MGT 323 EXAM 3 Question and answer already passed
Decision - correct answer Choice made from among available alternatives
Decision-Making - correct answer Process of identifying and choosing alternative courses of action. Can be made rationally, but often is non-rational.
- System 1: ...
MGT 323 EXAM 3 Question and answer
already passed
Decision - correct answer ✔Choice made from among available alternatives
Decision-Making - correct answer ✔Process of identifying and choosing
alternative courses of action. Can be made rationally, but often is non-rational.
- System 1: intuitive and largely unconscious
- System 2: analytical and conscious
Problem - correct answer ✔Occurs when there's a gap between the actual
situation and the desired situation.
Importance of defining problem correctly: the goal of problem solving is to
close that gap, therefore if the problem is incorrectly defined, we'll be focused
on solving the wrong problem.
Optimize - correct answer ✔make the best/most effective use of a
situation/resource/opportunity
Satisfice - correct answer ✔Because of constraints, managers don't make an
exhaustive search for the best alternative. Thus finding one that is satisfactory
(not optimal)
Bounded Rationality - correct answer ✔Suggests that the ability of decision
makers to be rational is limited by numerous constraints (i.e. complexity,
time/money, cognitive capacity)
, Developed by Herbert Simon 1950s.
Intuition - correct answer ✔making a choice without the use of conscious
thought or logical inference.
Stems from both expertise and automated experience.
Expertise & Automated Experience - correct answer ✔Expertise: a person's
explicit and tacit knowledge about a person, situation, object, or decision
opportunity (AKA holistic hunch)
Automated Experience: the involuntary emotional response to those same
matters.
Advantages of Group Decision Making - correct answer ✔Greater pool of
knowledge
Different perspectives
Intellectual stimulation
Better understanding of decision rationale
Deeper commitment to the decision
Disadvantages of Group Decision Making - correct answer ✔Few people
dominate or intimidate
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