Ch06_Keyterms - KEY TERMS CHAPTER 6 decision A choice from...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
KEY TERMS – CHAPTER 6 decision A choice from two or more alternatives. decision-making process A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision’s effectiveness. problem A discrepancy between an existing and a desired state of affairs. decision criteria Criteria that define what’s relevant in a decision. rational decision making Decision-making behavior where choices are consistent and value- maximizing within specified constraints. bounded rationality Decision-making behavior that’s rational, but limited (bounded) by an individual’s ability to process information. satisficing Accepting solutions that are “good enough.” escalation of commitment An increased commitment to a previous decision despite evidence that it may have been wrong. intuitive decision making Making decisions on the basis of experience, feelings, and accumulated judgment. structured problems
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Ch06_Keyterms - KEY TERMS CHAPTER 6 decision A choice from...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online