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chapter 7 Flashcards

1
Q

technological competency

A

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

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2
Q

Information competency

A

ability to locate, gather, organize,
and display information for decision-making and problem
solving

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3
Q

Analytical competency

A

ability to evaluate and analyze
information to make actual decisions and solve real problems

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4
Q

Data

A

raw facts and observations

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5
Q

Information

A

data made useful and meaningful for decision-
making

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6
Q

Characteristics of useful information:

A
  • Timely
  • High quality
  • Complete
  • Relevant
  • Understandable
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7
Q

Management Information System:

A

Using the latest technologies to collect, organize, and
distribute data

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8
Q

data mining

A

is the process of analyzing data to produce
useful information for decision makers

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8
Q

Big data

A

exists in huge quantities and is difficult to process
without sophisticated mathematical and analytical
techniques

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9
Q

Management analytics

A

involves the systematic evaluation and analysis of data to make informed decisions.

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10
Q

Business intelligence

A

taps information systems to extract and report data in organized ways that are useful to decision makers

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11
Q

Executive dashboards:

A

visually update and display key performance metrics and information on a real-time basis

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12
Q

Information exchanges with the external environment:

A
  • Gather intelligence information
  • Provide public information
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13
Q

Information exchanges within the organization:

A
  • Facilitate decision- making
  • Facilitate problem- solving
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14
Q

Managers as Information Processors

A
  • Continually gather, share, and receive information
  • Now as much electronic as it is face to face
  • Always on, always connected
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15
Q

problem solving

A

process of identifying a discrepancy between
actual and desired performance and taking action to resolve it

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16
Q

Decision

A

a choice among possible alternative courses of action

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17
Q

Performance threat

A

something is wrong or has the potential to gowrong - when actual performance is less than desired or is moving
in an unfavourable direction.

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18
Q

Performance opportunity

A

situation offers the chance for a better future if the right steps are taken, for e.g. it turns out better then
anticipated

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19
Q

Problem avoiders

A

inactive in information gathering and solving
problems

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20
Q

Problem solvers

A

reactive in gathering information and solving
problems

21
Q

Problem seekers

A

proactive in anticipating problems and
opportunities and taking appropriate action to gain an advantage

22
Q

Systematic thinking

A

approaches problems in a rational, step-
by-step, and analytical fashion

23
Q

Intuitive thinking

A

approaches problems in a flexible and
spontaneous fashion

24
Q

Multidimensional thinking

A

applies both intuitive and systematic
thinking

25
Q

Structured problems

A

are ones that are familiar,
straightforward, and clear with respect to information needs

Programmed decisions apply solutions that are readily
available from past experiences to solve structured problems

26
Q

Unstructured problems

A

are ones that are full of ambiguities and information deficiencies

Nonprogrammed decisions apply a specific solution to meet the demands of a unique problem - commonly faced by
higher-level management

27
Q

Crisis decision making

A

A crisis involves an unexpected problem
that can lead to disaster if not resolved quickly and appropriately

28
Q

Rules for crisis management:

A
  • Figure out what is going on
  • Remember that speed matters
  • Remember that slow counts, too
  • Respect the danger of the unfamiliar
  • Value the skeptic
  • Be ready to “fight fire with fire ”
29
Q

Certain environment

A

offers complete information on possible action alternatives and their consequences

30
Q

Risk environment

A

lacks complete information but offers probabilities of the likely outcomes for possible action alternatives

31
Q

Uncertain environment

A

lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives

32
Q

The Decision-Making Process step 1 Identify and define the problem

A

Focuses on information gathering, information processing, and
deliberation
* Decision objectives should be established

33
Q

Common mistakes in defining problems:

A
  • Defining the problem too broadly or too narrowly
  • Focusing on symptoms instead of causes
  • Choosing the wrong problem to deal with
34
Q

Common mistakes in defining problems:

A
  • Defining the problem too broadly or too narrowly
  • Focusing on symptoms instead of causes
  • Choosing the wrong problem to deal with
35
Q

step 2;Generate and Evaluate Alternative Courses of
Action

A

Potential solutions are formulated and more information is
gathered, data are analyzed, the advantages and disadvantages of
alternative solutions are identified

36
Q

Approaches for evaluating alternatives:

A
  • Stakeholder analysis
  • Cost-benefit analysis
37
Q

Criteria for evaluating alternatives

A

Benefits | Costs | Timeliness |
Acceptability | Ethical soundness

38
Q

Step 3 — Decide on a Preferred Course of Action

A

Two different approaches
* Behavioural model leads to satisficing decisions
* Classical model leads to optimizing decisions

39
Q

Step 4 — Implement the Decision

A
  • involves taking action to make sure the solution decided
    upon becomes a reality
  • Managers need to have willingness and ability to implement
    action plans
  • Lack-of-participation error should be avoided
40
Q

Step 5 — Evaluate Results

A
  • Involves comparing actual and desired results
  • Positive and negative consequences of chosen course of
    action should be examined
  • If actual results fall short of desired results, the manager
    returns to earlier steps in the decision-making process
41
Q

At all steps, check ethical reasoning! Ask these spotlight
questions:

A
  • Utility: Does the decision satisfy all constituents or
    stakeholders?
  • Rights: Does the decision respect the rights and duties of
    everyone?
  • Justice: Is the decision consistent with the canons of justice?
  • Caring: Is the decision consistent with my responsibilities to
    care?
42
Q

Issues in decision making

A
  • How do decision errors happen?
  • Heuristics are strategies for simplifying decision making
    (practical methods
43
Q

Availability bias

A

bases a decision on recent information or events

44
Q

Representativeness bias

A

bases a decision on similarity to other situations

45
Q

Anchoring and adjustment bias

A

bases a decision on incremental
adjustment from a prior decision point

46
Q

Framing Error

A

trying to solve a problem in the context perceived,
positive or negative

47
Q

Confirmation Error

A

focusing on information that confirms a decision already made

48
Q

Escalating Commitment

A

continuing a course of action even though it is not working

49
Q

Creativity

A

is the generation of a novel idea or unique approach
that solves a problem or crafts an opportunity

50
Q

Big-C creativity occurs when

A

extraordinary things are done by exceptional people

51
Q

Little-C creativity occurs when

A

average people come up with
unique ways to deal with daily events and situations

gms (9 decks)

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