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ADM Definitions.doc

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Matthew Archibald

Definitions for the Final Exam1300 AIndividual and Group Decision MakingChapter 8 Decision MakingA process of specifying the nature of a particular problem or opportunity and selecting among available alternatives to solve a problem of capture an opportunityFormulationA process involving identifying a problem or opportunity acquiring information developing desired performance expectations and diagnosing the causes and relationships among factors affecting the problem or opportunitiesProblemA gap between existing and desired performanceOpportunityA chance to achieve a more desirable state than the current oneSolutionA process involving generating alternatives selecting the preferred solution and implementing the decided course of actionProgrammed DecisionA routine response to a simple or regularly occurring problemNon programmed deciA decision about a problem that is either poorly defined or novelsionStandard Operating ProEstablished procedure for action used for programmed decisions that specifies exactly what should be donecedure SOPGreshams Law of PlanThe tendency for managers to let programmed activities overshadow non programmed activitiesningRational Model classical A sevenstep model of decision making that represents the earliest attempt to model decision processesmodelSubjectively Expected A model of decision making that asserts that manager choose the alternative that they subjectively believe Utility SEU Modelmaximizes the desired outcomes Bounded Rationality A descriptive model of decision making recognizing that people are limited in their capacity to fully assess a probModel Administrative Man lem and usually rely on shortcuts and approximations to Modelarrive at a decision they are comfortable withSatisficingThe tendency for decision makers to accept the first alternative that meets their minimally requirements rather than pushing them further for an alternative that produces the best resultsRetrospective Decision A decisionmaking model that focuses on how decision makers attempt to rationalize their choices after they are Model Implicit favourite mademodelPerceptual DistortionHighlighting the positive features of the implicit favourite over the alternativeIntuitive Decision MakingThe primarily subconscious process of identifying a decision and selecting a preferred alternativeEase of RecallMaking a judgement based upon the most recent events of the most vivid in our memoryRetrievability A decisionmaking bias where judgements rely on the memory structures of an individualPresumed associationsThe assumptions that two events are likely to cooccur based on the recollection of similar associationsInsensitivity to Base The tendency to disregard information that suggests the likelihood of a particular outcome in the presence of othRateser informationInsensitivity to Sample The tendency to not consider sample size when using information taken from a sample within a given populationSizeMisconception of ChanceThe expectation that small sets of randomly assembled objects or sequences should appear randomRegression to the MeanOverlooking the fact that extreme events or characteristics are exceptional cases that will likely revert back to historic averages over timeConjunction FallacyThe tendency for people to assume that cooccurring events are more likely to occur than if they were independent of each other or grouped with other eventsAnchoringUsing an initial value received from prior experience or any external information source and giving it disproportionate weight in setting a final valueEscalation of CommitA high tendency to commit to the original decision even if other information leads to it being incorrectmentProspective Rationality A belief that future courses of action are rational and correctCrossFunctional TeamsEmployees from different departments who work together to solve a problemGroupThinkA mode of thinking in which the pursuit of agreement among members becomes so dominant that it overrides a realistic appraisal of alternative courses of actionStructured DebateA process to improve problem formulation that includes using devils advocate multiple advocacy and dialectical inquiryMultiple AdvocacyA process to improve decision making by assigning several group members to represent the opinions of various constituencies that might have an interest in the decision
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