Term
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Definition
| A choice from two or more alternatives |
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Term
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Definition
| A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision's effectiveness. |
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Term
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Definition
| A discrepancy between an existing and a desired state of affairs |
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Term
| 8 steps of decision making |
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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 |
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Term
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Definition
| Criteria that define what's relevant in a decision |
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Term
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Definition
| Managers are called decision makers when they plan, organize, lead, and control. |
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Term
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Definition
| Decision-making behavior where choices are consistent and value-maximizing within specified constraints |
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Term
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Definition
| Decision-making behavior that's rational, but limited to (bounded) by an individual's ability to process information |
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Term
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Definition
| Accepting solutions that are "good enough" |
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Term
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Definition
| An increased commitment to a previous decision despite evidence that it may have been wrong |
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Term
| Intuitive Decision Making |
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Definition
| Making decisions on the basis of experience, feelings, and accumulated judgement |
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Term
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Definition
| Straightforward, familiar, and easily defined problems |
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Term
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Definition
| A repetitive decision that can be handled by a routine approach |
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Term
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Definition
| A series of interrelated sequential steps that can be used to respond to a well-structured problem |
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Term
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Definition
| An explicit statement that tells managers what they can or cannot do |
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Term
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Definition
| A guideline for making decisions |
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Term
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Definition
| Problems that are new or unusual and for which information is ambiguous or incomplete |
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Term
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Definition
| A unique decision that requires a custom made solution |
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Term
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Definition
| A situation in which a manager can make accurate decisions because all outcomes are known |
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Term
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Definition
| A situation in which the decision maker is able to estimate the likelihood of certain outcomes |
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Term
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Definition
| a situation in which a decision maker has neither certainty nor reasonable probability estimates available |
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Term
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Definition
| Amount of money that could have been made if a different choice had been chosen |
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Term
| Business Performance Management (BPM) software |
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Definition
| IT software that provides key performance indicators to help managers monitor efficiency of projects and employees |
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Term
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Definition
| rational way of thinking; low tolerance for ambiguity |
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Term
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Definition
| rational way of thinking; high tolerance for ambiguity |
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Term
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Definition
| intuitive way of thinking; high tolerance for ambiguity |
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Term
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Definition
| intuitive way of thinking; low tolerance for ambiguity |
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Term
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Definition
| Rules of thumb that managers use to simplify decision making |
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Term
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Definition
| Defining the organization's goals, establishing an overall strategy for achieving those goals, and developing plans for organizational work activities |
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Term
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Definition
| Desired outcomes for individuals, groups, or entire organizations |
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Term
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Definition
| Documents that outline how goals are going to be met |
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Term
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Definition
| Official statements of what an organization says, and what it wants its various stakeholders to believe, its goals are |
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Term
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Definition
| maximizing the maximum payoff |
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Term
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Definition
| maximizing the minimum payoff |
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Term
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Definition
| minimizing the maximum regret |
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