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Management > Decision Making > Flashcards

Decision Making Flashcards

1
Q

Decision making is

A

the process by which managers respond to opportunities and threats by organizational goals and course of action

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2
Q

rational decision making models (80

A
  1. identifying the problem
  2. identifying decision criteria
  3. allocating weights to the criteria
  4. developing alternatives
  5. analyzing alternatives
  6. selecting an alternative
  7. implementing the alternative
  8. evaluating the decision’s effectiveness
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3
Q

rational decision making are

A

consistent, value-maximizing choices with specified constraints and clear goals

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4
Q

assumptions of rationality (not true)

A
  1. preferences are clear
  2. preferences are constant and stable
  3. problem is clear and unambiguous
  4. final choice will maximize payoff
  5. no time or cost contstraint exist
  6. all alternatives and consequences are known
  7. single, well defined goal is to be achieved
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5
Q

bounded rationality

A
  • bounded rationality
  • incomplete information
  • ambiguous information
  • time constraints and information costs
  • satisficing
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6
Q

factors influencing a satisfaction decision

A

perceived problem -> information processing biases (triggers -> limited search + limited information) leads to -> satisficing decision

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7
Q

Decision-Making Process

A
  1. perception
    - what do you see
  2. attribution
    - what is the cause of what you see
  3. judgement
    - what conclusion do you draw
  4. decision-making
    - what do you choose to do
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8
Q
  1. Perception
A

a process where individuals organize and interpret their sensory impressions in order to give meaning to their environment

–> people’s behavior is based on their perception of what reality is, not reality itself

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9
Q

expectations and perception

A

expectations shapes our perception

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10
Q

Attribution Theory

A

when individuals observe behavior, they attempt to determine whether it is internally or externally caused

internal causes - under that person’s control
external causes - person forced to act in that way

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11
Q

self serving bias

A

tendency for individual to attribute their own successes to internal factors (themselves) while putting the blame for failures on external factors (other people)

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12
Q

fundamental attribution error

A

tendency to underastimate the influence of external causes and overastimate the influence of internal factors when making judgments about the behavior of others

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13
Q

self fulfilling prophecy (pygmalion effect)

A
  1. others beliefs about us
  2. cause others actions towards us 3. reinforce our beliefs about ourselves
  3. influence our actions towards others
  4. impact other beliefs about us
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14
Q

Judgement - Heuristics

A

mental shortcuts (cognitive rules of thumb) that help us make decisions about uncertain events

can be both good and bad in decision making

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15
Q

availability heuristic

A

tendency to judge the frequency or likelihood of an event by the ease with which relevant instances come to mind
- ease of recall
- retrievability

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16
Q

stereotyping is and occurs because

A

assigning traits to people based on their membership in a social category
occurs because
- categorial thinking (save energy, simplify our understanding)
- help us to fill in missing pieces of information - understand and anticipate others behavior
- help us to identify in group and out group members

17
Q

stereotyping problems

A
  • overgeneralizes (doesn’t represent everyone in the category)
  • basic of systemic and intentional discrimination
18
Q

representativeness heuristic

A

tendency to judge the frequency or likelihood of an event by the extent to which it resembles the “typical” case

19
Q

representativeness heuristic error

A

misconceptions of chance
= people’s attempt to explain large scale patterns from samples of a much smaller size

20
Q

anchoring and adjustment heuristic

A

tendency to judge the frequency or likelihood of an event by using a starting point (anchor) and then making adjustments up or down

21
Q

decision making biases (biases on viewing yourself)

A
  • overconfidence bias
  • confirmation bias
  • hindsight
  • escalation of commitment
  • randomness error
22
Q

Advice for decision making

A
  • be aware of decision making biases and errors
  • having awareness
  • seek group consesus
  • check with your colleagues and followers before you make up your mind
23
Q

theory in building Conceptual Framework

A
  1. roots in biological heritage
  2. conditional based on societal use of red

Management (10 decks)

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