Week 7: Decision Making, Creativity, Learning from Action Flashcards

(9 cards)

1
Q

Decision Making

A

A conscious process of making choices among alternatives with the intention of moving toward some desired state of affairs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Rational Choice Paradigm

A

A deeply held perspective of decision making that people should - and typically do - make decisions based on pure logic and rationality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Rational Choice Decision-Making Process

A
  1. Identify problem or opportunity
  2. Choose the best decision process
  3. Develop alternative solutions
  4. Choose the best alternative
  5. Implement the selected alternative
  6. Evaluate decision outcomes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Bounded Rationality

A

Processing limited and imperfect information and satisficing rather than maximizing when choosing between alternatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Implicit Favorite

A

A preferred alternative that the decision maker uses repeatedly as a comparison

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Satisficing

A

Selecting a solution that is satisfactory or “good enough” rather than optimal or “the best”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Intuition

A

The ability to know when a problem or opportunity exists and to select tue best course of action without conscious reasoning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Scenario Planning

A

A systematic process of thinking about alternative futures and what the organization should do to anticipate and react to those environments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Escalation of Commitment

A

The tendency to repeat an apparently bad decision or allocate more resources to a failing course of action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly