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Chapter 7 Management
| Question | Answer |
|---|---|
| Decision making | the process by which managers respond to opportunites and threats by analyzing options and making determinations about specific organizational goals and course of action |
| Programmed Decision Making | Routine, virtually automatic decision making that follows established rules or guidelines |
| Nonprogrammed Decision Making | Nonroutine decisions makinf that occurs in response to unusual, unpredictable opportunites and treats |
| Intuition | feelings, beliefs, and hunches that come readily to mind, require little effort and information gathering, and result in on-the-spot- decisions |
| reasoned judgement | a decision that requires time and effort and results from careful information gathering, generation of alternatives, and evalutions of alternatives |
| Classical decision-making model | A prescriptive approach to decision making based on the assumption that the decision maker can identify and evaluate all possible alternatives and their consequences and rationally choose the most appropriate course of action |
| Optimum decision | The most appropriate decision in light of what managers believe to be the most desirable consequences for the organization |
| Administrative model | An approach to decision making that explains why decision making is inherently uncertain and risky and why managers usually make satisfactory rather than optimum decisions. |
| Bounded rationality | Cognitive limitations that constrain one’s ability to interpret, process, and act on information |
| Risk | The degree of probability that the possible outcomes of a particular course of action will occur |
| Uncertainty | Unpredictability |
| Ambiguous information | Information that can be interpreted in multiple and often conflicting ways |
| Satisficing | Searching for and choosing an acceptable, or satisfactory, response to problems and opportunities, rather than trying to make the best decision |
| Six Steps in Decision Making | Recognize the need for a decision, generate alternatives, assess alternatives, choose among alternatives, implement the chosen alternative, learn from feedback |
| General Criteria for evaluating possible courses of action | Practical, Economical, ethical, legal. Inside out. |
| Heuristics | Rules of thumb that simplify decision making |
| Systematic errors | Errors that people make over and over that result in poor decision making |
| Prior-hypothesis bias | A cognitive bias resulting from the tendency to base decisions on strong prior beliefs even if evidence shows that those beliefs are wrong. |
| Representativeness bias | A cognitive bias resulting from the tendency to generalize inappropriately from a small sample or from a single vivid event or episode |
| Illusion of control | A source of cognitive bias resulting from the tendency to overestimate one’s own ability to control activities and events |
| Escalating Commitment | A source of cognitive bias resulting from the tendency to commit additional resources to a project even if evidence shows that the project is failing |
| Groupthink | A pattern of faulty and biased decision making that occurs in groups whose members strive for agreement among themselves at the expense of accurately assessing information relevant to decision |
| Devil’s advocacy | Critical analysis of a preferred alternative, made in response to challenges raised by a group member who, playing the role of devil’s advocate, defends unpopular or opposing alternatives for the sake of argument |
| Dialectical inquiry | Critical analysis of two preferred alternatives in order to find even better alternatives for the organization to adopt |
| Organizational learning | The process through which managers seek to improve employees’ desire and ability to understand and manage the organization and its task environment |
| Learning organization | An organization in which managers try to maximize the ability of individuals and groups to think and behave creatively and thus maximize the potential for organizational learning to take place |
| Creativity | A decision maker’s ability to discover original and novel ideas that lead to feasible alternative course of action |
| Production blocking | A loss of productivity in brainstorming sessions due to the unstructured nature of brainstorming |
| Nominal group technique | A decision-making technique in which group members write down ideas and solutions, read their suggestions to the whole group, and discuss and then rank the alternatives |
| Delphi technique | A decision-making technique in which group members do not meet face to face but respond in writing to questions posed by the group leader. |
| Entrepreneur | An individual who notices opportunities and decides how to mobilize the resources necessary to produce new and improved goods and services |
| Social entrepreneur | An individual who pursues initiatives and opportunities and mobilizes resources to address social problems and needs in order to improve society and well-being through creative solutions |
| Intrapreneur | A manager, scientist, or researcher who works inside an organization and notices opportunities to develop new or improved products and better ways to make them. |
| Enterpreneurship | The mobilization of resources to take advantage of an opportunity to provide customers with new or improved goods and services |
| Product champion | A manager who takes "ownership" of a project and provides the leadership and vision that take a product from the idea stage to the final customer |
| Stunkworks | A group of intrapreneurs who are deliberately separated from the normal operation of an organization to encourage them to devote all their attention to developing new products |
Created by:
lizmartin1111