Term | Definition A choice from two or more alternatives | |
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Term | Definition A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision's effectiveness. | |
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Term | Definition A discrepancy between an existing and a desired state of affairs | |
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Term 8 steps of decision making | | Definition 1 Identify the problem2 Identify Decision Criteria3 Allocate weights to the Criteria4 Develop Alternatives5 Analyze Alternatives6 Select an Alternative7 Implementing the Alternative 8 Evaluating Decision Effectiveness | |
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Term | Definition Criteria that define what's relevant in a decision | |
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Term | Definition Managers are called decision makers when they plan, organize, lead, and control. | |
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Term | Definition Decision-making behavior where choices are consistent and value-maximizing within specified constraints | |
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Term | Definition Decision-making behavior that's rational, but limited to (bounded) by an individual's ability to process information | |
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Term | Definition Accepting solutions that are "good enough" | |
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Term | Definition An increased commitment to a previous decision despite evidence that it may have been wrong | |
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Term Intuitive Decision Making | | Definition Making decisions on the basis of experience, feelings, and accumulated judgement | |
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Term | Definition Straightforward, familiar, and easily defined problems | |
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Term | Definition A repetitive decision that can be handled by a routine approach | |
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Term | Definition A series of interrelated sequential steps that can be used to respond to a well-structured problem | |
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Term | Definition An explicit statement that tells managers what they can or cannot do | |
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Term | Definition A guideline for making decisions | |
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Term | Definition Problems that are new or unusual and for which information is ambiguous or incomplete | |
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Term | Definition A unique decision that requires a custom made solution | |
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Term | Definition A situation in which a manager can make accurate decisions because all outcomes are known | |
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Term | Definition A situation in which the decision maker is able to estimate the likelihood of certain outcomes | |
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Term | Definition a situation in which a decision maker has neither certainty nor reasonable probability estimates available | |
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Term | Definition Amount of money that could have been made if a different choice had been chosen | |
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Term Business Performance Management (BPM) software | | Definition IT software that provides key performance indicators to help managers monitor efficiency of projects and employees | |
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Term | Definition rational way of thinking; low tolerance for ambiguity | |
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Term | Definition rational way of thinking; high tolerance for ambiguity | |
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Term | Definition intuitive way of thinking; high tolerance for ambiguity | |
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Term | Definition intuitive way of thinking; low tolerance for ambiguity | |
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Term | Definition Rules of thumb that managers use to simplify decision making | |
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Term | Definition Defining the organization's goals, establishing an overall strategy for achieving those goals, and developing plans for organizational work activities | |
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Term | Definition Desired outcomes for individuals, groups, or entire organizations | |
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Term | Definition Documents that outline how goals are going to be met | |
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Term | Definition Official statements of what an organization says, and what it wants its various stakeholders to believe, its goals are | |
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Term | Definition maximizing the maximum payoff | |
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Term | Definition maximizing the minimum payoff | |
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Term | Definition minimizing the maximum regret | |
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