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36 Cards in this Set
- Front
- Back
Decision
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A choice from two or more alternatives.
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Decision-making process
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A set of eight steps that includes identifying a problem, selecting an alternative, and evaluating the decision's effectiveness.
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Problem
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A discrepancy between an existing and a desired state of affairs.
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Decision criteria
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Criteria that define what is relevant in making a decision.
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National decision making
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Making decisions that are consistent and value-maximizing within specified constraints.
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Decision
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A choice from two or more alternatives.
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Decision-making process
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A set of eight steps that includes identifying a problem, selecting an alternative, and evaluating the decision's effectiveness.
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Problem
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A discrepancy between an existing and a desired state of affairs.
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Decision criteria
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Criteria that define what is relevant in making a decision.
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Rational decision making
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Making decisions that are consistent and value-maximizing within specified constraints.
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Bounded rationality
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Limitations on a person's ability to interpret, process, and act on information.
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Satisfice
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To accept solutions that are "good enough."
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Intuitive decision making
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Making decisions on the basis of experience, feelings, and accumulated judgment.
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Structured problems
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Straight-forward, familiar, and easily defined problems.
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Programmed decision
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A repetitive decision that can be handled by a routine approach.
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Procedure
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A series of interrelated sequential steps that a decision maker can use to respond to a structured problem.
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rule
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An explicit statement that tells a decision maker what he or she can or cannot do.
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Policy
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A guideline for making a decision.
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Unstructured problems
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Problems that are new or unusual and for which information is ambiguous or incomplete.
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Non-programmed decisions
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Decisions that are unique and nonrecurring and require custom-made solutions.
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Certainty
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A condition in which a decision maker can make accurate decisions because the outcome of every alternative is known.
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Risk
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A condition in which a decision maker is able to estimate the likelihood of certain outcomes.
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Uncertainty
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A condition in which a decision maker is not certain about the outcomes and cannot even make reasonable probability estimates.
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Directive style
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A decision-making style characterized by a rational way of thinking and a low tolerance for ambiguity.
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Analytic style
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A decision-making style characterized by a rational way of thinking and a high tolerance for ambiguity.
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Conceptual style
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A decision-making style characterized by an intuitive way of thinking and a high tolerance for ambiguity.
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Behavioural style
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A decision-making style characterized by an intuitive way of thinking and a low tolerance for ambiguity.
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Groupthink
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The witholding by group members of different views in order to appear to be in agreement.
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Heuristics
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Rules of thumb that mangers use to simplify decision making.
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Escalation of commitment
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An increased commitment to a previous decision despite negative information.
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Ethics
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The study of moral values or principles that guide our behaviour and inform us whether actions are right or wrong.
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Utilitarian view of ethics
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A view of ethics that say that ethical decisions are made solely on the basis of their outcomes or consequences.
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Rights view of ethics
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A view of ethics that is concerned with respecting and protecting individual liberties and privileges.
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Theory of justice view of ethics
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A view of ethics in which mangers impose and enforce rules fairly and impartially and do so by following all legal rules and regulations.
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Integrative social contracts theory
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A view of ethics that proposes that ethical decisions be based on existing ethical norms in industries and communities in order to determine what constitutes right and wrong.
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Code of ethics
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A formal statement of an organization's primary values and the ethical rules it expects its employees to follow.
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