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Principle of management > Individual & Group Decison Making > Flashcards

Individual & Group Decison Making Flashcards

1
Q

what is decision

A

a choice made from among available alternatives

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2
Q

what is the decision making

A

Process of identifying and choosing alternative courses of action

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3
Q

stages in decision making

A

Stage one- identify the problem or opportunity
Stage 2- think up alternative Solutions
Stage 3- evaluate Alternatives and select a solution
Stage 4- Implement and evaluate the solution chosen

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4
Q

what does rational decision making explain and assume

A

explain how managers should make decisions

Assume managers will make logical decisions that will be the optimum in furthering the organization’s best interest

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5
Q

what does rational model also called

A

Classical model

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6
Q

what are the three assumptions of the rational model

A
  • complete information, no uncertainty
  • logical, unemotional analysis
  • best decision for the organization
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7
Q

what does non-rational models assumes

A

Assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions

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8
Q

what does bounded rationality suggest

A

Suggest that the ability of decision-makers to be rational is limited by numerous constraints

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9
Q

what is the example of numerous constraints

A

Complexity, time, money, and cognitive capacity

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10
Q

what is satisficing model

A

Manager seek Alternatives until they find one that is satisfactory, not optimal

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11
Q

what is incremental model

A

Managers take small, short-term steps to elevate a problem

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12
Q

what are the benefit of intuition model

A
  • it can spit up decision-making useful ,when that lines are tight
  • it can be helpful to managers when resources are limited
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13
Q

what is prior hypothesis bias

A

Decision makers with strong prior beliefs tend to make their decision based on their beliefs- even if evidence shows that those beliefs are wrong

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14
Q

what are the 3 example of non-rational models

A

Satisficing,
Incremental,
Intuition

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15
Q

what is problems in terms of management

A

Difficulties that inhibit the achievement of goals

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16
Q

what is opportunities in management

A

Situations that present possibilities for exceeding existing goal

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17
Q

what does diagnosis mean

A

Analyzing the underlying causes

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18
Q

evaluate each alternative according to

A

Cost, quality
ethical,
Feasible ,
effective

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19
Q

what do we need to do t achieve successful implementation

A
  • plan carefully

- be sensitive to those affected

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20
Q

what should you do if the action is not working

A
  • give it more time
  • change it slightly
  • try it another alternative
  • start over
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21
Q

what is holistic hunch

A

Intuition that stems from expertise

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22
Q

what is automated experience

A

Intuition based on feelings- the involuntary emotional response to those same matters

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23
Q

what are the drawbacks for intuition model

A

it can be difficult to convince others that your hunch makes sense

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24
Q

what does evidence-based decision making depends on

A

Depends on an “attitude of wisdom”

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25
Q

what is the principle of evidence-based decision making

A
  1. Treat your organization as an unfinished prototype.
  2. No brag, just facts
  3. Do yourself and your organization as Outsiders do
  4. Evidence-based management is not just for senior executives
  5. Like everything else, you still need to sell it
  6. If all else fails, slow the spread of bad practice
  7. The best diagnostic question: what happens when people feel?
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26
Q

what makes it hard to be evidence based

A
  1. There’s too much evidence
  2. There’s not enough good evidence
  3. The evidence doesn’t quite apply
  4. People are trying to mislead you
  5. You are trying to mislead you
  6. The side effects outweigh the Cure
  7. Stories are more persuasive anyway
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27
Q

what is analytics

A
  • sophisticated forms of business data analysis

- also called business Analytics

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28
Q

what are the three key attributes among analytics competitors

A
  1. Use of modeling: going Beyond Simple descriptive statistics
  2. Having multiple applications, not just one
  3. Support from the top
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29
Q

what does decision making style reflect

A

Reflects the combination of how an individual perceives and responds to information

30
Q

what are the two dimension of decision making style

A
  • value orientation

- tolerence for ambiguity

31
Q

questions to ask when making decision that is ethical

A
  1. Is the proposed action legal?
  2. If yes, does the proposed action maximize shareholder value?
  3. if yes, is the proposed action ethical?
  4. If no, would it be ethical not to take the proposed action
32
Q

what are the general moral principles for managers (7)

A
  • Dignity of human life
  • autonomy
  • honesty
  • loyalty
  • fairness
  • humanness
  • the common good
33
Q

what are the ineffective responses to decision situation

A
  • relaxed avoidance
  • relaxed change
  • defensive avoidance
  • panic
34
Q

what how to decide (three effective reactions)

A

Important- how high priority is this situation?
Credibility- how believable is the information about the situation?
Urgency- how quickly must I act on the information about the situation?

35
Q

what is the example of analytics

A

Portfolio Analytics, time series forecast

36
Q

what is predictive modeling

A

Data mining technique used to predict future Behavior and anticipate the consequences of change

37
Q

what are the four general decision making style

A

Analytical- consider more information and alternatives
Directive- people are efficient, logical ,practical and systematic in their approach to solving problems, action-oriented, decisive and likes to focus on facts
Conceptual- takes a broad perspective problem solving, likes to consider many options and future possibilities
Behavioral- supportive, receptive to suggestions, show alarms, prefer verbal to written information

38
Q

what does value orientation reflects

A

Reflects the extent to which a person focuses on either task and Technical concerns or people and social concerns when making decisions

39
Q

how how can we use knowledge of decision making styles

A
  • helps you to understand yourself
  • can increase your ability to influence others
  • gives you an awareness of how people can take the same information and yet arrived at different decisions
40
Q

what is a ethics officer

A

someone trained about matter of ethics in the workplace, particularly about resolving ethical dilemmas

41
Q

what is a decision tree

A

a graph of decision and their possible consequences, is used to create plan to reach goal

42
Q

in relax avoidance a manager decides to what

A

manager decides to take no action in the belief that there will be no great negative consequences

43
Q

relax change is a form of what

A

satisficing

44
Q

what does scholars call rule of thumbs

A

heuristics

45
Q

what is heuristics

A

strategies that simplify the process of making decision

46
Q

what are the six common decision making bias

A
  1. availability bias
  2. sunk-cost bias
  3. confirmation bias
  4. representative bias
  5. anchoring and adjustments bias
  6. the escalation of commitment bias
47
Q

what is availability bias

A

using only the information available

48
Q

what is confirmation bias

A

seeking information to support’s one’s point of view and discount data that doest not support

49
Q

what is representative bias

A

the tendency to generalized

from a small sample or a single event

50
Q

what are the advantages of decision making

A
  • greater pool of knowledge
  • different perspectives
  • intellectual stimulation
  • better understanding of division rationale
  • deeper commitment to the decision
51
Q

what are the disadvantages of decision making

A
  • a few people dominate or intimidate
  • groupthink: when group members strive to agree for the sake of you unanimity and thus accurately assessing the decision situation
  • satisficing
  • goal displacement: occurs when the primary goal is subsumed by secondary goal
52
Q

what managers need to know about groups and decision making

A
  1. They are less efficient
  2. They’re size affects decision quality
  3. They may be too confident
  4. Knowledge counts
53
Q

what is participative management

A

Process of involving employees in setting goals, making decisions, solving problems, and making changes in the organization

54
Q

what are the group problem solving techniques

A
  • consensus

- brainstorming

55
Q

what are the two types of computer aided decision making

A
  1. Chauffer-driven systems

2. Group-driven system

56
Q

what is the meaning of consensus

A

Occurs when members are able to express their opinions n which agreement to support final decision

57
Q

what are the do’s and don’ts in making consensus

A

Dos: use active listening skills. Involve as many members as possible.. Stick out the reason behind arguments. Dig for the facts
Don’ts: avoid log rolling and horse Trading (I’ll support your pet project if you’ll support mine) avoid making an agreement simply to keep relations amicable and not Rock the Boat

58
Q

what is brainstorming

A

Technique used to help groups generate multiple ideas and alternatives 4 solving problems

59
Q

what are the some rules of brainstorming

A
  1. Defer judgement
  2. Built on the ideas of others
  3. Encourage wild ideas
  4. Go for quantity over quality
  5. Be visual
  6. Stay focused on the topic
  7. One conversation at a time
60
Q

what is the Delphi technique

A

A group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas; the judgments are combined and in effect average to achieve a consensus of expert opinion

61
Q

what is sunk cost bias

A

When managers at up all the money already spent on a project and conclude it is too costly to Simply abandon it

62
Q

the song called bias is sometimes called what

A

Sunk cost fallacy

63
Q

what is anchoring and adjustments bias

A

The tendency to make decisions based on an initial figure

64
Q

what is prospect theory

A

Suggest that decision-makers find the notion of an actual loss more painful then giving up the possibility of a game

65
Q

in group decision making the group must be made of what

A

Must be made up of diverse participants, not just people who all think the same

66
Q

what is goal displacement

A

Occurs when the primary goal is subsumed by a secondary goal

67
Q

what three practical guidelines that can help manager decide whether to include people in decision making process

A
  • when it can increase quality
  • when it can increase acceptance
  • when it can increase the development
68
Q

p.m. is predicted to increase what

A

To increase motivation, innovation, and performance because it helps employees to fill three basic needs

69
Q

PM helps employee fulfill 3 basic needs what are they

A

Autonomy, meaningfulness of work an interpersonal contact

70
Q

what is the meaning of interact constructively

A

Have the kind of relationship that Fosters Corporation and respect rather than competition and defensiveness

71
Q

p.m. can be effective when what are present

A

Supportive managers an employee Trust

72
Q

What is intuition model

A

Making choices without the use of conscious thought or logical inference
Sources are expertise and feelings

Principle of management (5 decks)

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