Term
| non-rational decision making |
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Definition
| times when you won't go through finding all the possible decisions and select the best one; the world does not always play by the rules and decisions are often made with limited information |
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| short-cutting; narrowing choices down to the most logical choice; limited to be rational b/c of many constraints |
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| least complex/simplest solution that meets basic needs and is affordable; seek options until they find one that is satisfactory, not optimal |
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| managers take small, short-term steps to solve problems--did everything they could then demanded to get a new one |
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| making a guess/decision without using conscious thought --> used most; do what feels right |
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| non-rational decision making |
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Definition
1) bounded rationality & satisficing
2) incremental model
3) intuition model |
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Term
| barriers to decision making |
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Definition
availability bias
confirmation bias
representativeness bias
sunk-cost bias
anchoring
escalation of commitment bias |
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| using only available the information; comes from memory |
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| seeking information that supports one point of view; ignores info. that does not support it |
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| making decisions using a small sample of information |
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| a situation is too costly to abandon |
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| making decisions based on the first information you get |
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| escalation of commitment bias |
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Definition
| having to admit that you're wrong |
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| a discrepancy b/t ideal and actual conditions |
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| choosing b/t alternatives |
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| repetitive, routine choices (managers like to make these decisions in advance) |
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| unusual or infrequent choices |
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| reacting appropriately to a decision; evaluate info; is it a high priority?; deciding how fast you should act |
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Definition
| reacting inappropriately to a decision; take no action (relaxed avoidance); ignore any negative consequence; relaxed change; defense avoidance; panic |
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| taking first alternative that is low risk |
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| do something that is unrealistic; just do something (irrational) |
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| personalty & cognitive intelligence |
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Definition
| "I like risks and I'm really bright." |
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| intuition (based on experience) |
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| "I can read people great and control my emotions." |
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| "The IT group is feeding me great stuff." |
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Definition
| "What does my boss want me to decide?" |
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| "Looks like a sure thing." |
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| "Our backs are to the wall, and we disagree." |
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| "Let's wait before deciding." |
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