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Related Flashcards
Related Topics
Cards In This Set
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Decision
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A choice made from among available alternatives
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Decision making
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The process of identifying and choosing alternative courses of action
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Risk propensity
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Is the willingness to gamble or to undertake risk for the possibility of gaining an increased payoff
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Decision-making style
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Reflects the combination of how an individual perceives and responds to information
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Directive
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People with this style have a low tolerance for ambiguity and are oriented toward task and technical concerns in making decisions. They are efficient, logical, practical, and systematic in their approach to solving problems
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Analytical
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This style has a much higher tolerance for ambiguity and is characterized by the tendency to overanalyze a situation. People with this style like to consider more information and alternatives
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Conceptual
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People with this style have a high tolerance for ambiguity and tend to focus on the people or social aspects of a work situation. They take a broad perspective to problem solving and like to consider many options
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Behavioral
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This style is the most people oriented of the four styles. People with this style work well with others and enjoy social interactions in which opinions are openly exchanged
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Rational model of decision making or classical model
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Explains how managers should make decisions; it assumes managers will make logical decisions that will be the optimum in furthering the organization’s best interests
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Problem
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Difficulties that inhibit the achievement of goals
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Opportunities
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Situations that present possibilities for exceeding existing goals
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Diagnosis
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Analyzing the underlying causes
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Evaluate alternatives & Select a solution-ethics, feasibility, & effectiveness
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Is it ethical?
Is it Feasible?
Is it ultimately effective?
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What’s wrong with the rational model
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It describes how managers ought to make decisions not how they actually make them
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Non-rational decision making
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explain how managers make decisions; they assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions
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