Flashcards in Decision Making Deck (22)
Refers to choices that are consistent and value-maximizing within specified constraints.
Limitations on one's ability to interpret, process and act on information.
To provide a solution that is both satisfactory and sufficient. It is also the identification of a good enough solution or the first acceptable solution rather than the optimal one.
Intuition or intuitive decision making
An unconscious process created out of a person's many experiences
An error in jugement that arises from being far too optimistic about one's own performance.
A tendency to fixate on initial information from which one then fails to adequately adjust for subsequent information.
The tendency to seek out information that reaffirms past choices and to discount information that contradicts past judgements.
The tendency for people to base their judgements on information that is readily available to them rather than complete data.
Escalation of commitment
An increased commitment to a previous decision despite negative information.
The tendency for individuals to believe that they can predict the outcome of random events
The tendency to prefer a sure gain of a moderate amount of risk over a riskier outcome, even if the riskier outcome might have a higher expected payoff.
The tendency to believe falsely, after an outcome of an event is actually known, that one could have accurately predicted that outcome.
A phenomenon in which group pressures for conformity prevent the group from critically appraising unusual, minority, or unpopular views.
A phenomenon in which the initial positions of individual group members become exaggerated because of the interactions of the group.
Three-stage model of creativity
The proposition that creativity involves three stages : causes (creative potential and creative environement), creative behaviour, and creative outcomes
(innovation--> novelty and usefulness)
Innovation brings about the novelty and the usefulness of a creative outcome.
The study of moral values or principles that guide our behaviour and inform us wether actions are right or wrong.
A decision focused on outcomes or consequences that emphasizes the greatest good for the greatest number
Any action against fundamental rights is not good.
Any action against the law is not good. People in organizations are mainly focused with that criterion.
In a group people care for one another and have interpersonal relationships, which should be preserved at all costs. It is important for this criterion that people understand the value of a group.