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Management ch7
Information Decsicion Making
52
Management
Undergraduate 3
02/11/2016

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Cards

Term
Big C creativity
Definition
Occurs when extraordinary things are done by exceptional people
Term
creativity
Definition
is the generation of a novel idea or unique approach that solves a problem or crafts an opportunity
Term
escalating commitment
Definition
is the continuation of a course of action even though it is not working
Term
confirmation error
Definition
occurs when only focuses on information that confirms a decisions already made
Term
anchoring and adjustment bias
Definition
basis of the season on incremental adjustments from a prior decision point
Term
representative bias
Definition
bases a decision on similarity to other situations
Term
availability bias
Definition
bases a decision on recent information or events
Term
framing error
Definition
is trying to solve a problem in the context in which it is perceived
Term
heuristics
Definition
strategies for simplifying decision making
Term
spotlight questions
Definition
test the ethics of a decision by exposing it to scrutiny of family, community members, and ethical role models
Term
lack of participation error
Definition
is failure to involve in a decision the person whose support is needed to implement
Term
satisficing decision
Definition
is the choice of the first satisfactory alternative that comes to one's attention
Term
behavioral decision model
Definition
describes decision making with limited information and bounded rationality
Term
bounded rationality
Definition
describes making decisions within the constraints of limited information and alternatives
Term
optimizing decision
Definition
chooses the ternative giving the absolute best solution to a problem
Term
classical decision model
Definition
describes decision making with complete information
Term
cost-benefit analysis
Definition
Involves comparing the cost and benefits of each potential course of action
Term
unintended consequence
Definition
unanticipated positive or negative side effects that result from a decision
Term
decision making process
Definition
begins with identification of a problem and ends with evaluation of results
Term
uncertain environment
Definition
lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives
Term
risk environment
Definition
lacks complete information but offers probabilities of the likely outcomes for possible action alternatives
Term
certain environments
Definition
offers complete information on possible alternatives and their consequences
Term
crisis decision
Definition
occurs when an unexpected problem arises that can lead to disaster if not resolved quickly and appropriately
Term
nonprogrammed decisions
Definition
applies a specific solution crafted for unique problem
Term
unstructured problems
Definition
have ambiguous and information deficiencies
Term
programmed decisions
Definition
applies a solution from the past experience to a routine problem
Term
structured problems
Definition
are straightforward and clear with respect to information needs
Term
cognitive styles
Definition
are shown by the ways individuals deal with information while making decisions
Term
strategic opportunism
Definition
focuses on long term objectives while being flexible in dealing with short term problems
Term
multidimensional thinking
Definition
is an ability to address many problems at once
Term
intuitive thinking
Definition
approaches problems and a flexible and spontaneous fashion
Term
systematic thinking
Definition
approaches problems in a rational and analytical fashion
Term
problem seekers
Definition
constantly processes information for problems to solve, even before they occur
Term
problem solvers
Definition
try to solve problems when they occur
Term
problem avoiders
Definition
ignore information indicating a performance opportunity or threat
Term
performance opportunity
Definition
is a situation that offers the chance for a better future if the right steps are taken
Term
performance threats
Definition
is a situation in which something is obviously wrong or has the potential to go wrong,
Term
decision
Definition
is a choice among possible alternative courses of action
Term
problem solving
Definition
involves identifying and taking action to resolve problems
Term
executive dashboard
Definition
visually display graphs, charts, and scorecards of key performance indicators and information on a real time basis
Term
Business Intelligence
Definition
tap information systems to extract and report data in organized ways that are helpful to decision-makers
Term
analytics
Definition
involve systematic gathering and processing of data to make informed decisions
Term
big data
Definition
exist in huge quantities and is difficult to process without sophisticated mathematical and computing techniques
Term
data mining
Definition
is the process of analyzing data to producing useful information for decision makers
Term
management information systems
Definition
collect organized and distribute data use in decision making
Term
information
Definition
is data made useful for decision making, or
Term
data
Definition
raw facts and observation
Term
analytical competency
Definition
is the ability to evaluate and analyze information to make actual decisions and solve real problems
Term
information competency
Definition
is the ability to locate, gather, organize information for use in decision making
Term
Technological competency
Definition
is the ability to understand new technologies and to use them to their best advantage
Term
little C creativity
Definition
occurs when average people come up[ with unique ways to deal with daily events and situations
Term
design thinking
Definition
unlocks creativity in decision making through a process, experiencing, ideation and prototping
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