information and decision making (3)

Question 1

What are the three “must-have” competencies for career and personal success?

Answer 1

technological competency, information competency, analytical competency

Question 2

The ability to understand new technologies and to use them to their best advantage.

Answer 2

technological competency

Question 3

The ability to locate, gather, organize, and display information.

Answer 3

information competency

Question 4

The ability to evaluate and analyze information to make actual decisions and solve real problems.

Answer 4

analytical competency

Question 5

_____ are raw facts and observations.

Answer 5

data

Question 6

____ is data made useful and meaningful for decision making.

Answer 6

information

Question 7

What are the five criteria to useful information?

Answer 7

timely, high quality, complete, relevant, understandable

Question 8

The information is available when needed; it meets deadlines for decision making and action.

Answer 8

timely

Question 9

The information is accurate, and it is reliable; it can be used with confidence.

Answer 9

high quality

Question 10

The information is complete and sufficient for the task at hand; it is as current and up to date as possible.

Answer 10

complete

Question 11

The information is appropriate for the task at hand; it is free from extraneous or irrelevant materials.

Answer 11

relevant

Question 12

The information is clear and easily understood by the user; it is free from unnecessary detail.

Answer 12

understandable

Question 13

The term ____ describes the systematic evaluation and analysis of information to make decisions.

Answer 13

analytics

Question 14

The term analytics is sometimes called _______.

Answer 14

business analytics or management analytics

Question 15

What is the management process?

Answer 15

planning, organizing, leading, controlling

Question 16

People perform best when ___

Answer 16

they have available to them the right information at the right time and in the right place.

Question 17

_____ use the latest technologies to collect, organize, and distribute data.

Answer 17

management information systems

Question 18

____ is the process of tapping or mining information systems to extract data that is most useful for decision makers.

Answer 18

business intelligence

Question 19

One of the trends in business intelligence is use of ____ that visuallt display and update key performance metrics as graphs, charts, and scorecards on real-time basis.

Answer 19

executive dashboards

Question 20

At the organization’s boundaries, information in the ____ is accessed.

Answer 20

external environment

Question 21

Managers use this ___ to deal with customers, competitors, and other stakeholders such as government agencies, creditors, suppliers, and stockholders.

Answer 21

intelligence information

Question 22

Organizations also send bast amounts of ____ to stakeholders and the external environment.

Answer 22

public information

Question 23

_____ gathered from stakeholders and external environment.

Answer 23

intelligence information

Question 24

____ disseminated to stakeholders and internal environment.

Answer 24

public information

Question 25

____ flows up, down, around and across organizations.

Answer 25

internal information

Question 26

And within organizations, people need vast among of ____ to make decisions and solve problems in their daily work.

Answer 26

internal information

Question 27

_____ is the anchor point for all three. It helps a leader sense the need for a decision, frame an approach to the decision, and communicate about the decision with others.

Answer 27

information

Question 28

Managers who are continually gathering, giving, and receiving information.

Answer 28

managers as information processors

Question 29

___ the process of identifying a discrepancy between an actual and a desired state of affairs and then taking action to resolve.

Answer 29

problem solving

Question 30

In all company situations, the manager’s skill in problem solving is very essential.

Answer 30

managers as problem solvers

Question 31

What is the decision making process?

Answer 31

identify and define the problem, generate alternative or possible solutions, evaluate alternative solutions, choose a preferred course of action, implement the decision, generate and evaluate alternative solutions

Question 32

The first step in decision making is to ____

Answer 32

find and define the problem

Question 33

Once the problem is defined, it is time to ____

Answer 33

assemble the facts and information that will solve it

Question 34

The decision making process is not complete until ____

Answer 34

results are evaluated

Question 35

_____ is a form of managerial control. It involves gathering data to measure performance results and compare them against goals.

Answer 35

evaluation

Question 36

What are the 6 Decision Errors and Traps?

Answer 36

framing error, availability bias, representativeness bias, anchoring and adjustment bias, confirmation error, escalating commitment

Question 37

Managers sometimes suffer from _____ that occurs when a problem is evaluated and resolved in the context in which it is perceived–either positively or negatively.

Answer 37

framing error

Question 38

The _____ occurs when people assess a current event or situation by using information that is “readily available” from memory.

Answer 38

availability bias

Question 39

The _____ occurs when people assess the likelihood of something based on its similarity to a stereotyped set of occurrences.

Answer 39

representative bias

Question 40

The _____ occurs when decisions are influenced by inappropriate allegiance to a previously existing value or starting point.

Answer 40

anchoring and adjustment bias

Question 41

It means that we notice, accept, and even seek out only information that confirms or is consistent with a decision we have just made.

Answer 41

confirmation error

Question 42

This occurs as a decision to increase effort and perhaps apply more resources to pursue a course of action that is not working.

Answer 42

escalating commitment