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Decision Making Decisions Making
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The best solutions are reached using pure logic and all available information to choose the alternative with the highest value; identify, select, and apply the best possible alternative. The conscious process of making choices among alternatives with the intention of moving toward some desired state of affairs.
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Divergent Thinking Bounded Rationality
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View that people are limited in their decision-making capabilities, including access to limited information and processing, and the tendency toward satisficing rather than Reframing a problem in a unique way and generating different approaches to the issue.
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maximizing when making choices.
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Non-Programmed Decisions Programmed Decisions
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Follow standard operating procedures; they have been resolved in the past, so the optimal solution has already been identified and documented. Require all steps in the decision model because the problems are new, complex, or ill-defined.
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Implicit Favorite Prospect Theory
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A natural tendency to feel more dissatisfaction from losing a particular amount than satisfaction from gaining an equal amount. A preferred alternative that the decision maker uses repeatedly as a comparison with other choices.
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Rational Decision Making Model Narrow
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In the rational choice paradigm, decision makers with limited information processing capabilities engage in a ____ search for alternatives. Assumes that people are efficient and logical in their decision making.
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Intuition Satisficing
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Selecting an alternative that is satisfactory or “good enough,” rather than the alternative with the highest value (maximization). The ability to know when a problem or opportunity exists and to select the best course of action without conscious reasoning.
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Emotions Availability Heuristic
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A natural tendency to assign higher probabilities to objects or events that are easier to recall from memory, even though ease of recall is also affected by non- probability factors (i.e. Influence the process of evaluating alternatives; for instance, we pay more attention to details when in a negative mood, possibly because a negative mood signals that there is something
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and recent events). wrong that requires
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This note was uploaded on 09/08/2011 for the course MAN 4240 taught by Professor Putchinski,l during the Fall '08 term at University of Central Florida.

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Exam2 FC2 - The flashcards are formatted for printing....

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