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Definition
| routine, recurring decisions that are handled with a high degree of certainty |
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Term
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| non-routine, non-recurring decisions characterized by uncertainty as to the outcome |
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Term
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| the process by which managers respond to opportunities and threats by analyzing options and making determinations about specific organizational goals and actions |
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Term
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Definition
| the process of arriving at a satisfying choice is bounded by several limits within which the decision maker must operate |
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Term
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Definition
| presented as a probability that what you pick will give you an acceptable outcome |
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1. number of people it impacts
2. monetary value
3. uncertainty of future (big decisions being made far in advance) |
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Definition
| what makes decisions more risky? |
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Term
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| the cost of things you decided not to do |
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Term
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| related to risk, unknown vs. known |
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Definition
| are advantageous, but can take more time to come to a consensis |
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Term
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Definition
| the topic is discussed until everyone in the group agrees |
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Term
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| when members of a group don't agree but they go along with the group's "hivemind" to avoid confrontation and come to an agreement quicker |
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Term
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Definition
| trusting your own instincts during the decision making process |
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Term
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Definition
| "the natural mistakes our brains are heir to", simplifying strategies or rules of thumb. The logic is that, on average, any loss in decision quality will be outweighed by the time saved |
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Term
1. Setting managerial objectives
2. Searching for alternatives
3. Comparing/Evaluating
4. The act of choice
5. Implementing the decision
6. Follow-up and control |
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Definition
| 6 Decision Making Fuctions |
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Term
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Definition
| a group of related actions contributing to a larger action |
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Term
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Definition
| some amount of one kind of performance may be substituted for another kind of peroformance |
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Term
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Definition
| the attainment of the objectives that started the process |
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Term
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Definition
| the optimal integration of what was formerly differentiated. Results from effective integration among all of the decision-making functions in the process |
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Term
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Definition
| a specific category of purpose that includes that attainment by an organization of certain states or conditions |
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Term
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Definition
| may be viewed as a subset of an objective, expressed in terms of one or more specific dimensions |
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Term
| relevance, practicality, challenge, measurability, scheduling ability, balance, flexibility, timeliness, state of the art, growth, cost effectiveness, and accountability |
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Definition
| characteristics of managerial objectives |
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Term
1. They gather information but don't use it
2. They ask for more information and ignore it
3. They often make decisions first and look for the relevant information afterward
4. They gather a great deal of information that has little or no relevance to the decision-making situation at hand |
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Definition
| flaws in searching for alternatives |
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Term
1. undirected viewing
2. conditioned viewing
3. informal search
4. formal search |
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Definition
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Term
1. cost of additional information
2. amount of perceived payoffs
3. their own levels of aspiration |
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Definition
| what managers strive to balance in their search activities |
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Term
1. initiation of search
2. objects of search
3. media of search |
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Definition
| elements of a search structure |
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Term
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Definition
| the most desirable point on the marginal value curve, where the next unit of information will decline in marginal value and one less will result in a loss in marginal value |
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Term
| zone of cost effectiveness |
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Definition
| allows the searcher to obtain enough information to formulate alternative within reasonable time and cost restraints and it minimizes the possibility of overlooking valuable data |
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Term
| judgement, bargaining, and analysis |
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Definition
| three modes of comparing and evaluating alternatives |
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Term
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Definition
| one that is likely to result in a positively valued state of affairs for the decision maker |
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Term
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Definition
| one that is unlikely to produce either a positively or negatively valued state of affairs for the decision maker |
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Term
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Definition
| one that is likely to result in both a positively and a negatively valued outcome for the decision maker |
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Term
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Definition
| one that is likely to result in a negatively valued outcome for the decision maker |
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Term
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Definition
| a theory based on two axioms |
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Term
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Definition
| a person always prefers one of two outcomes or is indifferent |
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Term
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Definition
| if A is preferred to B, and B is preferred to C, then A is preferred to C |
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Term
1. cognitive limitations
2. incomplete or imperfect information
3. time and cost restraints |
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Definition
| constraints in the act of choice |
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Term
1. establishing standards
2. measuring performance against the standards
3. correcting deviations from the standards |
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Definition
| three steps in a system of control |
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Term
| the attainment of the objective |
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Definition
| measure of the decision's success |
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