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Managment Chapter 3

QuestionAnswer
Decision Making Process A set of 8 steps that includes identifying a problem, selecting a solution, and evaluating the effectiveness of the solution
Problem A discrepancy between an exsisting and a desired state of affairs
Decision Criteria Factors that are relevant to a decision
Decision Implementation Putting a decision into action
Hueristics Judgemental shortcuts or "rules of thumb" used to simplify decision making
Rational decision making Describes choices that are consistant and value-maximizing within specific constraints
Bounded rationality Making decisions that are rational within the limits of a managers ability to process information
Satisfice Accepting solutions that are "good enough"
Escalation of commitment An increased commitment to a previous decision despite evidence that it may have been a poor decision
Intuitive Decision making Making decisions on the basis of experiance, feelings, and accumulated judgement
Structured Problem A straightforward, familiar, and easily defined problem
Unstructured problem A problem that is new or unusual for which information is amibiguous or incomplete
Programmed Decision A repetitive decision that can be handled using a routine approach
Procedure a series of interrelated, sequential steps used to respond to a structured problem
Rule An explicit statement that tells employees what can or cannot be done
Policy A guideline for making decisions
Non-programmed decision A unique and nonrecurring decision that requires a custom-made solution
Certianty A situation which a decision maker can make accurate decisions becaus all outcomes are known
Risk A situation in which a decision maker is able to estimate the likelihood of certain outcomes
Uncertainty A situation in which a decision maker has neither certainty nor reasonable probability estimates available
Groupthink When a group exherts extensive pressure on an individual to withold his or her different views in order to appear to be in an aggreement
Brainstorming An idea generating process that encourages alternatives while witholding criticism.
Nominal group technique A decision making technique in which group members are physically present but operate independently
Electronic Meeting A type of nominal group technique in which participants are linked by computer
Ringisei Japanese consensus forming group decisions
Creativity The ability to produce novel and useful ideas
Created by: Rmeyer
 

 



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