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Individual & group
management a practical introduction
| Question | Answer |
|---|---|
| AKA business analytics, the term used for sophisticated forms of business data analysis | analytics |
| the tendency to make decisions based on an initial figure | anchoring and adjustment bias |
| managers use information readily available from memory to make judgment | availability bias |
| the concept suggests that the ability of decision makers to be rational is limited by numerous constraints | bounded rationality |
| is a technique used to help groups generate multiple ideas and alternatives for solving problems | brainstorming |
| is when people seek information to support their point of view and discount data that do not. | confirmation bias |
| which occurs when members are able to express their opinions and reach agreement to support the final decision | consensus |
| a manager agrees that he/she must decide what to do about a problem or opportunity and take effective decisions-making steps | deciding to decide |
| is a choice made from among available alternatives | decision |
| is the process of identifying and choosing alternative courses of action | decision making |
| reflects the combination of how an individual perceives and respond to information | decision-making style |
| is a graph of decisions and their possible consequences; it is used to create a plan to reach a goal | decision tree |
| a manager can't find a good solution and follows by a) procrastinating, b) passing the buck, c) denying the risk of any negative consequences | defensive avoidance |
| is a group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas, the judgments are combined and in effect averaged to achieve a consensus of expert opinion | Delphi technique |
| analyzing the underlying causes | diagnosis |
| sometimes called brainwritting in which members of a group come together over a computer network generate ideas and alternatives | electronic brainstorming |
| whereby decisions makers increase their commitment to a project despite negative information about it | escalation of commitment bias |
| someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas | ethics officer |
| occurs when the primary goal is subsumed by a secondary goal | goal displacement |
| occurs when group members strive to agree for the sake of unanimity and thus avoid accurately assessing the decision situation | groupthink |
| strategies that simplify the process of making decisions | heuristics |
| is making a choice without the use of conscious thought or logical inference | intuition |
| in which managers take small, short-term steps to alleviate a problem | incremental model |
| 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 of decision making |
| situations that present possibilities for exceeding existing goals | opportunities |
| a manager is so frantic to get rid of the problem that he/she can't deal with the situation realistically | panic |
| the process of involving employees in a) setting goals, b) making decisions, c) solving problems, d) making changes in the organization | participative management (PM) |
| is a data-mining technique used to predict future behavior and anticipate the consequences of change | predicitive modeling |
| or difficulties that inhibit the achievement of goals | problems |
| AKA classical model, explains how managers should make decisions; it assumes managers will make logical decisions that will be the optimum in furthering the organization's best interest | rational model of decision making |
| a manager decides to take no action in the belief that there will be no great negative consequences | relaxed avoidance |
| a manager realizes that complete inaction will have negative consequences but opts for the first available alternative that involves low risks | relaxed change |
| the tendency to generalize from a small sample or a single event | representativeness bias |
| is the willingness to gamble or to undertake risk for the possibility of gaining an increased payoff | risk propensity |
| is managers seek alternatives until they find one that is satisfactory, not optimal | satisficing model |
| or sunk-cost fallacy is when managers add up all the money already spent on a project and conclude it is too costly to simply abandon it | sunk-cost bias |
Created by:
blearly
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