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CK/DM > DM > Flashcards

DM Flashcards

1
Q

“The process of decision are largely techniques for narrowing choices”

A

Chester Barnard

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2
Q

A person with responsibility for both routine activities and long termplanning is likely to find the routine activities taking greater part of his day

A

Gresham’s Law

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3
Q

Optimal rational choice between alternate course of action

A

Herbert Simon

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4
Q

Decision making is categorised into?

A

3 parts: URC
* Uncertain
* Risky
* Certain

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5
Q

Rational Decision is aka? It is studied through which model?

A

Maximising Decision
Economic-Man Model

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6
Q

Satisficing Decision is made when we have? What kind of satisfaction is caused? It is aka?

A

Incomplete Knowledge
Sufficient satisfaction
Bounded Rationality

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7
Q

Satisficing Decision is measured through which model?

A

Administrative man model

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8
Q

Decisions which are Standard, Routine, well structured and easy to make?

A

Programmed Decision

Can be taken by lower management

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9
Q

Decision to be made when information is poorly structured and lack full information?

A

Bounded Rational/Satisficing

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10
Q

Non-standard, non-routine, unstructured problems - not routine or daily occurance.

A

Non-programmed

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11
Q

Decision that affects long-term direction of business - Non-programmed and non-routine

A

Strategic decision

Upper and Middle Level Management

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12
Q

Mid-term decisions that are Routine, Repetitive, Rule based, Regular

A

Tactical Decision

How many staff to recruit, what kind of marketing

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13
Q

What is Policy Decision?

A

Non-programmed decision that are taken by top-level management

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14
Q

Short term decision aka administrative decision

A

Operational Decision

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15
Q

Inventory management, resource allocation, cost management, reorganisation of supply chain are examples of?

A

Operational Decisions

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16
Q

Simon model is based on how many phases?

A

4 phases: IDCI
- Intelligence
- Design
- Choice
- Implementation

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17
Q

In Simon’s Decision Making Model, What is aka semi-programmed stage? It is which step in the model?

A

Intelligence phase

1st step in model

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18
Q

Is Simon’s Decision Making Model required for programmed decision making?

A

No

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19
Q

Which stage of the Simon’s Decision Making Model deals with Defining the problem and contructing a model to solve it?

A

Design

Step 2

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20
Q

In which phase of Simon’s Decision Making Model is the actual decision being made?

A

Choice

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21
Q

What are Heuristics?

A

Mental Shortcuts

Theory introduced by Herbert Simon

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22
Q

Why Heuristics are used?

3 points

A
  • Attribute - to make things simpler
  • Effort Reduction
  • Fast & Frugal
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23
Q

Type of heuristics that is determined by the readiness of the information available and how easy it is to bring something to mind, is?

A

Available heuristic

Choosing train after thinking about plane accidents; ordering in instead

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24
Q

Type of Heuristics where we are comparing the present situation to the most representative mental prototype?

A

Representative Heuristics

Taking a dog in because they remind you of your pet

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25
Q

Type of Heuristic that is dependent on a person’s mood/emotion

A

Affect heuristics

Good Mood - Fewer risks acknowledged while taking decison

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26
Q

Type of Heuristics with a tendency to be overly influenced by 1st info we hear?

A

Anchoring Heuristics

Buying offline on seeing discount- realise later that online discount >

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27
Q

A factor influencing DM where we avoid repeating past mistakes or prior positive results can motivate a yes decision

A

Past Experience

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28
Q

Significant Factors that Influence Decision Making

A
  • Past Experience
  • Cognitive Biases
  • Escalation of Commitment
  • Individual Differences
  • Personal Relevance
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29
Q

self-serving bias that confirms what we already believe in?

A

Confirmation Bias

Higher price = better quality

30
Q

Overall impression of a person influences how you feel and think about their character

A

Halo effect

Seems like a good person - anything they do is good. Opp: Horn Effect

31
Q

Tendency to blame external forces for circumstances?

A

Self-serving Bias

Good thing happens for my effort - bad is someone else’s fault

32
Q

Tendency to call an event more predictable after they happen

A

Hind-sight bias

33
Q

Your own actions to external causes, others fate to internal causes

A

Actor Observer Bias or
Fundamental Attribution Error

34
Q

Avoid information that they perceive as potentially unpleasant

A

ostritch bias

35
Q

Who suggested the Bounded Rationality Model and who suggested the economuc man model?

A

Bounded Rationality: Simon
Economic Man: Webber

36
Q

Lindbolom Model aka?

A

Incremental Model
or Branch Technique Model

All steps are incrementally discussed upon

37
Q

What kind of model is Etizioni Mixed Scanning model

A

Hybrid Model

Rationalism + Incrementalism

38
Q

Economic rational model + extra rational model is which type of model?

A

Drors Optimal Model

39
Q

What are the 5 main types of power found in an organisation?

Political model

A
  1. Legitimate power - due to position
  2. Reward power - managers ability
  3. Expert power - knowledge
  4. Reference power - Charisman or identification
  5. Coercive Power - emotional or physical threat
40
Q

Prospect Theory is given by?

A

Amos Tversky, Daniel Kahneman

41
Q

A theory that Reflects empirical finding - contrary to rational choice theory, people fear losses more than value gains

A

Prospect Theory

42
Q

2 phases of prospect theory

A

editing & evaluation

43
Q

What are 2 kind of biases?

A

Cognitive (7) & Emotional (3)

44
Q

Garbage can model of decision making is based on?

A

Limited Knowledge & uncertainty

45
Q

Intuitive Decision Making is based on?

A

Instinct

46
Q

A DM model where a small number of alternatives & consequences are considered at each stage of the DM Process. The cost of making a decision is minimised as each step is proposing only a small change and imediate effect is minimal and not disruptive.

A

Lindblom Model

47
Q

Strategy for risk averse people who want to minimize risk by selecting a decision with least possible loss

A

Maximin

48
Q

Strategy for risk takers, who want to maximise gains by selecting the best possible outcome

A

Maximax

49
Q

Strategy for risk neutral people, who want to minimise potential regret, loss or missing out.

A

Minimax

50
Q

A DM model that presents 7 yes-no questions to answer, followed by 5 decision making styles to choose from. It is the most complex DM model and requires decision makers to utilize a decision tree to arrive at the right decision style

A

Vroom-Yetton DM Model

51
Q

Similar to intuitive DM Model, it heavily relies on the decision makers experience and instinct. However, it is a little bit more structured

A

Recognition primed model

52
Q

Vroom yetton DM model was specifically designed for?

A

Collaborative decision making - best for multiple team members

53
Q

How many steps are there in rational DM model?

A

8

54
Q

What are the Steps in Rational DM Model?

A
  1. Define the Problem
  2. Define the criteria
  3. Weigh the criteria
  4. Find alternatives - brainstorm to meet criteria
  5. Evaluate alternatives
  6. Choose
  7. Implement
  8. Evaluate results
55
Q

Who developed the synectics method of problem solving?

A

George Prince & William Gordon

56
Q

A problem solving method that combines seemingly unrelated elements using problem analogies and placing them in different environments. It is based on the idea that people are more creative when they understand how creativity works.

A

Synectics

57
Q

Trial & Error is a kind of?

A

Heuristics

58
Q

Routine & repetitive decisions that are usually guided by SOPs or habitual responses, making them predictable and easy to manage?

A

Mechanistic DM

59
Q

Acc to prodpect theory, how do people typically evaluate options that involve risk and uncertainty

A

Minimizing losses

60
Q

A theory that maintains that the whole is greater than the sum of its parts. It is considered a top-down approach.

A

Gestalt’s Theory
(8 points)

Mostly used in healthcare

61
Q

Who is known as the father of Heuristics?

A

Herbert Simon

62
Q

Who developed the theory of heuristics

A

Amos Tversky, Daniel Kahneman

63
Q

Tendency to perceive patterns in random occurances?

A

Apophenia

64
Q

To present a situation in a way that it gives a certain impression

A

Framing

65
Q

A decision making model which states that people make decisions by recognising patterns and then choosing the best course of action

if this, then this

A

Recognition primed Model

66
Q

Recognition primed model is by?

A

Garth Saloner and David A Rosenkrantz

67
Q

What are the Gesalts Principles?

A
  1. Similarity
  2. Continuation
  3. Closure
  4. Proximity
  5. Figure/ground
  6. Symmetry & order
68
Q

Pareto analysis believes in what rule?

A

80:20 rule

69
Q

When one cognition follows on from or fits with, another cognition, reinforcing initial piece of knowledge, it is called?

A

Cognitive consonance

70
Q

Individual ends up agreeing to the strong opinion of the group in spite of their own judgement

A

Normative influence

71
Q

If decision maker is neither optimistic or pesimistic, decides to chose between these extremes by assigning them weights. The decision with max weight gives max profit -it is the decision chosen

A

Hurwicz Criteria

72
Q

Who is associated with behaviourism in DM

A

Herbert Simon

CK/DM (4 decks)

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