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Terms in this set (93)________ ________ is the process of developing a commitment to some course of action. Decision making A ________ exists when a gap is perceived between some existing state and some desired state. Problem For a ________ ________ ________, the existing state is clear, the desired state is clear, and how to get from one state to the other is fairly obvious. Well-structured problem A ________ is simply a standardized way of solving a problem Program An ________ ________ ________ is a problem in which the existing and desired states are unclear and the method of getting to the desired state (even if clarified) is unknown. Ill-structured problem What is the rational decision making process? Decision making involves making a(n) ________ among several action alternatives. Second, decision making is a(n) _________ that involves more than simply the final choice among alternatives. Finally, the "commitment" mentioned in the definition usually involves some commitment of ____________. a) List; ranking; employees b) Choice; process; resources A problem exists when a gap is perceived between some existing state and some ____________. a) Other state d) Desired state Because decision making takes time and is prone to error, organizations (and individuals) attempt to ___________ the decision making for well-structured problems. a) Ignore b) Program Rules, routines, standard operating procedures, and rules of thumb are all _____________. a) Well-structured problems d) Programs Ill-structured problems are generally _________; that is, they are unusual and have not been encountered before. a) Unique a) Unique ________ ________ is a decision strategy that is completely informed, perfectly logical, and orientated toward economic gain. Perfect rationality ________ ________ is a decision strategy that relies on limited information and that reflects time constraints and political considerations. Bounded rationality ________ refers to the (sometimes subtle) aspects of the presentation of information about a problem that are assumed by decision makers. Framing ________ ________ are tendencies to acquire and process information in a particular way that is prone to error Cognitive biases ________ ________ the tendency to seek out information that conforms to one's own definition of or solution to a problem. Confirmation bias ________ ________ ________ ________ is the tendency to ignore or harbor negative attitudes toward ideas from outside one's own organization or project team. Not-invented-here bias ________ ________ is the reception of more information than is necessary to make effective decisions. Information overload ________ is the choice of the decision alternative with the greatest expected value. Maximization The ________ ________ illustrates that decision makers do not adjust their estimates enough from some initial estimate that serves as an (often irrelevant) anchor. Anchoring effect ________ means that the decision maker establishes an adequate level of acceptability for a solution and then screens solutions until he or she finds one that exceeds this level. Satisficing ________ ________ are permanent losses of resources incurred as the result of a decision. Sunk costs ________ ________ ________ is the tendency to invest additional resources in an apparently failing course of action. Escalation of commitment ________ refers to the tendency to review the decision-making process that was used to find out what was done right (in the case of success) or wrong (in the case of failure). Hindsight Contrast perfectly rational decision making with bounded rationality. Summarize cognitive biases in decision making. Perfect rationality says that an individual or an organization has ___________. a) Complete and perfect information a) Complete and perfect information Perfect rationality has only one criterion for decision making: ____________________. a) Cost b) Economic gain How problems and decision alternatives are _______ can have a powerful impact on resulting decisions. a) Limited d) Framed The justification of _______ decisions is best seen in the irrational treatment of sunk costs. a) One's own d) Faulty Emotionless decision making would be _____ decision making. a) Perfect b) Poor ________ ________ ________ is the ability of group members to share the burden of the negative consequences of a poor decision. Diffusion of responsibility What must be true for groups to perform better than individuals? - The group members differ in relevant skills and abilities, as long as they
do not differ so much that conflict occurs. What are some disadvantages of group decision making? Time, conflict, domination, and groupthink ________ is the capacity for group pressure to damage the mental efficiency, reality testing, and moral judgement of decision-making groups. Groupthink What are some groupthink symptoms? - Illusion of invulnerability. ________ ________ is a person appointed to identify and challenge the weaknesses of a proposed plan or strategy. Devil's advocate ________ ________ the tendency for groups to make riskier decisions than the average risk initially advocated by their individual members. Risky shift
________ ________ the tendency for groups to make less risky decisions than the average risk initially advocated by their individual members. Conservative shift Groups are often used to make decisions on the premise that a decision made in this way will be more ________ to those involved. a) Acceptable a) Acceptable _________________ describes the ability of group members to share the burden of the negative consequences of a poor decision. a) Cognitive bias d) Diffusion of responsibility The process of conformity can have a strong influence on the decisions that groups make. The most extreme influence is seen when ________ occurs. a) Conflict b) Groupthink Which of the following is NOT a groupthink symptom? a) The illusion of invulnerability c) Devil's advocate A risky shift is ___________________________. a) The individual with the highest risk preference in a group d) The tendency for groups to make riskier decisions ________ ________ ________ is making decisions through the conscientious, explicit, and judicious use of the best available evidence from multiple sources. Evidence-based management ________ involves "outsourcing" aspects of a decision process to a large collection of people. Crowdsourcing ________ concerns finding meaningful patterns in large datasets using conventional statistics, mathematical modeling, and various techniques to represent data visually. Analytics ________ ________ is copious amounts of information that are often collected in real time and can come from a wide variety of sources, particularly digital. Big data Making decisions through the conscientious, explicit, and judicious use of the best available evidence from multiple sources is known as ______________________. a) Sigma six management b) Evidence-based management Much _____________ research is underappreciated by managers, but it can be a source of competitive advantage in decisions concerning human resources, strategy, and marketing. a) Anecdotal c) Social science Crowdsourcing involves "outsourcing" aspects of a decision process to a _______ collection of people. a) Small b) Large Crowdsourcing, analytics, and big data are facets of _________________ management. a) Decision making b) Evidence-based Copious amounts of information that are often collected in real time and can come from a wide variety of sources, particularly digital, are colloquially referred to as ___________. a) Statistical information d) Big data _________ individuals are perfectly rational. a) Few b) No Bounded rationality suggests that decision makers ________ act rationally. a) Try to a) Try to Time constraints, political considerations, and limits on the capacity to acquire and process information all act as ___________________. a) Economic constraints b) Bounds to rationality "Decision-based evidence making" rather than evidence-based decision making is ________________. a) Problem standardization b) Confirmation bias Information overload is the reception of more information than is necessary to make effective decisions. Information overload can lead to ______________. a) Proper management b) Errors, omissions, and delays Choice ____________ is the alternative with the greatest expected value. a) Decision c) Maximization The tendency to review the decision-making process to find what was done right or wrong is known as _________________. a) Satisficing b) Hindsight "Throwing good resources after bad" is an example of ______________. a) Justification c) Escalation of commitment ____________, auction-like situations seem especially likely to prompt escalation, because they often involve time pressure, rivalry, interested audiences, and the desire to be the first mover. a) High pressure c) Competitive Which of the following can help prevent the tendency to escalate commitment to a failing course of action? a) Learn economics in order to understand the concept of sunk costs. b) Separate initial and subsequent decision making. While hindsight can prove useful, it often reflects a(n) _________________. a) Escalation of commitment b) Cognitive bias People in a positive mood tend to evaluate objects, people, and events more ________. a) Positively a) Positively If the excesses of _______ can be controlled, those in a ___________ mood can actually process information more carefully and effectively. a) Pessimism; negative a) Pessimism; negative Mood has its greatest impact on __________ decisions of the type that are especially crucial for organizations. a) Ill-structured, ambiguous b) Uncertain, ambiguous Which of the following is NOT characteristic of a person in a positive mood? a) Remembering
positive information over negative information d) Using rational decision making Intuitively, these problems are simple, and their solutions arouse little controversy. This is because such problems are repetitive and familiar. a) Well-structured problems a) Well-structured problems A ___________is a person appointed to identify and challenge the weaknesses of a proposed plan or strategy. a) Decision master c) Devil's advocate The term big data refers loosely to copious amounts of information that are often collected in real time and can come from a wide variety of sources, particularly digital. You can remember these qualities as the three Vs: high volume, ___________and ___________. a) Velocity; variety a) Velocity; variety The tendency to ignore or harbour negative attitudes toward ideas from outside one's own organization or project team is known as ___________________. a) Not-invented-here bias a) Not-invented-here bias The tendency for group interaction to polarize initial risk levels can result in ___________________. a) The removal of risk b) Conservative shifts What is decision making? - Process of developing a commitment to course of action Who is the "economic man"? "Economic man" is informed, logical, and oriented to economic gain True or false? Not everyone makes perfectly rational decision making, but in free markets, rational behaviour would typically prevail. False (persisted for ~30 years as an underlying assumption of decision making) In bounded rationality, what are decisions often based on? Decisions are often based on limited info, time constraints, and political considerations True or false? People often think they are being rational when they are not. True True or false? Relying on heuristics and intuition is always bad False True or false? We can't assume our judgments are good building blocks for decisions because our judgments themselves may be flawed. True What are cognitive biases and what do they refer to? Cognitive biases refer to the tendency to acquire and process information an in error-prone way What are heuristics and what do they refer to? Heuristics are judgmental shortcuts that lead to quick decisions but can result in mistakes True or false? How a question is framed can affect the answer. True What is prospect theory? Value of gains is less than value of losses; Loss of X hurts about twice as much as a gain of X pleases What are sunk costs? Sunk costs are permanent losses of resources incurred as the result of a past decision True or false? Given that such resources are lost, sunk costs never impact future costs and benefits False Are original or different decision makers and groups more likely to escalate? Original What are some causes of escalation of commitment? Self-Justification Theory: People want to reduce dissonance by recouping sunk costs Confirmation Bias: Focus on information indicating potential for success Prospect Theory: Reframing of decision as sure loss of x dollars versus uncertain loss of x + y dollars Impression Management: Social norms favour consistent behaviours How can we prevent escalation of commitment? - Seek disconfirming information What is anchoring? Tendency to rely heavily or anchor on one piece of information when making decisions What is the availability heuristic? Tendency to predict frequency of an event (or proportion within a population) based on how easily an example comes to mind What are some advantages and disadvantages of group decision making? Advantages Disadvantages When does groupthink happen? - Strong identification with the group Students also viewedWeek 1239 terms haileymccallaPlus Chapter 1245 terms camp_clark hrob chapter 1173 terms jackvalleau OBHR 2P91 Conflict ch 1353 terms kuljot20 Sets found in the same folderBU288 - 13: Conflict and Stress85 terms RJChamberlain BU288 - 7: Groups and Teamwork86 terms RJChamberlain BU288 - 6: Motivation in Practice92 terms RJChamberlain HTH 601 - Q. Ch. 420 terms kaylagracew11 Other sets by this creatorBU432 - Ch. 3 - Learning and Memory60 terms RJChamberlain BU432 - Ch. 8 - Attitude Change and Inte…38 terms RJChamberlain BU432 - Ch. 7 - Attitudes46 terms RJChamberlain BU432 - Ch. 6 - Personality, Lifestyles,…34 terms RJChamberlain Verified questionsdiscrete math Determine whether each statement is true or false. If the statement is false, make the necessary change(s) to produce a true statement. The formul a $$ C = \frac { 1 } { 9 } ( F - 32 ) $$ is used to convert from Fahrenheit to Celsius. Verified answer
pre algebra Sifu has 6 girls and 8 boys in his karate class. He randomly selects one student to demonstrate a self-defense technique. Find the probability of each event. selecting a girl Verified answer calculus Find an equation of the parabola. \ Vertex: $(0,4)$ Directrix: $y=-2$ Verified answer
calculus Verify each identity. (a) $\arcsin (-x)=-\arcsin x$, $|x| \leq 1$, (b) $\arccos (-x)=\pi-\arccos x$, $|x| \leq 1$. Verified answer Recommended textbook solutionsBook of Proof2nd EditionRichard Hammack 340 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions 拓扑学2nd EditionJames Munkres 622 solutions Numerical Analysis2nd EditionTimothy Sauer 385 solutions Other Quizlet setsFinal Exam320 terms sarahsspears ch. 9 adult psych27 terms ehilborn73Plus Adult Health Exam 3 Nursing Interventions69 terms Matthew_Gaines5Plus Defne Sam Alkan20 terms Defnesam What are the 4 types of decision making?The four categories of decision making. 1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. ... . 2] Influencing outcomes. ... . 3] Placing competitive bets. ... . 4] Making strategic decisions. ... . The constraint of decision making research.. What are the 3 types of decision making conditions?Managers make problem‐solving decisions under three different conditions: certainty, risk, and uncertainty.
What are the types of decision making process?The types of decision making in an organization are as follows:. Programmed And Non-Programmed Decisions: ... . Operational and Strategic Decisions: ... . Organizational and Personal Decisions: ... . Major and Minor Decisions: ... . Individual and Group Decisions: ... . Tactical and Operational Decisions:. What are the 5 types of decision making?Types of Decisions. Strategic Decisions and Routine Decisions. ... . Programmed Decisions and Non-Programmed Decisions. ... . Policy Decisions and Operating Decisions. ... . Organizational Decisions and Personal Decisions. ... . Individual Decisions and Group Decisions.. |
When making decisions there is only a limited amount of time to process a limited amount of information this is known as quizlet?
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