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Principles of Management > Chapter 7: Decision Making > Flashcards

Chapter 7: Decision Making Flashcards

1
Q

Why shouldn’t you make emotional decisions as a manager?

A

If you decide things based on your emotions your biases will overshadow the facts.

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2
Q

Why is it important to be an active listener?

A

It tells whoever your talking to that their words matter.

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3
Q

Step 1 of Prioritized Decision Making

A

List decisions you need to make

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4
Q

Step 2 of Prioritized Decision Making

A

Organized each decision based on its complexities and importance

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5
Q

Step 3 of Prioritized Decision Making

A

Organize decisions into strategic decisions, significant decisions, and quick decision.

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6
Q

Step 4 of Prioritized Decision Making

A

Plan out how long it will take you the decision can be made.

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7
Q

Quick Decisions

A

Decisions that can be completed immediately. Examples include signing paperwork, and accepting an employees time off.

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8
Q

What do you do when you make mistake?

A

When you make a mistake forgive yourself and identify what caused the mistake to happen.

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9
Q

Questions to ask when you make a mistake

A

What information did you have when you made the decision?
Did you make a quick decision or a strategic decision?
What are the viewpoints at play?

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10
Q

According to research mindfulness can…

A

Mindfulness can promote innovation, self- determination, motivation, grow positive relationships, and reduce conflict.

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11
Q

Problems managers face

A

Customer Complaints
Supplier Breakdowns
Staff Turnover
Sales Shortfalls
Low Employee Motivation
Poor Quality

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12
Q

How many suppliers should you foster a relationship with?

A

Hicks recommends at least 3

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13
Q

Quality in management refers to both..

A

Quality of team behavior and quality of product

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14
Q

Step 1 (Rational Decision Model)

A

Identify the problem or opportunity

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15
Q

Step 2 (Rational Decision Model)

A

Find Alternative Solutions

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16
Q

Step 3 (Rational Decision Model)

A

Evaluate Alternative Solution

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17
Q

Step 4 ( Rational Decision Model)

A

Decide, Implement, and Evaluate the solutions outcome

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18
Q

Rational Decision Making increases when

A

Rational decision making increases when your responsible with your actions, diligent, humble, and open to new experiences.

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19
Q

Hubris

A

An inflated sense of pride, certainty and confidence that can taint your actions.

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20
Q

Nonrational Decision Making Model

A

A model describing how managers make decision.

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21
Q

Herbert Simon

A

Believed that managers could not be rational because their rationality was restricted.

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22
Q

Complexity, Time, Resources, Money, Cognitive Capacity and habits are examples of what..

A
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23
Q

Satisficing Model

A

Seeks alternative plans till a satisfactory one is found

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24
Q

Intuition Model

A

Going with your gut to make a decision

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25
Q

CEO’s are being fired (2024) because of what factors

A

Public is fed up with poor behavior, regulations are stricter, increased exposure of whistleblowers and hacker leaks, media broadcasts of behavior, unethical expansion.

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26
Q

Directive Style

A

Low Ambiguity
Task & Technical Oriented Concerns
Efficient
Practical
Systematic
Logical

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27
Q

Analytical Style

A

High Ambiguity
Responds well to new or uncertain situations
Diverse
Careful to make decisions
Overthink

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28
Q

Conceptual Style

A

High Ambiguity
People-oriented
Considers several perspectives
Takes Risks
Creatively Solves Problems
Creates Trust
Struggles with structured problems

29
Q

Behavioral Style

A

Highly People Oriented
Supportive
Receptive to Suggestions
Tries to avoid conflict
“Could be Wishy-washy”
Prefers verbal communication

30
Q

Describe the 10 Decision Making Biases / Rules of Thumb

A

Availability, Representitiveness, Confirmation, Sunk Cost, Anchoring and Adjustment, Overconfidence, Hindsight, Framing, Escalation of Commitment, and Categorical Thinking

31
Q

Availability Bias

A

Using information that is recent or available at that very moment without using past data. Avoids seeing the full picture.

32
Q

Representatives Bias

A

Generalizing things without taking nuance into account

33
Q

Confirmation Bias

A

Seeking information that supports an idea while discounting data that doesn’t.

34
Q

Sunk-Cost Bias

A

Believing that something can’t be abandoned because there has been too much effort put in

35
Q

Anchoring & Adjustment Bias

A

Making decisions based on initial figures.

36
Q

Overconfidence Bias

A

Confidence overshadows accuracy causing reckless risks

37
Q

Hindsight Bias

A

Views events as predictable

38
Q

Framing Bias

A

Framing a problem in such a way that influences others

39
Q

Escalation of Commitment Bias

A

Feeling overly invested in a decision and refusing to admit to your failures.

40
Q

Categorical Bias

A

Sorting information or people, based on observed or inferred characteristics

41
Q

Decision

A

A choice made from available alternatives.

42
Q

Problems

A

Difficulties holding people back from their goals

43
Q

Opportunities

A

Situations that present possibilities to exceeding goals

44
Q

Diagnosis

A

Identifying and analyzing underlying causes

45
Q

To implement a decision you must

A

Plan carefully, and be sensitive to those affected.

46
Q

Law of Unintended Consequences

A

Things will happen that were not predicted

47
Q

Nonrational Models of Decision Making

A

Shows how managers make decisions when it’s assumed to be risky

48
Q

Bounded Rationality

A

A concept that suggests that making a rational decision is limited by specific factors.

49
Q

Intuition

A

Making gut choices

50
Q

Ethics Officers

A

An employee trained to resolve ethical dilemmas

51
Q

Decision Tree

A

A graph of decisions and their concequences

52
Q

Evidence-based decison making

A

Gathering and analyzing data in order to develop and implement a action

53
Q

Machine Learning is

A

a process where computers algorithmically detects patterns in data w/o programing

54
Q

Predictive analytics

A

Mixes historical data, statistical models, and machine learning to predict future outcomes.

55
Q

Volume, Variety, Velocity, Veracity, and Value are the 5 V’s of

A

Big Data

56
Q

Volume

A

How much data there is and how much it takes to store it

57
Q

Variety

A

A wide range of data sets created by humans and technology

58
Q

Velocity

A

How fast data accumulates

59
Q

Veracity

A

Is the data trustworthy and high quality

60
Q

Value

A

The insight a piece of data has

61
Q

Heuristics

A

Strategies that simplify making decisions

62
Q

Sham Participation

A

Occurs when powerless but useful individuals are selected to approve decisions and implement them.

63
Q

Groupthink

A

When group members agree on something for the sake of unanimity.

64
Q

Goal Displacement

A

Primary goals are consumed by a secondary goal

65
Q

Minority Dissent

A

A belief that a minority opposes the beliefs, attitudes, ideas, procedure or polices agreed upon on by the group.

66
Q

Consensus

A

Expressing opinions and reaching agreements to support a decision

67
Q

Brainstorming

A

Generating ideas and alternatives for solving problems

68
Q

After action review

A

Reviews decisions in order to improve future ones

Principles of Management (4 decks)

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