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Chapter 13 Key Terms.docx

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

Chapter 13 Key Terms anchoring and adjustment heuristic: bases a decision on incremental adjustments from a prior decision point availability heuristic: bases a decision on recent information or events behavioral decision model: describes decision‐ making with limited information and bounded rationality bounded rationality: making decisions within the constraints of limited information and alternatives certain environment: offers complete information on possible action alternatives and their consequences classical decision model: describes decision‐ making with complete information confirmation error: occurs when focusing only on information that confirms a decision already made cost‐ benefit analysis: involves comparing the costs and benefits of each potential course of action creativity: the generation of a novel idea or unique approach that solves a problem or crafts an opportunity crisis: an unexpected problem that can lead to disaster if not resolved quickly and appropriately crisis management: preparation for the management of crises that threaten an organization's health and well‐ being data: raw facts and observations decision‐ making process: begins with identification of a problem and ends with evaluation of implemented solutions decisions: a choice among possible alternative courses of action escalating commitment: the continuation of a course of action even though it is not working framing error: trying to solve a problem in the context in which it is perceived heuristics: strategies for simplifying decision‐ making information: data made useful for decision‐ making information syste
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