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Definitions for Final.doc

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Definitions for the Final Exam1300 AChapter 8 Individual and Group Decision MakingDecision 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 A decision about a problem that is either poorly defined decisionor novelStandard Operating Established procedure for action used for programmed Procedure SOPdecisions that specifies exactly what should be doneGreshams Law of The tendency for managers to let programmed activities Planningovershadow non programmed activitiesRational Model classical A sevenstep model of decision making that represents modelthe earliest attempt to model decision processesSubjectively Expected A model of decision making that asserts that manager Utility SEU Modelchoose the alternative that they subjectively believe maximizes the desired outcomes Bounded Rationality A descriptive model of decision making recognizing that Model Administrative Man people are limited in their capacity to fully assess a Modelproblem and usually rely on shortcuts and approximations to arrive 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 Model Implicit favourite makers attempt to rationalize their choices after they are modelmadePerceptual 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 Rateslikelihood of a particular outcome in the presence of other informationInsensitivity to Sample The tendency to not consider sample size when using Sizeinformation taken from a sample within a given populationMisconception 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 events
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