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Managment Chapter 3
| Question | Answer |
|---|---|
| Decision Making Process | A set of 8 steps that includes identifying a problem, selecting a solution, and evaluating the effectiveness of the solution |
| Problem | A discrepancy between an exsisting and a desired state of affairs |
| Decision Criteria | Factors that are relevant to a decision |
| Decision Implementation | Putting a decision into action |
| Hueristics | Judgemental shortcuts or "rules of thumb" used to simplify decision making |
| Rational decision making | Describes choices that are consistant and value-maximizing within specific constraints |
| Bounded rationality | Making decisions that are rational within the limits of a managers ability to process information |
| Satisfice | Accepting solutions that are "good enough" |
| Escalation of commitment | An increased commitment to a previous decision despite evidence that it may have been a poor decision |
| Intuitive Decision making | Making decisions on the basis of experiance, feelings, and accumulated judgement |
| Structured Problem | A straightforward, familiar, and easily defined problem |
| Unstructured problem | A problem that is new or unusual for which information is amibiguous or incomplete |
| Programmed Decision | A repetitive decision that can be handled using a routine approach |
| Procedure | a series of interrelated, sequential steps used to respond to a structured problem |
| Rule | An explicit statement that tells employees what can or cannot be done |
| Policy | A guideline for making decisions |
| Non-programmed decision | A unique and nonrecurring decision that requires a custom-made solution |
| Certianty | A situation which a decision maker can make accurate decisions becaus all outcomes are known |
| Risk | A situation in which a decision maker is able to estimate the likelihood of certain outcomes |
| Uncertainty | A situation in which a decision maker has neither certainty nor reasonable probability estimates available |
| Groupthink | When a group exherts extensive pressure on an individual to withold his or her different views in order to appear to be in an aggreement |
| Brainstorming | An idea generating process that encourages alternatives while witholding criticism. |
| Nominal group technique | A decision making technique in which group members are physically present but operate independently |
| Electronic Meeting | A type of nominal group technique in which participants are linked by computer |
| Ringisei | Japanese consensus forming group decisions |
| Creativity | The ability to produce novel and useful ideas |
Created by:
Rmeyer
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