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POM > Chapter 5: Decision Making > Flashcards

Chapter 5: Decision Making Flashcards

0
Q

Decision making is a process of

A

Identifying problems
Opportunities
And then resolving them

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1
Q

Decision making is

A

Making a choice

Among available alternatives

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2
Q

Goods decisions are the heart of

A

Good management

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3
Q

Decisions determine how an organisation

A

Solves its problems
Allocates its resources
Accomplished its objectives

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4
Q

Management is synonymous with

A

Decision making

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5
Q

What stages of management involve decision making?

A

All POLC

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6
Q

The types of decisions are made

A

Programmed

Non programmed

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7
Q

Programmed decisions are

A

Routine
Simple
Made to tackle frequently recurring problems and opportunities

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8
Q

Programmed decision involve situations

A

That have occurred often enough
To enable a definitive approach to be developed
And applied in the future

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9
Q

Decision rules are

A

Procedures

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10
Q

Managers formulate procedures so

A

Subordinates can make the decision

They are freed to do important tasks

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11
Q

Programmed decision is done on the

A

First-line level

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12
Q

Non programmed decisions are

A

Unique

No cut and dried method for handling the problem

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13
Q

Non programmed decisions need a

A

Customs tailored treatment

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14
Q

Conditions under which decisions are made differ in

A

Degree of certainty

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15
Q

The certainty of decision making is based on

A

Availability of information
Possibility of failure / outcome (based on info and alternatives)
Clarity of goals

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16
Q

The 4 possible situations of decision making are

A

Certainty
Risk
Uncertainty
Ambiguity

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17
Q

In certainty,

A

All information is fully available

The outcome from every alternative is known

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18
Q

In risk,

A

Decision making has clear cut goals
Good information is available. Enough to estimate probability of success
Future outcomes associated with each alternative are subject to chance of loss or failure

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19
Q

In uncertainty,

A

Managers know which objective they want to achieve
Information about alternatives is incomplete
Future events is based on the creativity of managers

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20
Q

In ambiguity,

A

Goals to be achieved are unclear
Alternatives are difficult to define
Information about outcomes is unavailable

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21
Q

The steps in decision making are

A 
Recognition of decision requirement
Diagnosis and analysis of causes
Development of alternatives 
Selection of desired alternatives 
Implementation of chosen alternative 
Evaluation and feedback
22
Q

Managers confront a decision requirement when

A

There is either a problem or opportunity

23
Q

Awareness of a problem or opportunity requires a

A

Scan of internal and external environment

24
Q

Information about a problem or opportunity can come from

A

Performance reports

Financial reports

25
Q

Managers identify the cause of

A

Problem and opportunity

26
Q

The analyze the situation more deeply by asking

A

5W

1H

27
Q

Alternative solutions are developed to

A

Respond to needs of the situation

Correct causes

28
Q

Managers select the alternative that best meets his

A

Decision criteria

29
Q

The decision criteria has to fit

A

Overall goals and values of the organisation

Achieve the desired results

30
Q

The success of chosen alternative depends on

A

Whether it is translated to action

31
Q

Managers gather information to answer

A

How well was decision implemented

Was decision effective in achieving its objective

32
Q

What are the decision biases?

A 
Being influenced by initial impressions 
Justifying past decisions
Seeing what you want to see
Perpetuating the status quo
Being influenced by problem framing
Overconfidence
33
Q

How are people influenced by initial impressions?

A

Too much weight given to first information received

First impressions act as anchors to subsequent judgement

34
Q

Justifying past decisions creates danger of

A

Decision escalation

35
Q

Past decisions can be

A

No longer valid

36
Q

Seeing what you want to see is

A

Selective perception

37
Q

In selective perception,

A

People are biased towards information that supports
their POV, existing instincts
Avoid information that contradicts

38
Q

Perpetuating the status quo involves

A

Used what works in the past as the basis

39
Q

Perpetuating status quo leads to failure to

A

Explore new options
Search for additional information
Investigate new technologies

40
Q

Problem framing is

A

How we define the problem. It could be wrong

41
Q

Overconfidence is

A

Overestimating of abilities to predict and understand risk

42
Q

decisions can be made individually or

A

In groups

44
Q

The advantages of group decision making are

A

Broader perspective
More alternatives can be evaluated
Reduces uncertainty about alternatives
Provides member support for decision

45
Q

Broader perspective is provided for

A

Defining the problem

Diagnosing underlying causes and effects

46
Q

More alternatives can be evaluated through

A

Groups offering more knowledge and facts
Identify potential solutions
Produce more decision alternatives

47
Q

There is greater memeber support because

A

People who participate will be more satisfied with decision

And likely to support It

48
Q

The disadvantages of group decision making are

A 
Time consuming
Wasted resources if used for programmed decisions
Compromise decisions may satisfy no one
Groupthink
No focus for decision responsibility
49
Q

Group decision making is time consuming because

A

People must be consulted
Jointly diagnose problems
Discuss solutions

50
Q

Compromise decisions are

A

Less than optimal for organisation

51
Q

Groupthink is a

A

Mode of thinking people engage in
When in a cohesive group
Not able to realistically appraise alternative courses of action

52
Q

There is no focus for decision responsibility as well

A

The group makes a decision instead of an individual

53
Q

Uncertainty is reduced about alternatives through

A

Group discussion

POM (16 decks)

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