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MGMT 316 > Chapter 3 - Decision Making > Flashcards

Chapter 3 - Decision Making Flashcards

1
Q

Managers use technological, informational, and analytical competencies to solve problems

A

True

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2
Q

Technological competency

A

The ability to understand new technologies and use them to their best advantage

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3
Q

Information competency

A

Ability to gather and use information to solve problems (credible/valuable info)

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4
Q

Analytical competency

A

Ability to evaluate and analyze information to find meaningful patterns, make decisions & solve real problems

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5
Q

Programmed decisions

A

Used to solve routine and repetitive problems.

Applies a solution from past experience

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6
Q

Nonprogrammed decisions

A

Used to solve new or unusual problems full pf ambiguities.

Applies a specific solution that has been crafted to address a unique problem

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7
Q

Systematic thinking

A

Approaches problems in a rational and analytical fashion; step-by-step

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8
Q

Intuitive thinking

A

Approaches problems in a flexible & spontaneous fashion. (ex. someone coming up with an imaginative response, or based on experience)

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9
Q

Cognitive styles

A

The way an individual deals w/ info while making decisions.. There are 4 styles = sensation feelers, intuitive feelers, sensation thinkers, intuitive thinkers

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10
Q

Sensation feelers

A

One of the 4 cognitive styles

  • Likes facts & feelings.
  • Analysts & human relations.
  • Realistic, open communicator & sensitive
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11
Q

Intuitive feelers

A

Thoughtful, flexible.

- Prefer broad/global issues. Avoid details comfortable with intangibles

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12
Q

Sensation thinkers

A

Like clear goals, hard facts. Certainty solutions of high entri.

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13
Q

Intuitive thinkers

A

Idealistic, theoretical. Comfortable w/ abstraction & unstructured situations

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14
Q

The range of decisions managers have to deal with requires a..

A

Flexible cognitive approach

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15
Q

Steps in the decision making model

A
  1. Identify and define the problem
  2. Generate & evaluate alternatives
  3. Decide on the preferred course of action
  4. Implement the decision
  5. Evaluate the results & conduct ethics double check ins in all steps
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16
Q

Cost benefit analysis

A

Computes the expected costs of a decision alternative w/ its expected results

17
Q

Classical model

A

Chooses the absolute best solution from a known set of alternatives = optimizing decision

18
Q

Behavioral model

A

Cognitive limitations lead to satisfying decisions that choose the 1st satisfactory alternative to come to attention = satisfactory decisions

19
Q

Proceduralized decision making

A

Helps to establish the boundaries of the decision space

20
Q

Lack of participation error

A

When managers fail to include the right people in the decision-making process

21
Q

Creativity drivers

A

Task expertise, task motivation & creativity skills

22
Q

Advantages of team decision making

A
  • More info available
  • More alternatives considered
  • Increase understanding
  • Increase commitment
23
Q

Disadvantages of team decision making

A
  • Social pressures to conform
  • Domination by a few
  • Time delays
24
Q

Heuristics

A

Simplifying strategies when making decisions w/ limited info, time energy. Can cause errors

  • “shortcuts”
  • 3 kinds of heuristics, availability, representativeness, anchoring & adjustment heuristic
25
Q

Availability heuristic

A

When people use information “readily available” from memory as a basis for assessing a current event or situation (can be wrong or irrelevant)

26
Q

Representativeness heuristic

A

Occurs when people assess the likelihood of something happening based on its similarity to a stereotyped set of past occurrences.

27
Q

Anchoring & Adjustment heuristic

A

Making decisions based on adjustment to a previously existing value or starting point

28
Q

Framing error

A

Solving a problem in the context perceived to be either negative or positive (ex. glass 1/2 full or empty)

29
Q

Confirmation error

A

When we attend only to information that confirms a decision we have already made

30
Q

Escalating commitment

A

Continuing a course of action even when its not working

31
Q

To avoid the escalation trap

A
  • Set advance limits in involvement of a particular action
  • Make own decisions
  • Determine why you’re doing it
  • Remind yourself of the costs of an action
32
Q

6 rules to crisis management

A
  1. Figure out whats going on
  2. Remember speed matters
  3. Remember now matters too
  4. Respect the danger of the unfamiliar
  5. Value the skeptic
  6. Be ready to “fight fire w/ fire”
33
Q

Lack of preparedness for hurricane Katrina resulted from ignoring…

A

Performance threats

MGMT 316 (13 decks)

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