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MGT330
N/A
20
Management
Undergraduate 3
05/02/2012

Additional Management Flashcards

 


 

Cards

Term
6 Evaluative Frameworks
Definition
1. Decision Making Process
2. Concept of Bounded Rationality
3. Concept of Strategic Gap
4. Strategic Decision Making Process
5. Trull's Evaluation of Decision Success
6. Strategic Decision Matrix
Term
6 Steps of Decision Making Process
Definition
1. setting the objective
2. generating alternatives
3. comparing and evaluating
4. making the decision
5. implementing the decision
6. follow up and control
Term
6 limitation of the concept of bounded rationality
Definition
1. environmental limitations
2. cognitive limitations
3. imperfect information
4. time and cost constraints
5. communication failures
6. precedent and perception
Term
(O > E)
Definition
positive gap
Term
(E > O)
Definition
negative gap
Term
characteristics of environment
Definition
opportunities
threats
requirements
responsibilities
Term
characteristics of organization
Definition
management
technology
policies
resources
Term
4 considerations from steps 1-4 (trull's)
Definition
compatibility with operating constraints
timeliness
optimum amount of information
influence of decision maker
Term
3 considerations from step 5 (trull's)
Definition
conflict of interest
risk-reward factor
understanding the decision
Term
strategic decision matrix
Definition
satisficing outcome
maximizing outcome
attainable objectives/open DM process
unattainable objective/closed DM process
Term
heuristics
Definition
simplifying strategies or rules of thumb used by individuals when making decisions.
Term
the 4 general heuristics are:
Definition
availability heuristic
representativeness heuristic
confirmation heuristic
affect heuristic
Term
availability heuristic
Definition
people asses the frequency, probability or likely causes of an event by the degree to which instances or occurrences of that event are readily available in memory
Term
representativeness heuristic
Definition
when making a judgment about an individual, people tend to look for traits an individual may have that correspond with previously formed stereotypes
Term
confirmation heuristic
Definition
people search for and interpret evidence in a way that supports conclusion they favored at the outset
Term
biases emanating from availability heuristic
Definition
ease of recall
retrievability
Term
biases emanating from representativeness heuristic
Definition
insensitivity to base rates
insensitivity to sample size
misconception of chance
regression to the mean
the conjunction fallacy
Term
biases emanating from the confirmation heuristic
Definition
the confirmation trap
anchoring
conjunctive and disjunctive events
overconfidence
hindsight and the curse of knowledge
Term
affect heuristic
Definition
most of our judgements are evoked by an effective, or emotional, evaluation that occurs even before any higher level reasoning takes place. These evaluations are not conscious
Term
framing of information (affect heuristic)
Definition
alternative wording of the same objective information that significantly alter the decision that people make despite the fact that differences between frames should have no effect on the rational decision
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