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

Organizational Behaviour > Week 7: Decision Making, Creativity, Learning from Action > Flashcards

Flashcards in Week 7: Decision Making, Creativity, Learning from Action Deck (9)
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1

Decision Making

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

2

Rational Choice Paradigm

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

3

Rational Choice Decision-Making Process

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

4

Bounded Rationality

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

5

Implicit Favorite

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

6

Satisficing

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

7

Intuition

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

8

Scenario Planning

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

9

Escalation of Commitment

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