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ManT3-Ch9
Decision Making
| Question | Answer |
|---|---|
| Data | raw facts and observations |
| Information | data made useful |
| Information is truly useful if | Timely, High quality, complete, relevant, understandable |
| Information technology (IT) | acquire store and process information |
| External Information | intelligence info - deal with customers competitors, etc outside company public info - info that goes to the stakeholders and those in external environment |
| information systems | use IT to collect organize and distribute data for use in decision making |
| management information systems | meet the information needs of managers in making daily decisions |
| IT advantages | planning, organizing, leading, controlling |
| problem solving | identifying and taking action to resolve problems |
| systematic thinking | approaches problem is a rational and analytical fashion |
| intuitive thinkign | approaches problems in a flexible and spontaneous fashion |
| multidimensional thinking | ability to view many problems at once across both long and short time horizons |
| Cognitive styles | sensation thinkers, sensation feelers, intuitive thinkers, intuitive feelers |
| sensation thinkers | impersonal and realistic approach to problem solving; hard facts, clear goals and certainty |
| sensation feelers | both analysis and human relations; open communicators and sensitive to feelings and values |
| intuitive thinkers | comfortable and unstructured situations; idealistic and prone toward intellectual and theoretical positions, logical and impersonnal but also avoid details |
| intuitive feelers | broad global issues; insightful and avoid details, value flexibility and human relationships |
| structured problems | familiar straightforward problems require programmed decisions |
| unstructured problems | new and unusual situations full of ambiguities require nonprogrammed decisions |
| certain environment | offers complete information on possible action alternatives and their consequences |
| risk environment | lacks complete information but offers "probabilities" of the likely outcomes for possible action alternatives |
| uncertain environment | lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives |
| 5 steps Decision Making Process | 1.Define problem 2.Alternative Solutions 3.Make decision ethic doublecheck 4.Implement 5.Evaluate |
| Cost-benefit analysis | part of alternative courses of action; comparing costs and benefits of each course of action |
| Classical decision model | decision making with complete information |
| optimizing decision | chooses the alternative giving absolute best solution to a problem; can only make under classical decision model |
| behavioral model | not the most amount of info you could have; only act in terms of own perception |
| satisficing decision | decision made based on the first satisfactory alternative; made based on behavioral model |
| bounded rationality | making decisions within the constraint of limited info and alternatives |
| heuristics | simplifying strategies used in decision making |
| availability heuristic | readily available info from memory-problem: fallible and often irrelevant |
| representativeness heuristic | similarity to other situations; problem: masks factors important and relevant to the decision |
| anchoring and adjustment heuristic | incremental adjustments from a prior decision point; problem: original anchor may be wrong or unrepresentative |
| framing error | trying to solve a problem in the context it is perceived in |
| implicit favorite | make decision "just because" |
| confirmation error | we only seek out information that justifies our answer or decision |
| escalating commitment | throwing money and time into a sinking ship |
Created by:
gwellnvrmind
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