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What is Decision Making?
Decision making is a conscious process of making choices among one or more alternatives with the intention of moving toward some desired goal or end product.
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Rational Decision Making Model (Diagram)
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What is Bounded Rationality?
processing limited/imperfect information and selecting a decision that's good enough (satisficing)) rather than optimal.
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What is Implicit Favorite?
The decision maker's preferred alternative against which all other alternatives are judge.
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What is Satisficing?
Selecting a solution that is satisfactory, or "good enough" rather than optimal or "the best".
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What is Intuition?
Ability to "just know" when a problem or opportunity exists and select the best course of action without conscious reasoning.
- Intuition as emotional experience
- - Gut feelings are emotional signals
- Intuition as rapid unconscious analysis
- - Uses action scripts
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What is Scenario Planning?
A systematic process of thinking about alternative futures, and what the organization should do to anticipate and react to those environments.
Developing different alternatives to a problem needing solution; asking, "What if?'
However, sometimes planning becomes a substitute for action!
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What is Postdecisional Justification?
The tendency to support the decision we made rather than other alternatives we considered through rationalizing or upgrading the quality of the decision made.
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What is Escalation of Commitment?
The tendency to repeat an apparently bad decision or allocate more resources to a failing course of action.
When we put more effect and resources into a failing decision or course of action, e.g., continuing to buy a stock on its way down.
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What is Employee Involvement?
The degree to which employees influence how their work is organized and carried out.
- - Level of control over decision making
- - Different levels and forms of involvement, e.g., Can ask an employee her opinion in passing or can have formal labor-mang partnership, or Codetermination.
- - Group decision-making is a slower process but yields a greater acceptance of the decision made.
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What are the benefits of employee involvement?
- - Better problem identification
- - More/better solutions generated
- - Most likely to select the best alternative
- - Stronger commitment to the decision
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Creative Process Model (Diagram)
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What are the Characteristics of Creative People?
- - Above average intelligence
- - Persistence
- - Relevant knowledge and experience
- - Inventive thinking style: Divergent Thinking & Convergent Thinking
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What is Divergent Thinking?
Thinking that goes away from normative/usual thinking.
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What is Convergent Thinking?
Thinking that is consistent with normative/usual thinking.
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What are Creative Work Environments?
- Learning orientation
- - Encourage experimentation
- - Tolerate mistakes
- Intrinsically motivating work
- - Task significance, autonomy, feedback
Open Communication and sufficient resources
Team competition and time pressure have complex effect on creativity.
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