Chapter 6
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RTabbott87 on October 7, 2010
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45 terms
Terms | Definitions |
|---|---|
 Ambiguity | A condition in which the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable |
| Classical Model | A decision-making model based on the assumption that managers should make logical decisions that will be in the organization's best economic interests |
| Normative | An approach that defines how a decision maker should make decisions and provides guidelines for reaching an ideal outcome for the organization |
| Administrative Model | A decision-making model that describes how managers actually make decisions in situations characterized by non-programmed decisions, uncertainty, and ambiguity |
| Descriptive | An approach that describes how managers actually make decisions rather than how they should make decisions according to a theoretical ideal |
| Bounded Rationality | The concept that people have the time and cognitive ability to process only a limited amount of information on which to base decisions |
| Satisficing | To choose the first solution alternative that satisfies minimal decision criteria, regardless of whether better solutions are presumed to exist |
| Intuition | The immediate comprehension of a decision situation based on past experience but without conscious thought |
| Coalition | An informal alliance among managers who support a specific goal |
| Problem | A situation in which organizational accomplishments have failed to meet established goals |
| Opportunity | A situation in which managers see potential organizational accomplishments that exceed current goals |
| Diagnosis | The step in the decision-making process in which managers analyze underlying causal factors associated with the decision situation |
| Risk Propensity | The willingness to undertake risk with the opportunity of gaining an increased payoff. |
| Implementation | The step in the decision-making process that involves using managerial, administrative, and persuasive abilities to translate the chosen alternative into action |
| Decision Styles | Difference among people with respect to how they perceive problems and make decisions |
| Uncertainty | The situation that occurs when managers know which goals they wish to achieve, but information about alternatives and future events is incomplete |
| Risk | A situation in which a decision has clear-cut goals and good information is available but the future outcomes associated with each alternative are subject to change |
| Certainty | The situation in which all the information the decision maker needs is fully available |
| Nonprogrammed Decision | A decision made in response to a situation that is unique, is poorly defined and largely unstructured, and has important consequences for the organization |
| Programmed Decision | A decision made in response to a situation that has occurred often enough to enable decision rules to be developed and applied in the future |
| Decision Making | The process of identifying problems and opportunities and then resolving them |
| Decision | A choice made from available alternatives |
| Brainstorming | A technique that uses a face-to-face group to spontaneously suggest a broad range of alternatives for decision making |
| Devil's Advocate | A decision-making technique in which an individual is assigned the role of challenging the assumptions and assertions made by the group to prevent premature consensus |
| Groupthink | The tendency of people in groups to suppress contrary opinions (Drawback to Brainstorming) |
| Escalating Commitment | Continuing to invest time and resources in a falling decision |
| Information Technology (IT) | The hardware, software, telecommunications, database management, and other technologies used to store, process, and distribute information |
| Point-Counterpoint | A decision-making process, technique, in which people are assigned to express competing points of view |
| Knowledge Management | The process of systematically gathering knowledge, making it widely available throughout the organization, and fostering a culture of learning |
| Data | Raw, unsummarized, and unanalyzed facts and figures |
| Information | Data that have been converted into a meaningful and useful context for the receiver |
| Knowledge | A conclusion drawn from information after it is linked to other information and compared to what is already known |
| Knowledge Management Portal | A single point of access for employees to multiple sources of information that provides personalized access on the corporate intranet |
| WIKI | A Web site that allows anyone with access, inside or outside the organization, to create, share, and edit context through simple, browser based user interface |
| Business Intelligence Software | Software that analyzes data from multiple sources and extracts useful insights, patterns, and relationships that might be significant |
| Management Information System (MIS) | A computer-based system that provides information and support for effective managerial decision making |
| Enterprise Resource Planning System (ERP) | A networked information system that collects, processes, and provides information about an organization's entire enterprise from identification of customer needs and receipt of orders to distribution of products and receipts of payments |
| BLOG | Web log that allows individuals to post opinions and ideas |
| Social Networking | Online interaction in a community format where people share personal information and photos, produce and share all sorts of information and opinions, or unify activists and raise funds (i.e. Facebook) |
| Peer-to-Peer File Sharing | File sharing that allows PCs to communicate directly with one another over the internet, bypassing central databases, servers, control points, and Web pages |
| e-Business | Any business that takes place by digital processes over a computer network rather than in physical space |
| e-Commerce | Business exchanges or transactions that occur electronically |
| Intranet | An internal communications system that uses the technology and standards of the internet but is accessible only to people within the organization |
| Extranet | An external communications system that uses the internet and is shared by two or more organizations |
| Market Expansion | A systematic attempt to increase sales through adding target groups |
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