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MGTO Topic 1
| Term | Definition |
|---|---|
| work groups | groups that share information and make decisions to help members perform well individually |
| work teams | groups that work towards a common goal that is greater than the sum of the individual inputs |
| a successful team needs to | gather info from all members, determine what inputs matter most, and then integrate the information into a cohesive plan |
| day 1 takeaways | 1. ppl think they can make good decisions based on instinct 2. but all humans have biases (which lead to systematic errors) and we are often unaware of our own biases 3. avoid falling victim to biases by relying on objective, scientific data no anecdot |
| moderator | a third variable that impacts the relationship between two variables |
| when confronted with facts... | ppl tend to dig into misconceptions |
| effective management is not about | anecdotal evidence, common sense, gut reactions, or intuition |
| clinical (practitioner) method to decision making | depends on personal experience and intuition |
| actuarial (statistical) method to decision making | decision making in which human judgement is eliminated by empirically established relations between data and given situation |
| trust gut for this type of task | non-decomposable tasks |
| rational decision model | trying to maximize outcomes and info on alternatives can be gathered and quantified |
| bounded rationality decision model | trying to make a good enough decision, minimum criteria are clear |
| intuitive decision model | trying to set up a hypothesis, no existing theory or evidence exists and new solutions need to be generated |
| dual systems theory | |
| dunning-kruger effect | unskilled workers miscalibrate their competence relative to others |
| availability bias | making decision based on information that is easily available (ex: sampling on the dependent variable) |
| confirmation bias | overweighting of evidence consistent with a favored belief, failure to search impartially for evidence |
| loss aversion | feeling losses more acutely than wins, making you more risk-averse |
| endowment effect | place a higher value on something you own vs. identical thing you do not own |
| affective forecasting | predictions about emotional reactions to future events |
| impact bias | overestimating intensity and duration of emotional reactions to future events |
| focalism | underestimating the influence of other events on thoughts/feelings |
Created by:
CeceliaG
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