Decision Making & Leadership (CF) Flashcards

1
Q

How can decisions be improved?

A

Decisions can be improved through systematic thinking and an awareness of common bias.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are common bias/ judgement shortcuts when making a decision? (Exam question)

A

Overconfidence bias, anchoring bias, hindsight bias, randomness error, availability bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the two ways we make decisions? (Exam question for sure)

A
  1. Rational Decision-Making - based on data, weigh pros and cons, rationality is BOUNDED because it’s limited by capacity. We simply don’t have the capacity to analyze a whole lot of data, that is when…
  2. Intuitive Decision-Making (kicks in). - faster, unconscious, it is communicated to you via your gut feelings, can’t verbalize how you arrive at your feelings. Examples: Reading a Room but comes from previous experience. Practice your strength and observation skills

Best to have strength in both these areas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An unconscious information processing system based on experience. Fast, unconscious, affectively charged.

-One way to become aware of Intuition is through your feelings
-Pattern recognition needs to be a match.
Want to be a clear state
-connects through experiences I.e signs, symbols and colours
-unconscious pick up question such as visuals we might miss
-if you want to strengthen your skills you have to be reflective.

A

Intuition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Diversity of views, creativity, decision quality

A

Strength of group decision-making

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Group think / group shift - people
Change their mind
Group shift; regardless of if you think they’re wrong.

A

Weaknesses of group decision-making

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The ability to influence a group towards the achievement of a vision or set of goals

A

Leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What traits predict leadership?

A

The big five personality model (strong and consistent relationships between leadership and extraversion, conscientiousness and openness to experience).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Specific behaviours that differentiate leaders from non-leaders. Implies we can train people to be leaders.

A

Behavioural theories of leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Consider situations. Leaderships success is more than isolating traits and behaviours.

A

Contingency Theories of Leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Effective group performance depends on the proper match between the leader’s style and the degree to which the situation gives the leader control. Assumption is that leadership style is fixed.

A

Fiedler’s Contingency Model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are Fiedler’s Contingency Dimensions that determine the situation that a leader faces?

A

-leader member relations - trust,
Respect, etc.
-Task structure - procedurized
-position power - degree of influence, hiring, firing, promotions, salary increases

*optimal - high in all three

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the Three very important leadership styles? :) (exam question)

A
  1. Transformational
    4 Transactional
  2. Contemporary
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Emphasis on initiating/ creating structure

A

Task-oriented

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Emphasis on relationships and considerations

A

People oriented

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Leaders as communicators who inspire others to act beyond their immediate self-interest.
Charismatic Leadership - leaders with heroic or extraordinary abilities (the way they influence you, their presence & light)
Vision and articulation, personal risks, sensitivity to followers needs, unconventional behaviour.
I.e. great with people, very charming,
OBAMA

A

Transformational leadership

17
Q

How do TRANSFORMATIONAL Leaders lead?

A

-Idealized influence
- vision, sense of mission
-Inspirational motivation
- high expectations, focused efforts,
important purpose
-intellectual stimulation
- intelligent, problem solvers
***individualized consideration - coach & advise

18
Q

Leaders that guide followers towards established goals by clarifying role and task requirements.

A

Transactional Leadership

19
Q

How do Transactional Leaders,

Lead?

A
  • Contingent Reward - recognized accomplishments, rewards good performance
  • Manages by exception - intervenes only when standards are not met.
  • transactional ONLY comes in when there is a problem to be solved. Only happens when standards are NOT met.

Job type has an effect on the tendency you want to exhibit in terms of transformational vs transactional

** best leaders are those who are both transactional and transformational.

20
Q

What are contemporary leadership roles?

A
  1. Mentoring
  2. Self- leadership/ self management
  3. Team leadership
  4. Online leadership
  5. Leading without authority.
21
Q

What are some contemporary topics in leadership?

A

Authentic
Ethical
Social charismatic
Servant leadership

22
Q

What is cognitive bias?

A

Short cuts I.e to make something shorter (availability bias- haven’t read too much info and saying you know something).

23
Q

You have an idea and based on that, that’s how you make all your decisions.

A

Anchoring Bias

24
Q

Difficulty admitting they are wrong about reality I.e I knew this would happen.

A

Hindsight error

25
Trying to make connections (I.e every Wednesday it rains)
Randomness error
26
Whatever is there, you just run with it, don’t give it a second thought. This is bad - you need to dig deeper and keep an open mind when making decisions and not to side to anything. Always be aware of your self.
Availability bias
27
more confidence in your decision than is reasonable given the facts of the situation
Over-confidence bias
28
more confidence in your decision than is reasonable given the facts of the situation
Over-confidence bias