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ORGS - INTL 2300 > Chapter 12 > Flashcards

Chapter 12 Flashcards

1
Q

decision

A

the choice made from two or more alternatives

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2
Q

rational

A

refers to choices that are consistent and value-maximizing within specified constraints

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3
Q

rational decision making model

A

six step decision making model that describes how individuals should behave in order to maximize some outcome
ASSUMPTIONS: have all info, identify relevant options without bias, chooses option with highest utility

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4
Q

Six-Step Rational Model

A
  1. Define the problem
  2. Identify criteria
  3. allocate weights to criteria
  4. develop alternatives
  5. evaluate the alternatives
  6. select the best alternative
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5
Q

bounded rationality

A

limitations on a person’s ability to interpret, process and act on information
- construct simplified models that extract essential features from problems avoiding complexity

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6
Q

satisficing

A

provide a solution that is both satisfactory and sufficient

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7
Q

Intuitive decision making

A

unconscious experience created from distilled experience

  • relies on associations, fast and engages emotions
  • hard to measure and analyze
  • “unacceptable as proof, but good for setting up a hypothesis”
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8
Q

Common Decision Biases and Errors

A
  1. Overconfidence Bias
  2. Anchoring Bias
  3. Confirmation Bias
  4. Availability Bias
  5. Escalation of Commitment
  6. Randomness Error
  7. Risk Aversion
  8. hindsight bias
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9
Q

overconfidence bias

A

error in judgement that arises from being too optimistic about one’s own performance

  • when people said they were 90% confident, they were only right about 50% of the time
  • individuals with weak intellectual and interpersonal abilities are most likely to overestimate
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10
Q

anchoring bias

A

tendency to fixate on initial information, from which one then fails to adequately adjust for subsequent information

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11
Q

confirmation bias

A

tendency to seek out info that reaffirms past choices and discount information that contradicts past judgements

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12
Q

availability bias

A

tendency for people to base their judgements on info that is readily available to them rather than complete data

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13
Q

escalation of commitment

A

an increased commitment to previous decision despite negative information

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14
Q

randomness error

A

tendency of individuals to believe that they can predict the outcome of random events

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15
Q

risk aversion

A

tendency to prefer a sure gain of a moderate amount over a riskier outcome , even if the riskier outcome might have a higher expected payoff

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16
Q

hindsight bias

A

tendency to believe falsely, after an outcome of an event is actually known, that one coulee have accurately predicted that outcome

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17
Q

How to reduce risks and biases?

A
  1. Focus on goals
  2. look for information that disconfirms beliefs
  3. don’t create meaning out of random events
  4. increase your options
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18
Q

Strengths of Group Decision Making

A
  • more complete information
  • diversity of views
  • accuracy
  • creativity
  • decision quality
  • degree of acceptance
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19
Q

Weaknesses of Group decision making

A
  • time consuming
  • dominated by a few members
  • ambiguous responsibility
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20
Q

Effectiveness (Group vs. Individual)

A
  • depends on how you define effectiveness
  • groups = more accurate than average individual but less accurate than judgements of most accurate individual
  • individuals = faster
  • groups = more creative
  • groups = more acceptance
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21
Q

Efficiency (Group vs. Individual)

A
  • group work consumes more hours
  • when determining whether to use group or individual, assess whether increases in effectiveness offset the reductions in efficiency
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22
Q

Groupthink

A

a phenomenon in which group pressures for conformity prevent the group from critically appraising unusual, minority or unpopular views

23
Q

Symptoms of Groupthink

A
  1. Illusion of invulnerability
  2. assumption of mortality
  3. rationalized resistance
  4. peer pressure
  5. minimized doubts
  6. illusion of unanimity
24
Q

How to minimize groupthink?

A
  1. Monitor group size (as group size increases people become more hesitant)
  2. Encourage group leaders to play an impartial role (actively seek input from all members)
  3. Appoint one group member to play the role of devil’s advocate
  4. Stimulate active discussion of diverse alternatives to encourage dissenting views and more objective evaluations
25
Q

Groupshift

A

a phenomenon where initial positions of individual group members become exaggerated because of the interactions of the group

26
Q

Group Decision Making Techniques

A
  1. Interactive Groups
  2. Brainstorming
  3. Nominal Group Technique
27
Q

Interactive Groups

A

typical groups in which members interact with one another face to face
PROBLEMS: often censor, conformity

28
Q

brainstorming

A

idea generation process that specifically encourages any and all alternative while withholding any criticism of those alternatives
- 6-12 people, think unusual and produce ideas
PROBLEMS: doesn’t generate ideas efficiently, production blocking,

29
Q

Nominal group technique

A

individual members meet face to face to pool their judgements in a systematic but independent fashion
- physically present, but operate independently
a) before discussion members write down their own ideas
b) each member presents idea to group with no discussion
c) group discusses clarity and evaluates
d) each group member silently and independently ranks the ideas
OUTCOME: outperform brainstorming groups

30
Q

Creativity

A

the ability to produce novel and useful ideas

31
Q

Three Stage Model of Creativity

A
  1. Causes of Creative Behaviour
  2. Creative behvaiour
  3. Creative Outcomes
32
Q

Creative Behaviour

A
  1. Problem Formulation
  2. Information Gathering
  3. Idea generation
  4. Idea evaluation
33
Q

Problem Formulation

A

stage that involves identifying a problem or opportunity that requires a solution as yet unknown

34
Q

Information Gathering

A

stage when possible solutions to a problem incubate in an individual’s mind

35
Q

Idea generation

A

process that involves developing possible solutions to a problem from relevant information and knowledge

36
Q

Idea evaluation

A

process involving the evaluation of potential solutions to problems to identify the best one

37
Q

Causes of Creative Behaviour

A
  1. Creative Potential

2. Creative Environment

38
Q

Creative potential

A

high in openness = high in creativity

  • proactive, self-confidence, risk-taking, tolerance for ambiguity, and perseverance
  • expertise is the foundation for all creative work
39
Q

Creative environment

A
  • Motivation
  • reward and recognize creative work
  • good leadership
  • teamworks and diverse perspectives
40
Q

Creative Outcomes

A

ideas/solutions/innovations judges to be novel and useful by relevant stakeholders

  1. novelty
  2. usefulness
41
Q

Four Ethical Decision Criteria

A
  1. utilitarianism
  2. rights
  3. justice
  4. care
42
Q

whistle blower

A

individuals who report unethical practises by their employer to outsiders

43
Q

utilitarianism

A

a decision focused on outcomes or consequences that emphasizes the greatest good for the greatest number

44
Q

Rights

A

make decisions consistent with liberties and privileges set forth by constitution
- protecting individuals and freedoms

45
Q

Justice

A
  • impose and enforce rules fairly and impartially

- protects interests of underrepresented and less powerful

46
Q

Care

A

aware of needs, desires and well being of those we are closely connected to

47
Q

behavioural ethics

A

analyzing how people actually behave when confronted with ethical dilemmas

48
Q

Broken Windows Theory

A

the idea that decayed and disorderly urban environments may facilitate criminal behaviour as they signal antisocial norms

  1. Recognize that the environment can send signals that employees interpret
  2. Encourage conversation about moral issues
  3. Be aware of our own moral blind spots
49
Q

Corporate Social Responsibility

A

organizations responsibility to consider the impact of its decisions on society

50
Q

What percentage of people believe that businesses should be involved with charity?

A

45% believe individual stakeholders should make personal decisions about giving to charities
35% believe corporations should donate to charities

51
Q

What do MBA students think about CSR?

A

80% of MBA believe business professionals should take into account social and environmental impacts when making decisions

52
Q

Cultural Differences

A 
Canada = focus on accepting situations as they are 
Thailand/Indonesia = focus on accepting situations as they are 
Japan = more group oriented in decision making (value conformity and cooperation)
53
Q

Creativity and Culture

A
  • scoring higher on Hofstedes individuality indicates increased creativity
    Western countries = more individualistic = more creative
    Eastern (Iran, Colombia,China) = collectivist = less creative
54
Q

Ethics and Culture

A
  • no global standard for ethics exist

- Japanese exchange expensive gifts when doing business, but that would be considered unethical in West

ORGS - INTL 2300 (5 decks)

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