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Individual & group

management a practical introduction

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
Popular Management sets




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