligence. Learns from human inputs in order to assist humans in making better decisions
Autonomous Intelligence... Humans have given operational control to the machine
What are the advantages of using a group to make decisions? 1) Greater pool of knowledge 2) Different perspectives 3) Intellectual Stimulation 4) Better understanding of decision rationale 5) Deeper commitment to the decision
What are the disadvantages of using a group to make decisions? 1) Few people dominate or intimidate 2) Groupthink
Define Groupthink: Occurs when group members strive to agree for the sake of unanimity and thus avoid accurately assessing the decision situation
Define Goal Displacement: Occurs when the primary goal is subsumed by a secondary goal
What are the symptoms of Groupthink? 1) Sense of invulnerability 2) Rationalization 3) Illusion of unanimity and peer pressure 4) Wisdom of crowds
What are the preventive measures to prevent Groupthink? Allow criticism Allow other perspectives
What are the characteristics of group decision making? 1) They are less efficient 2) Size affects decision quality 3) May be too confident 4) Knowledge counts
Define Consensus: Occurs when members are able to express their opinions and reach agreement to support the final decision
What are the group problem solving techniques? 1) Brainstorming 2) Devil's Advocacy 3) Dialectic Method 4) Post-Mortems
Define Brainstorming: Technique used to help groups generate multiple ideas and alternatives for solving problems
Define Electronic Brainstorming: Sometimes called brain writing, it is which members of a group come together over a computer network to generate ideas and alternatives
What are the rules of brainstorming? 1) Defer judgement 2) Build on the ideas of others 3) Encourage wild ideas 4) Go for quantity over quality 5) Be visual 6) One conversation at a time
Define Devil's Advocacy: Assigns someone the role of critic
Dialectic Method... Calls for managers to foster a structured dialogue or debate of opposing viewpoints prior to making a decision
Define Project Post-Mortem: Review of recent decisions in order to identify possible future improvements
Created by: DavidMV2014



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