Final Exam- Decision Making & Problem Solving (Ch. 8) Questions and Answers Latest Updated

bounded rationality - CORRECT ANSWER-decision makers cannot deal with information about all the aspects and alternatives pertaining to a problem and therefore choose to takle some meaningful subset of it certainty - CORRECT ANSWER-the outcomes for each alternative/action are known coalition - CORRECT ANSWER-political tactic to influence decision making outcomes; creating informal alliance of individuals or groups creativity - CORRECT ANSWER-a persons ability to generate new ideas or to conceive of new perspectives on existing ideas; underlying factors include background experiences, personality traits (openness to experience), and cognitive abilities decision making - CORRECT ANSWER-the process of using relevant information to choose from several alternatives; very important task for managers in an organization defensive avoidance - CORRECT ANSWER-making no change in the current course of action and avoiding further contact with associated issues because there appears to be no hope of finding a better solution elements of decision making - CORRECT ANSWER-information goals-action-action outcome probabilities- outcome values- choice of action escalation of commitment - CORRECT ANSWER-tendency for decision makers to stay with a decision even when subsequent information suggests it is wrong hypervigilance - CORRECT ANSWER-frantically adopting a sacrificing strategy information conditions - CORRECT ANSWER-availability of information about the action-outcome probabilities -certainty -risk -uncertainty intuition - CORRECT ANSWER-innate belief about something without conscious consideration; may actually come from experiences, based on what "felt right" problem solving - CORRECT ANSW