Week 3 - Decision Making on the Business or Organisational Context

Question 1

What is decision maker?

Answer 1

processes

Question 2

What is decision taker?

Answer 2

events

Question 3

What does decision making = ?

Answer 3

managing

Question 4

What are the layers of managerial decisions

Answer 4

-operational
-tactical
-strategic

Question 5

Are decision situations obvious or hidden?

Answer 5

may be both

Question 6

What is the purpose of decision situations?

Answer 6

-solve problems
-take advantage of opportunities

Question 7

What was decision making like before big data (20 years ago)?

Answer 7

managers would rely on knowledge and experience

Question 8

What is decision making like after big data (now)?

Answer 8

-Analytics provide
insight and input
-Data offers objective
validation when justifying management decisions

Question 9

What are the two dominant views on decision-making?

Answer 9

rationalist and naturalsitic

Question 10

What is the rationalist view on decision-making?

Answer 10

taking logical approach to decision-making

Question 11

What is the naturalistic approach to decision-making?

Answer 11

understands how decisions are actually made within the complexity of reality

Question 12

Rationalist view of decision making is … in nature

Answer 12

prescriptive

Question 13

Naturalistic view of decision making is … in nature

Answer 13

descriptive

Question 14

Which view of decision-making has step by step process?

Answer 14

rationalist

Question 15

Which view on decision making cannot be presented as set of steps because of complex nature

Answer 15

naturalistic

Question 16

What is dual process theory?

Answer 16

Addressing moment of a decision can be done in one of two ways:

― Through intuition/non-rationality

― Through reasoning/rationality

Question 17

What is system is intuition/non-rationality?

Answer 17

system1

Question 18

What system is reasoning/rationality?

Answer 18

system 2

Question 19

What does heuristics mean?

Answer 19

mental shortcuts or “rules of thumb” that people use to simplify decision-making and problem-solving

Question 20

Which system is heuristics attributed to?

Answer 20

system 1

Question 21

What system does operational decisions use?

Answer 21

system 2

Question 22

What system does tactical decisions use?

Answer 22

system 1 and 2

Question 23

What system does strategic decisions use?

Answer 23

system 1 and 2

Question 24

What type of system does simple routine decisions use?

Answer 24

system 2

Question 25

What type of decisions do complicated decisions use?

Answer 25

system 1 and 2

Question 26

What system does complex decisions use?

Answer 26

system 1 and 2

Question 27

What system does chaotic decisions use?

Answer 27

system 1 or 2

Question 28

What system does disorder decisions use?

Answer 28

system 1 or 2

Question 29

What are the four steps to get the most out of analytics?

Answer 29

1. find balance between judgement and data in decision-making 2. build trust in data analytics 3. transforming reactive into proactive decisions 4. creating processes and guidelines around decision making

Question 30

What are the two classifications of decision makers?

Answer 30

data driven vs judgement driven

Question 31

What are the four types of managers?

Answer 31

-Type A "analytics bent" -Type B "all-rounder" -Type C "uncertain or uninformed" -Type D "old-fashioned"