Information and Decision Making
Popularity (by total correct streak): 12
Popularity (by number of users): 1
| Computer Competency | the ability to understand computers and to use them to their best advantage | |
| Information Competency | the ability to gather, analyze, and use information for decision making and problem solving | |
| Data | raw facts and observations | |
| Information | data made useful for decision making | |
| Management with Analytics | involves systematic gathering and processing of data to make it useful as information | |
| 5 Characteristics of Good Information | 1. timely 2. high quality (accurate + reliable) 3. complete 4. relevant 5. understandable | |
| Information Systems | use IT to collect, organize, and distribute data for use in decision-making | |
| Management Information Systems | meet the information needs of managers in making daily decisions | |
| Problem Solving | involves identifying and taking action to resolve problems | |
| Decision | a choice among possible alternative courses of action | |
| Performance Threat | a situation in which something is obviously wrong or has the potential to go wrong | |
| Performance Opportunity | a situation that offers the chance for a better future if the right steps are taken | |
| Systematic Thinking | approaches problems in a rational and analytical fashion | |
| Intuitive Thinking | approaches problems in a flexible and spontaneous fashion | |
| Multidimensional Thinking | an ability to address many problems at once | |
| Strategic Opportunism | focuses on long-term objectives while being flexible in dealing with short-term problems | |
| Structured Problems | straightforward and clear with respect to information needs | |
| Programmed Decision | applies a solution from past experience to a routine problem | |
| Unstructured Problems | have ambiguities and information deficiencies | |
| Nonprogrammed Decision | applies a specific solution crafted for a unique problem | |
| Crisis Decision | occurs when an unexpected problem arises that can lead to disaster if not resolved quickly and appropriately | |
| Certain Environment | offers complete information on possible action alternatives and their consequences | |
| Risk Environment | lacks complete information but offers "probabilities" of the likely outcomes for possible action alternatives | |
| Uncertain Environment | lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives | |
| 5 Steps of Decision-Making Process | 1)Find/define problem 2)Generate/evaluate alternative solutions 3)Make decision 4)Implement decision 5)Evaluate results | |
| Cost-Benefit Analysis | involves comparing the costs and benefits of each potential course of action | |
| Classical Decision Model | describes decision making with complete information | |
| Optimizing Decision | chooses the alternative giving the absolute best solution to a problem | |
| Bounded Rationality | describes making decisions within the constraints of limited information and alternatives | |
| Behavioral Decision Model | describes decision making with limited information and bounded rationality | |
| Satisficing Decision | chooses the first satisfactory alternative that comes to one's attention | |
| Lack-of-Participation Error | failure to involve in decision the people whose support is needed to implement it | |
| Spotlight Questions | test the ethics of a decision by exposing it to scrutiny through the eyes of family, community members, and ethical role models | |
| Heuristics | strategies for simplifying decision making | |
| Availability Bias | bases a decision on recent information or events | |
| Representativeness Bias | bases a decision on similarity to other situations | |
| Anchoring and Adjustment Bias | bases a decision on incremental adjustments from a prior decision point | |
| Framing Error | trying to solve a problem in the context in which it is perceived | |
| Confirmation Error | focusing only on information that confirms a decision already made | |
| Escalating Commitment | the continuation of a course of action even though it is not working | |
| Creativity | the generation of a novel idea or unique approach that solves a problem or crafts and opportunity | |
| 3 Personal Creativity Drivers | task experience, task motivation, creativity skills | |
| 3 Situational Creativity Drivers | team creativity skills, management support, organizational culture |
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