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Principles of Management > Chapter 7: Decision Making > Flashcards

Chapter 7: Decision Making Flashcards

(68 cards)

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1
Q

Why shouldn’t you make emotional decisions as a manager?

A

If you decide things based on your emotions your biases will overshadow the facts.

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2
Q

Why is it important to be an active listener?

A

It tells whoever your talking to that their words matter.

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3
Q

Step 1 of Prioritized Decision Making

A

List decisions you need to make

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4
Q

Step 2 of Prioritized Decision Making

A

Organized each decision based on its complexities and importance

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5
Q

Step 3 of Prioritized Decision Making

A

Organize decisions into strategic decisions, significant decisions, and quick decision.

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6
Q

Step 4 of Prioritized Decision Making

A

Plan out how long it will take you the decision can be made.

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7
Q

Quick Decisions

A

Decisions that can be completed immediately. Examples include signing paperwork, and accepting an employees time off.

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8
Q

What do you do when you make mistake?

A

When you make a mistake forgive yourself and identify what caused the mistake to happen.

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9
Q

Questions to ask when you make a mistake

A

What information did you have when you made the decision?
Did you make a quick decision or a strategic decision?
What are the viewpoints at play?

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10
Q

According to research mindfulness can…

A

Mindfulness can promote innovation, self- determination, motivation, grow positive relationships, and reduce conflict.

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11
Q

Problems managers face

A

Customer Complaints
Supplier Breakdowns
Staff Turnover
Sales Shortfalls
Low Employee Motivation
Poor Quality

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12
Q

How many suppliers should you foster a relationship with?

A

Hicks recommends at least 3

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13
Q

Quality in management refers to both..

A

Quality of team behavior and quality of product

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14
Q

Step 1 (Rational Decision Model)

A

Identify the problem or opportunity

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15
Q

Step 2 (Rational Decision Model)

A

Find Alternative Solutions

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16
Q

Step 3 (Rational Decision Model)

A

Evaluate Alternative Solution

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17
Q

Step 4 ( Rational Decision Model)

A

Decide, Implement, and Evaluate the solutions outcome

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18
Q

Rational Decision Making increases when

A

Rational decision making increases when your responsible with your actions, diligent, humble, and open to new experiences.

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19
Q

Hubris

A

An inflated sense of pride, certainty and confidence that can taint your actions.

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20
Q

Nonrational Decision Making Model

A

A model describing how managers make decision.

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21
Q

Herbert Simon

A

Believed that managers could not be rational because their rationality was restricted.

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22
Q

Complexity, Time, Resources, Money, Cognitive Capacity and habits are examples of what..

A
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23
Q

Satisficing Model

A

Seeks alternative plans till a satisfactory one is found

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24
Q

Intuition Model

A

Going with your gut to make a decision

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25
CEO's are being fired (2024) because of what factors
Public is fed up with poor behavior, regulations are stricter, increased exposure of whistleblowers and hacker leaks, media broadcasts of behavior, unethical expansion.
26
Directive Style
Low Ambiguity Task & Technical Oriented Concerns Efficient Practical Systematic Logical
27
Analytical Style
High Ambiguity Responds well to new or uncertain situations Diverse Careful to make decisions Overthink
28
Conceptual Style
High Ambiguity People-oriented Considers several perspectives Takes Risks Creatively Solves Problems Creates Trust Struggles with structured problems
29
Behavioral Style
Highly People Oriented Supportive Receptive to Suggestions Tries to avoid conflict "Could be Wishy-washy" Prefers verbal communication
30
Describe the 10 Decision Making Biases / Rules of Thumb
Availability, Representitiveness, Confirmation, Sunk Cost, Anchoring and Adjustment, Overconfidence, Hindsight, Framing, Escalation of Commitment, and Categorical Thinking
31
Availability Bias
Using information that is recent or available at that very moment without using past data. Avoids seeing the full picture.
32
Representatives Bias
Generalizing things without taking nuance into account
33
Confirmation Bias
Seeking information that supports an idea while discounting data that doesn't.
34
Sunk-Cost Bias
Believing that something can't be abandoned because there has been too much effort put in
35
Anchoring & Adjustment Bias
Making decisions based on initial figures.
36
Overconfidence Bias
Confidence overshadows accuracy causing reckless risks
37
Hindsight Bias
Views events as predictable
38
Framing Bias
Framing a problem in such a way that influences others
39
Escalation of Commitment Bias
Feeling overly invested in a decision and refusing to admit to your failures.
40
Categorical Bias
Sorting information or people, based on observed or inferred characteristics
41
Decision
A choice made from available alternatives.
42
Problems
Difficulties holding people back from their goals
43
Opportunities
Situations that present possibilities to exceeding goals
44
Diagnosis
Identifying and analyzing underlying causes
45
To implement a decision you must
Plan carefully, and be sensitive to those affected.
46
Law of Unintended Consequences
Things will happen that were not predicted
47
Nonrational Models of Decision Making
Shows how managers make decisions when it's assumed to be risky
48
Bounded Rationality
A concept that suggests that making a rational decision is limited by specific factors.
49
Intuition
Making gut choices
50
Ethics Officers
An employee trained to resolve ethical dilemmas
51
Decision Tree
A graph of decisions and their concequences
52
Evidence-based decison making
Gathering and analyzing data in order to develop and implement a action
53
Machine Learning is
a process where computers algorithmically detects patterns in data w/o programing
54
Predictive analytics
Mixes historical data, statistical models, and machine learning to predict future outcomes.
55
Volume, Variety, Velocity, Veracity, and Value are the 5 V's of
Big Data
56
Volume
How much data there is and how much it takes to store it
57
Variety
A wide range of data sets created by humans and technology
58
Velocity
How fast data accumulates
59
Veracity
Is the data trustworthy and high quality
60
Value
The insight a piece of data has
61
Heuristics
Strategies that simplify making decisions
62
Sham Participation
Occurs when powerless but useful individuals are selected to approve decisions and implement them.
63
Groupthink
When group members agree on something for the sake of unanimity.
64
Goal Displacement
Primary goals are consumed by a secondary goal
65
Minority Dissent
A belief that a minority opposes the beliefs, attitudes, ideas, procedure or polices agreed upon on by the group.
66
Consensus
Expressing opinions and reaching agreements to support a decision
67
Brainstorming
Generating ideas and alternatives for solving problems
68
After action review
Reviews decisions in order to improve future ones

Principles of Management (5 decks)

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