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FMST 238 Part 1 > Decision Making > Flashcards

Decision Making Flashcards

1
Q

difficulties with decision making (5)

A
  • self-doubt
  • indecisiveness
  • avoidance
  • decidophobia
  • cognitive limitations
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2
Q

what are the characteristics of indecisiveness (7)

A
  • stress, depression, illness
  • fear of the unknown
  • procrastination
  • fear of making a wrong decision
  • fear of acting on one’s own and over-dependency on the opinions of others
  • lack of good judgement
  • fear of taking responsibility/standing alone on an issue
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3
Q

when may cognitive limitations arise (2)

A

at any point when:

  • recognizing need for a decision
  • identifying available resources that can be used
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4
Q

decision-making style definition (2)

A
  • characteristic way person makes decisions or strategizes

- affected by values, knowledge, ability, motivation, personality traits, socialization

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5
Q

what are decision-making styles comprised of (3)

A
  • types of decisions made
  • speed
  • amount of information gathered
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6
Q

decisions (4)

A
  • process of making choice between 2+ alternatives
  • values influence decisions and goals provide direction
  • part of transformation process in systems
  • integral part of the management process
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7
Q

what are the ways that we can make decisions (3)

A
  • decision process
  • intuition
  • heuristics
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8
Q

decision process (6)

A

DECIDE:

  • define the decision
  • estimate resources
  • consider alternatives
  • imagine consequences of alternative actions
  • develop action plan and implement it
  • evaluate the decision
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9
Q

decision process:

1. define the decision (4)

A
  • purpose of needed behaviour

- relevant or needed background information and how it will be used

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10
Q

decision process:

2. estimate resources (3)

A
  • decide what resources are needed

- # of alternatives decided by the resources possessed anticipated

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11
Q

decision process:

3. consider alternatives (3)

A
  • due to limitations on resources, usually cannot consider all alternatives
  • must narrow down to 1-2 alternatives (increasing criteria if needed)
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12
Q

decision process:

4. imagine consequences, alternative courses of action

A
  • think of most likely alternative

- prepurchase expectation

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13
Q

prepurchase expectation

A
  • consumer belief about anticipated performance of a good or service
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14
Q

what factors can help in choosing alternatives

A
  • experience of yourself and others
  • experimentation
  • search for information
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15
Q

decision tree

A
  • model shows that people select alternatives based on their goals and perception of available resources and that values underlie decisions
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16
Q

decision tree flow (4)

A
  • values determine goals and are the root of all decisions
  • consider goals 1 and 2
  • consider resources for goals 1 and 2
  • consider alternatives to make a decision
17
Q

decision process:

5. develop action plan/implement (3)

A
  • select one alternative and put decision into action/implementation:
  • -> monitor progress
  • -> evaluate progress and make adjustments
18
Q

decision process:

6. evaluate decision (2)

A
  • judge success of decision

- reduce doubt or anxiety through assurance; reduce post-purchase dissonance in consumer decision making

19
Q

central-satellite model (2)

A
  • show how one central decision can give rise to many other decisions in other areas
  • for larger, more complication systems
20
Q

chain model (2)

A
  • each decision builds on the previous one, forming a sequence of decisions
  • for smaller, systematic decisions
21
Q

reference groups (2)

A
  • groups we turn to for advice, information, feedback and experience
  • helpful in information gathering stage and for support before decision
22
Q

when is intuition okay for decision making (4)

A
  • high level of uncertainty
  • little precedent for decision
  • limited information and time for decision
  • several plausible/relatively equal alternatives
23
Q

decision rules (2)

A
  • principles guiding decision making

- vary by situation and culture

24
Q

what are examples of decision rules (6)

A
  • economizing: the cheapest option
  • optimizing: the best option
  • satisfying: good enough option
  • price equals quality
  • once good, always good
  • always seek the best outcome or waste as little time as possible
25
Q

heuristics (2)

A
  • representativeness

- availability

26
Q

heuristics: representativeness (2)

A
  • judgements based on familiar objects: small samples viewed as representatives
  • one experience can be representative of all future experiences
27
Q

heuristics: availability (2)

A
  • recalls experience of others to bear on the situation

- asks friends/families for advice and usually recall most dramatic experiences

28
Q

self-ambivalence

A
  • uncertainty or indecisiveness as to what course to follow because of conflicted attitude toward self
29
Q

reference group types (2)

A
  • primary: groups that individual has regular contact with

- secondary: groups where contact is infrequent

30
Q

Peter principle (2)

A
  • phenomenon where people tend to be promoted until they reach a level beyond their competence, a point where they can no longer make and implement effective decisions
  • can be avoided by fitting the right person to the right job and making performance expectations clear
31
Q

decidophobia (2)

A
  • fear of making decisions, specifically the fear of failure
  • see decisions as problems and not opportunities
  • learned behaviour: it is a type of helplessness from dependency on others and a form of perfectionism
32
Q

how to overcome decidophobia (5)

A
  • moderate expectations
  • use DECIDE to break decisions into smaller parts
  • don’t overcrowd lists and minimize tasks per day
  • talk about it with others
  • sleep on it
33
Q

how to prevent decidophobia (5)

A
  • moderate expectations
  • use DECIDE to break decisions into smaller parts
  • don’t overcrowd lists and minimize tasks per day
  • talk about it with others
  • sleep on it
34
Q

how to prevent decidophobia

A
  • allow children to make decisions from a young age, even if they are trivial

FMST 238 Part 1 (10 decks)

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