Details Title: Management Description: Test 2 Total Flash Cards: 35 Created: 02/26/2008 20:16:58		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Management Flashcards
Cards in this set: Term Decisions Definition A choice from two or more alternatives Term Decision-making process Definition A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision's effectiveness. Term Problem Definition A discrepancy between an existing and a desired state of affairs Term 8 steps of decision making Definition 1 Identify the problem 2 Identify Decision Criteria 3 Allocate weights to the Criteria 4 Develop Alternatives 5 Analyze Alternatives 6 Select an Alternative 7 Implementing the Alternative 8 Evaluating Decision Effectiveness Term Decision Criteria Definition Criteria that define what's relevant in a decision Term Decision Makers Definition Managers are called decision makers when they plan, organize, lead, and control. Term Rational Decision making Definition Decision-making behavior where choices are consistent and value-maximizing within specified constraints Term Bounded Rationality Definition Decision-making behavior that's rational, but limited to (bounded) by an individual's ability to process information Term Satisficing Definition Accepting solutions that are "good enough" Term Escalation of commitment Definition An increased commitment to a previous decision despite evidence that it may have been wrong Term Intuitive Decision Making Definition Making decisions on the basis of experience, feelings, and accumulated judgement Term Structured Problems Definition Straightforward, familiar, and easily defined problems Term Programmed Decision Definition A repetitive decision that can be handled by a routine approach Term Procedure Definition A series of interrelated sequential steps that can be used to respond to a well-structured problem Term Rule Definition An explicit statement that tells managers what they can or cannot do Term Policy Definition A guideline for making decisions Term Unstructured Problems Definition Problems that are new or unusual and for which information is ambiguous or incomplete Term Nonprogrammed deciosions Definition A unique decision that requires a custom made solution Term Certainty Definition A situation in which a manager can make accurate decisions because all outcomes are known Term Risk Definition A situation in which the decision maker is able to estimate the likelihood of certain outcomes Term uncertainty Definition a situation in which a decision maker has neither certainty nor reasonable probability estimates available Term Regret Definition Amount of money that could have been made if a different choice had been chosen Term Business Performance Management (BPM) software Definition IT software that provides key performance indicators to help managers monitor efficiency of projects and employees Term Directive Style Definition rational way of thinking; low tolerance for ambiguity Term Analytic Style Definition rational way of thinking; high tolerance for ambiguity Term Conceptual Style Definition intuitive way of thinking; high tolerance for ambiguity Term Behavioral Style Definition intuitive way of thinking; low tolerance for ambiguity Term Heuristics Definition Rules of thumb that managers use to simplify decision making Term Planning Definition Defining the organization's goals, establishing an overall strategy for achieving those goals, and developing plans for organizational work activities Term Goals Definition Desired outcomes for individuals, groups, or entire organizations Term PLans Definition Documents that outline how goals are going to be met Term Stated goals Definition Official statements of what an organization says, and what it wants its various stakeholders to believe, its goals are Term Maximax Definition maximizing the maximum payoff Term Maximin Definition maximizing the minimum payoff Term Minimax Definition minimizing the maximum regret