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STMG191 Ch. 3 & 7
Planning and Decision Making
| Question | Answer |
|---|---|
| What is information? | Is data made useful for decision making |
| What is intellectual capital? | The collective brain power or shared knowledge of a workforce |
| ________ ___________ is the ability to understand and use computers to advantage | Computer competency |
| Information competency is what? | The ability to use computers and information technology to locate, retrieve, evaluate, organise, and analyse information for decision making. |
| What is does IT stand for? | Information Technology |
| Define Information Technology (IT) | The computer hardware, software, networks, and databases supporting information use |
| ___________ ____________ is instantaneous communication between people online at the same time | Instant messaging |
| What does peer-to-peer file sharing do? | Connects PC's directly to one another over the internet |
| What is the most significant way that IT is changing organisations? | It is breaking down barriers within organisations and between organisations |
| Define electronic commerce. | The buying and selling of goods and services through use of the internet |
| What do information systems do? | They use IT to collect, organise, and distribute data for us in decision making |
| Information systems use _______ to collect, organise, and distribute data for us in decision making | IT |
| What are the five essential characteristics of useful information? | Timeliness, quality, completeness, relevance, understandability |
| The five essential characteristics of useful information are __________, quality, completeness, relevance, understandability | Timeliness |
| The five essential characteristics of useful information are timeliness, _________, completeness, relevance, understandability | Quality |
| The five essential characteristics of useful information are timeliness, quality, __________, relevance, understandability | Completeness |
| The five essential characteristics of useful information are timeliness, quality, completeness, ___________, understandability | Relevance |
| The five essential characteristics of useful information are timeliness, quality, completeness, relevance, __________________ | Understandability |
| Intelligence information is _________from the external environment | Gathered |
| Intelligence Information is what? | Information gathered from the external environment |
| Public information is ____________ to the external environment | disseminated |
| Information flows ____________ and _____________ within an organisation to facilitate problem solving and decision-making | vertically / horizontally |
| What problem-solving and decision-making tasks do First Level Managers do? | Implement operational plans and objectives; make short-term decisions; transact day-to-dy business operations |
| What Level of manager performs the following tasks: Implement operational plans and objectives; make short-term decisions; transact day-to-dy business operations? | First Level |
| hat problem-solving and decision-making tasks to Middle Managers do? | Formulate operational plans and objectives to implement strategy; make operational decisions |
| What Level of manager performs the following tasks: Formulate operational plans and objectives to implement strategy; make operational decisions? | Middle Managers |
| What problem-solving and decision-making tasks do Top Managers do? | Formulate strategy, policies, long term plans and objectives, make strategic decisions |
| What Level of manager performs the following tasks:Formulate strategy, policies, long term plans and objectives, make strategic decisions? | Top Managers |
| What does a 'decision support system' do? | Allows a computer to help organise and analyse data for problem solving |
| What system allows a computer to help organise and analyse data for problem solving? | A decision support system |
| What do 'expert systems' allow? | Computers to mimic the thinking of human experts for applied problem solving |
| What does DSS stand for? | Decision Support System |
| What does GDSS stand for? | Group Decision Support System |
| What is AI? | Artificial Intelligence |
| What do intranets and corporate portals have in common? | They use the web for communication and data sharing within an organisation |
| What do extranets and enterprise portals do? | Use the web for communication and data sharing between the organisation and its environment |
| What does an electronic data exchange do? | Uses controlled access to enterprise portals and supporting software to enable firms to transact business electronically with one another |
| What is a management information system (MIS) designed to do? | Use IT to meet the information needs of managers as they make a variety of decisions on a day to day basis |
| What do all of Mintzberg's vital managerial roles involve? | Using communication and information processing |
| What are the vital managerial roles as defined by Mintzberg? | Interpersonal roles, decisional roles, and information roles |
| What are the four functions of management? | Controlling, leading, planning, and organising |
| What does problem-solving involve? | Identifying and taking action to resolve problems |
| What involves identifying and taking action to resolve problems? | Problem solving |
| What is a decision? | A choice between alternative choices of action |
| What is a choice between alternative choices of action? | A decision |
| What are programmed decisions? | Solutions already available form past experience to solve problems that are familiar, clear, straight-forward and have transparent information needs |
| What do 'programmed decisions' do? | Apply solutions from past experience to a routine problem |
| What do 'non-programmed decisions' do? | Apply specific solutions crafted for a unique problem |
| What type of decision applies specific solutions crafted for a unique problem? | Non-programmed Decisions |
| What type of decision applies solutions from past experience to a routine problem? | Programmed Decisions |
| Define a 'crisis'. | An unexpected problem that can lead to disaster if not resolved quickly and appropriately |
| What is an unexpected problem that can lead to disaster if not resolved quickly and appropriately? | A crisis |
| What do 'certain environments' offer? | Complete information on possible action alternatives and their consequences |
| What does a 'risk environment' look like? | Lacks complete information, but offers 'probabilities' of the likely outcomes for possible action alternatives |
| What does an 'uncertain environment' look like? | Lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives |
| What are the three different types of managerial approaches to decisions? | Problem avoiders, problem solvers, and problem seekers |
| What type of managerial approach to decision making ignores information that would otherwise signal the presence of an opportunity or performance deficiency? | Problem avoider |
| What type of managerial approach to decision making is willing to make decisions and try to solve problems only when forced to do so by the situation? | Problem solvers |
| Problem solvers are __________ in gathering information and responding to problems as they occur. | reactive |
| What type of managerial approach to decision making actively processes information and constantly looks for problems to solve or opportunities to explore? | Problem seeker |
| Problem seekrs are ___________ and forward thinking in their anticipation of problems and opportunities and they take appropriate action to gain the advantage. | proactive |
| How does 'systematic thinking' approach problems? | In a rational and analytical fashion |
| What way of thinking approaches problems in a rational and analytical fashion? | Systematic thinking |
| What way of thinking approaches problems in a flexible and spontaneous fashion? | Intuitive thinking |
| How does 'intuitive thinking' approach problems? | In a flexible and spontaneous fashion |
| What does 'strategic opportunism' do? | Focuses on long-term objectives while being flexible in dealing with short-term problems |
| What management approach to decisions focuses on long-term objectives while being flexible in dealing with short-term problems? | Strategic opportunism |
| Define 'decision-making'. | The process of making choices between alternative choices of action |
| What are the five steps in decision making? | 1. Find and define problem 2. Generate and evaluate alternative solutions 3. Select preferred solution and conduct ethics double check 4. Implement solution 5. Evaluate results |
| How many steps are there in decision making? | Five |
| What step in decision making is missing? 1. Find and define problem 2. Generate and evaluate alternative solutions ___________________________________ 4. Implement solution 5. Evaluate results | 3. Select preferred solution and conduct ethics double check |
| The classical decision model and the optimising decision model are useful during what step of the decision making process? | 3. Choosing a solution |
| What does the 'classical decision model' describe? | Decision-making with complete information |
| What does the 'optimising decision model' describe? | The alternative giving the best solution to a problem |
| How does the Classical Model view the manager's situation in decision making? | As acting with complete information in a certain environment |
| How does the Behavioural Model view the manager's situation in decision making? | As having cognitive limitations and acting with incomplete information in risk and uncertain environments |
| What are 'cognitive limitations'? | Limits to our human information-processing capabilities (Herbert Simon) |
| What are 'satisficing decisions'? | Choosing the first satisfactory alternative to your decision |
| Which model does 'satisficing decisions' belong to? | The Behavioural Model |
| What are heuristics? | Strategies for simplifying decision making |
| What decision-making approach uses heuristics? | The Judgemental Heuristics Approach |
| What three heuristics are present in the Judgemental Heuristics Approach? | Availability heuristic, representativeness heuristic, anchoring and adjustment heuristic |
| Define 'escalating commitment' | A decision to increase effort and perhaps appy more resources to pursue a course of action that is not working |
| When does the availability heuristic occur? | When people use information readily available from memory as a basis for assessing a current event or situation |
| When does the representativeness heuristic occur? | When people assess the likelihood of something occurring based on its similarity to a stereotyped set of occurrences |
| When does the anchoring and adjustment heuristic occur? | When decisions are made based on adjustments to a previously existing value or starting point |
| What are some of the potential advantages of group decision making? | Greater amounts of information, knowledge and expertise; expanded number of action alternatives that are examined; avoidance of tunnel vision and limited options; increased understanding and acceptance of outcomes by members; increase in commitment |
| What are some of the potential disadvantages of group decision making? | Social pressure to conform; minority domination reduces actual involvement of entire group; time factor can be too long or too costly |
| What is the 'ethics double check'? | Asking two questions; "how would I feel if my family found out about this decision?" and "how would I feel if this decision were published in the local newspaper?" |
| What is knowledge management? | The process of using intellectual capital for competitive advantage |
| Who is a CKO? | Chief Knowledge Officer |
| What are the five core ingredients of 'learning organisations'? | 1. Mental models; 2. Personal mastery; 3. Systems thinking; 4. Share vision; 5. Team learning |
| Define a 'learning organisation'. | An organisation that continuously changes and improves using the lessons of experience |
| __________ is the process of setting objectives and determining how to accomplish them. | Planning |
| Define 'planning'. | Setting objectives and determining how to accomplish them. |
| What are 'objectives'? | Specific results that someone wishes to achieve and may relate to the individual, the group, or the organisation |
| ___________ are specific results that someone wishes to achieve and may relate to the individual, the group, or the organisation? | Objectives |
| What does 'scenario planning' do? | Identifies alternative future scenarios and makes plans to deal with each. |
| __________ __________ identifies alternative future scenarios and makes plans to deal with each. | Scenario planning |
| What does planning do? | Sets the direction - defines where you want to go and the best way to go about it |
| What sets the direction and defines where you want to go and the best way to go about it? | Planning |
| What is a plan? | A statement of intended means for accomplishing objectives |
| How many steps are there in the planning process? | Five |
| What are the five steps of the planning process? | 1. Define your objectives; 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results |
| The five steps of the planning process are:_________ 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results | 1. Define your objectives; |
| The five steps of the planning process are: 1. Define your objectives;________________ 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results | 2. Determine where you stand in relation to objectives |
| The five steps of the planning process are: 1. Define your objectives; 2. Determine where you stand in relation to objectives; _________________; 4. Analyse and choose among action alternatives; 5; Implement the plan and evaluate results | 3. Develop premises regarding future conditions |
| The five steps of the planning process are: 1. Define your objectives; 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; ____________________; 5; Implement the plan and evaluate results | 4. Analyse and choose among action alternatives; |
| The five steps of the planning process are: 1. Define your objectives; 2. Determine where you stand in relation to objectives; 3. Develop premises regarding future conditions; 4. Analyse and choose among action alternatives; ____________________. | 5. Implement the plan and evaluate results |
| What is the SMART model? | A planning approach to determining effective organisational objectives that requires that they be specific, measurable, actionable, reasonable, and timetabled. |
| What planning approach to determining effective organisational objectives requires that they be specific, measurable, actionable, reasonable, and timetabled? | The SMART Model |
| Explain the "Specific" characteristic of the SMART Goal Model. | Objectives need to be clearly defined so that it is easy to understand what is achieved and what will be considered successful |
| Which characteristic of the SMART model states that: Objectives need to be clearly defined so that it is easy to understand what is achieved and what will be considered successful? | Specific |
| Explain the "Measurable" characteristic of the SMART Goal Model. | The exact measure must be stated and the objective must be able to be measured through some means |
| Which characteristic of the Smart model states that: The exact measure must b stated and the objective must be able to be measured through some means? | Measurable |
| Explain the "Actionable" characteristic of the SMART Goal Model. | An organisation needs to ensure that its business-unit managers have the authority and resources to take the actions necessary to achieve set objectives |
| Which SMART model states that: An organisation needs to ensure that its business-unit managers have the authority and resources to take the actions necessary to achieve set objectives? | Actionable |
| Explain the "Reasonable" characteristic of the SMART Goal Model. | Unrealistic objectives are a disincentive for both managers and their employees |
| Which characteristic of the SMART Goal Model states that: Unrealistic objectives are a disincentive for both managers and their employees? | Reasonable |
| Explain the "Timetabled" characteristic of the SMART Goal Model. | Objectives should have milestone dates or deadlines at which progress towards achieving them will be measured. |
| Which SMART Goal Model states that: Objectives should have milestone dates or deadlines at which progress towards achieving them will be measured? | Timetabled |
| What prevents the input of effort into ineffective objectives? | Alignment |
| Scenario planning improves what five aspects of management? | Focus and flexibility, action orientation, coordination, time management, and control |
| The hierarchy of objectives for TQM contain what five objectives? | Mission and purpose, top management objective, senior management objective, middle manager objective, line manager objective |
| ______ of ______ shows objectives at each level of work linked together in a means-ends fashion. | Hierarchy [of] Aims |
| How much time does a short-rang plan cover? | One year or less |
| How much time does an intermediate-range plan cover? | One to two years |
| How much time does a long-range plan cover? | Three or more years |
| Who is likely to be involved in long-range plan setting? | Top management |
| Who is likely to be involved in intermediate-range plan setting? | Lower management levels (Line, Middle) |
| What do strategic plans do? | Define long-term needs and set action directions for the organisation. Tactical plans are developed and used to implement strategic plans. |
| What are plans that "define long-term needs and set action directions for the organisation. Tactical plans are developed and used to implement strategic plans" called? | Strategic plans |
| What do operational plans do? | Define specific activities to implement strategic plans |
| What type of plan defines specific activities to implement strategic plans? | Operational plans |
| What are five typical operational plans? | Production plans, financial plans, facilities plans, marketing plans, and human resource plans |
| Production plans, financial plans, facilities plans, marketing plans, and human resource plans are all examples of which type of plan? | Operational plan |
| A policy is what? | A standing plan that communicates broad guidelines for decisions and action. |
| A standing plan that communicates broad guidelines for decisions and action is a __________. | Policy |
| Procedures do what? | Precisely describe actions that are to be taken in specific situations. They define the recommended sequence of events needed to accomplish a task or set of tasks |
| What precisely describes actions that are to be taken in specific situations. They define the recommended sequence of events needed to accomplish a task or set of tasks? | Procedures |
| What do rules do? | Indicate what is and what is not acceptable behaviour and often specify the outcome of breaking them |
| What type of plans are budgets? | Plans that commit resources to projects or activities |
| Plans that indicate what is and what is not acceptable behaviour and often specify the outcome of breaking them are called...? | Rules |
| Plans that commit resources to projects or activities are called...? | Budgets |
| What is a zero-based budget? | A budget that allocates resources to a project or activity as it were brand new and where all projects compete anew for available funds. |
| What type of budget allocates resources to a project or activity as it were brand new and where all projects compete anew for available funds? | Zero-based budget |
| Single-use plans for accomplishing a specific major project are called what? | Project schedules. |
| Project schedules are what? | Single-use plans for accomplishing a specific major project are called what? |
| What is a forecast? | An attempt to predict future outcomes |
| An attempt to predict future outcomes is called what? | Forecasting |
| What does qualitative forecasting use to predict the future? | The opinions of a single person with expertise or reputation, or a panel of experts |
| What does quantitative forecasting use to predict the future? | Mathematical and statistical analysis of data banks to predict future events |
| What is contingency planning? | A type of planning that identifies alternative courses of action for use if and when circumstances change with time |
| Planning that identifies alternative courses of action for use if and when circumstances change with time is called...? | Contingency planning |
| What is scenario planning? | The long-term version of contingency planning that focusses on organisation flexibility in terms of geopolitical change, terrorism, climate change, sustainable development, human rights, and biodiversity |
| What does benchmarking do? | Benchmarking uses external comparisons to gain insights for planning |
| What uses external comparisons to gain insights for planning? | Benchmarking |
| What is Management By Objectives (MBO)? | The process of joint objective-setting between a manager and a staff member |
| The process of joint objective-setting between a manager and a staff member is called what? | Management By Objectives |
| MBO stands for what? | Management By Objectives |
| What agreement between managers and staff members involves jointly planning, individually acting, and jointly controlling objectives? | Management By Objectives(MBO) |
| What three types of objectives can be specified in a MBO contract? | Improvement objectives, Personal development objectives, Maintenance objectives |
| What is one challenge of MBO? | The need for performance objectives to be measurable/quantifiable |
| What can a manager use to bypass difficulties measuring objectives in MBO? | Verifiable work activities |
| What is participatory planning? | Planning that includes the people who will be affected by plans and/or whose help is needed to implement them. |
| What steps to planning are included in the Formal Planning Process? | Define planning objectives, determine where things stand in regard to objectives, develop premises regarding future conditions, identify action alternatives and make plans, implement plans and evaluate results |
| What planning process defines planning objectives, determines where things stand in regard to objectives, develops premises regarding future conditions, identifies action alternatives and make plans, and implements plans and evaluates results? | The Formal Planning Process |
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ginamaye
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