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ORGS - Chapter 12
INTL 2300 - Chapter 12: Decision-Making, Creativity and Ethics
| Term | Definition |
|---|---|
| Decision | The choice made from two or more alternatives. |
| Rational | The choices that are consistent and value-maximizing within specified constraints. |
| Rational Decision-Making Model | A six-step decision-making model that describes how individuals should behave to maximize some outcome. |
| Steps in the Rational Decision-Making Model | 1. define the problem 2. identify the criteria 3. allocate weights to the criteria 4. develop alternatives 5. evaluate the alternatives 6. select the best alternatives |
| Bounded Rationality | The limitations on a person’s ability to interpret, process, and act on information. |
| Satisficing | This is to provide a solution that is both satisfactory and sufficient. |
| Intuitive Decision Making | An unconscious process created out of a person’s many experiences. |
| Judgement Shortcuts | Overconfidence Bias, Confirmation Bias, Anchoring Bias, Availability Bias, Escalation of Commitment, Randomness Error, Risk Aversion and Hindsight Bias |
| Overconfidence Bias | An error in judgment that arises from being far too optimistic about one’s performance. |
| Anchoring Bias | A tendency to fixate on initial information, from which one then fails to adequately adjust for subsequent information. |
| Confirmation Bias | The tendency to seek out information that reaffirms past choices and to discount information that contradicts past judgments |
| Availability Bias | The tendency for people to base their judgments on information that is readily available to them rather than complete data. |
| Escalation of Commitment | An increased commitment to a previous decision despite negative information. |
| Randomness Error | The tendency of individuals to believe that they can predict the outcome of random events. |
| Risk Aversion | The tendency to prefer a sure gain of a moderate amount over a riskier outcome, even if the riskier outcome might have a higher expected payoff. |
| Hindsight Bias | The tendency to believe falsely, after an outcome of an event is known, that one could have accurately predicted that outcome. |
| Strengths of Group Decision-Making | More complete information and knowledge Increased diversity of views Generates higher-quality decisions This leads to increased acceptance of a solution |
| Weaknesses of Group Decision-Making | More time consuming Can create conformity pressures in groups Discussion can be dominated by one or a few members Decisions suffer from ambiguous responsibility |
| Individuals | _________________ is better than group decision making because it is more speedy and efficient |
| Groupthink | A phenomenon in which group pressures for conformity prevent the group from critically appraising unusual, minority, or unpopular views. |
| Groupthink | Symptoms of _________________ Illusion of invulnerability Assumption of morality Rationalized resistance Peer pressure Minimized doubts Illusion of unanimity |
| Groupshift | A phenomenon in which the initial positions of individual group members become exaggerated because of the interactions of the group. It is a special type of groupthink. |
| Interacting Groups | These are typical groups in which members interact with one another face to face. |
| Brainstorming | An idea-generation process that specifically encourages all alternatives, while withholding any criticism of those alternatives. |
| Nominal Group Technique | A group decision-making method in which individual members meet face to face-to pool their judgments in a systematic but independent fashion. |
| Nominal Group Technique | Team receive description of problem > Individual silently write down possible solutions > the group shares and evaluates everyone's ideas > individual silently rank each solution persented |
| Creativity | The ability to produce novel and useful ideas. |
| The Three-Stage Model of Creativity | 1. Causes (creative potential and creative environment) 2. Creative behaviour (problem formulation > information gathering > idea generation > idea evaluation) 3. Creative outcomes (innovation) |
| Creative Behaviour | Problem Formulation, Information Gathering, Idea Generation and Idea Evaluation |
| Problem Formulation | The stage of creative behaviour that involves identifying a problem or an opportunity that requires a solution as yet unknown. |
| Information Gathering | The stage of creative behaviour when possible solutions to a problem incubate in an individual’s mind. |
| Idea Generation | The process of creative behaviour that involves developing possible solutions to a problem from relevant information and knowledge. |
| Idea Evaluation | The process of creative behaviour involving the evaluation of potential solutions to problems to identify the best one. |
| Ethics | The study of moral values or principles that guide our behaviour and inform us whether actions are right or wrong. |
| Utilitarianism | A decision focused on outcomes or consequences that emphasize the greatest good for the greatest number. |
| Four Ethical Decision Criteria | 1. Utilitarianism 2. Make decisions consistent with the law 3. Impose and enforce rules fairly and impartially 4. Care |
| Broken Windows Theory | The idea that decayed and disorderly urban environments may facilitate criminal behaviour because they signal antisocial norms. |
| Culture and Ethics | There are no global ethical standards. Differences in ethics mean that global organizations must establish ethical principles for decision-makers in different countries. |
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