GMS 200: Chapter 7 Questions and Answers 100% Pass

GMS 200: Chapter 7 Questions and Answers 100% Pass Analytical Competency - Answer- The ability to evaluate and analyze information to make actual decisions and solve real problems Analytics - Answer- The systematic gathering and processing of data to make informed decisions Anchoring and Adjustment Bias - Answer- Decision-making based on incremental adjustments from a prior decision point Availability Bias - Answer- Decision-making based on recent information or events Behavioural Decision Model - Answer- Decision-making with limited information and bounded rationality Big-C Creativity - Answer- What occurs when extraordinary things are done by exceptional people Big Data - Answer- Data that exist in huge quantities and are difficult to process without sophisticated mathematical and computing techniques Bounded Rationality - Answer- Making decisions within the constraints of limited information and alternatives Business Intelligence - Answer- The process of tapping information systems to extract and report data in organized ways that are helpful to decision-makers Certain Environment - Answer- An environment that offers complete information on possible action alternatives and their consequences. Classical Decision Model - Answer- Decision making with complete information Cognitive Styles - Answer- The ways individuals deal with information while making decisions Confirmation Error - Answer- What occurs when focusing only on information that confirms a decision already made Cost-Benefit Analysis - Answer- A comparison of the cost and benefits of each potential course of action Creativity - Answer- The generation of a novel idea or unique approach that solves a problem or crafts an opportunity Crisis Decision - Answer- A decision required when an unexpected problem arises that can lead to disaster if not resolved quickly and appropriately Data - Answer- Raw facts and observations Data Mining - Answer- The process of analyzing data to produce useful information for decision makers Decision - Answer- A choice among possible alternative courses of action Decision-Making Process - Answer- A process that begins with identification of a problem and ends with evaluation of results Design Thinking - Answer- Thinking that unlocks creativity in decision-making through a process of experiencing, ideation, and prototyping Escalating Commitment - Answer- The continuation of a course of action even though it is not working Executive Dashboard - Answer- Technology that visually displays graphs, charts, and scorecards of key performance indicators and information on a real-time basis Framing Error - Answer- Trying to solve a problem in the context in which it is perceived