Exam3FC_4

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Decision-Making Process Decision
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A choice from two or more alternatives. A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision’s effectiveness.
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Decision Criteria Problem
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A discrepancy between an existing and a desired state of affairs. Criteria that define what’s relevant in a decision.
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Bounded Rationality Rational Decision- Making
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Decision-making behavior where choices are consistent and value-maximizing within specified constraints. Decision-making behavior that’s rational, but limited by an individual’s ability to process information.
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Escalation of Commitment Satisficing
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Accepting solutions that are “good enough.” An increased commitment to a previous decision despite evidence that it may have been wrong.
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Structured Problems Intuitive Decision Making
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Making decisions on the basis of experience, feelings, and accumulated judgment. Straightforward, familiar, and easily defined problems.
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Procedure Programmed Decision
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A repetitive decision that can be handled by a routine approach. A series of interrelated sequential steps that can be used to respond to a well-structured problem.
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Policy Rule
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An explicit statement that tells managers what they can or cannot do. A guideline for making decisions.
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Nonprogrammed Decisions Unstructured Problems
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Problems that are new or unusual and for which information is ambiguous or incomplete. A unique decision that requires a custom- made solution.
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Risk Certainty
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A situation in which a manager can make accurate decision because all outcomes are known. A situation which the decision maker is able to estimate the likelihood of certain outcomes.
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Business Performance Management (BPM) Software Uncertainty
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A situation in which a decision maker has neither certainty nor reasonable probability estimates available. IT software that provides key performance indicators to help managers monitor efficiency of projects and employees.
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Analytic Style Directive Style
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A decision-making style characterized by low tolerance for ambiguity and rational way of thinking. A decision-making style characterized by a high tolerance for ambiguity and a rational way of thinking.
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Behavioral Style Conceptual Style
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A decision-making style characterized by a high tolerance for ambiguity and intuitive way of thinking. A decision-making style characterized by a low tolerance for ambiguity and an intuitive way of thinking.
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Top-Level Managers Heuristics
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Rules of thumb that managers use to simplify decision making. Make decisions about
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