Term
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Definition
| making a choice from two or more alternatives |
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Term
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Definition
| an obstacle that makes it difficult to achieve a desired goal or purpose. |
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Term
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Definition
describes choices that are logical and consistent while maximizing value.
Assumptions |
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Term
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Definition
| decision making that’s rational, but limited (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 it may have been wrong |
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Term
| Evidence-based management (EBMgt) |
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Definition
| the systematic use of the best available evidence to improve management practice |
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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 sequential steps 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 can or cannot be done |
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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
| unique and nonrecurring and involve custom made solutions. |
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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
| a person’s tendency to use external data/facts; the habit of processing information through rational, logical thinking. |
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Term
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Definition
| a person’s preference for internal sources of information; a method of processing this information with internal insights, feelings, and hunches. |
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Term
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Definition
| using “rules of thumb” to simplify decision making. |
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Term
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Definition
| holding unrealistically positive views of oneself and one’s performance. |
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Term
| Immediate Gratification Bias |
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Definition
| choosing alternatives that offer immediate rewards and avoid immediate costs. |
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Term
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Definition
| fixating on initial information and ignoring subsequent information. |
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Term
| Selective Perception Bias |
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Definition
| selecting, organizing and interpreting events based on the decision maker’s biased perceptions. |
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Term
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Definition
| seeking out information that reaffirms past choices while discounting contradictory information. |
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Term
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Definition
| selecting and highlighting certain aspects of a situation while ignoring other aspects. |
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Term
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Definition
| losing decision-making objectivity by focusing on the most recent events. |
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Term
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Definition
| drawing analogies and seeing identical situations when none exist. |
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Term
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Definition
| creating unfounded meaning out of random events. |
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Term
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Definition
| forgetting that current actions cannot influence past events and relate only to future consequences. |
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Term
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Definition
| taking quick credit for successes and blaming outside factors for failures. |
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Term
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Definition
| mistakenly believing that an event could have been predicted once the actual outcome is known (after-the-fact). |
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Term
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Definition
| approaching management problems as designers approach design problems. |
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