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Business Management

Business MNGT - Ch. 7

TermDefinition
Decision criteria Factors that are important (relevant) to resolving the problem, such as: [COST incurred ie: investments required} {RISKS likely ie chance of failure} {OUTCOMES desired ie. growth of the firm}
Rational decision making Making choices that are logical and consistent while maximizing value.
Bounded rationality Decision making that's rational, but limited (bounded) by an individual's ability to process information.
Satisfice Accepting solutions that are "good enough."
Escalation of commitment ? An increased commitment to a previous decision despite evidence it may have been wrong.
Intuitive decision making Making decisions on the basis of experience, feelings, and accumulated judgement.
Evidence-based management (EBMgt) ? Systematic use of the best available evidence to improve management practice.
Structured problems Problems that are straight forward, familiar, and easily defined.
Programmed decision Decisions that are repetitiave and can be handled by a routine approach.
Procedure
Rule
Policy
Unstructured problems
Non-Programmed decision Non-
Risk
Linear thinking style
Nonlinear thinking style
Heuristics
Created by: tawania
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