MAN3025 - exam 2 study guide Usf Macaulay questions and answers with solutions 2025

Satisficing - ANSWER managers seek alternatives until they find one that is satisfactory, not optimal. Might seem to be a weakness, but it may well outweigh any advantages gained from delaying making a decision until all information is in and all alternatives weighed. Bounded rationality - ANSWER The ability of decision makers to be rational is limited by numerous constraints, such as complexity, time and money, and their cognitive capacity, values, skills, habits, and unconscious reflexes. Rational Decision-Making Process - ANSWER Also called the classical model, explains how managers should make decisions; it assumes managers will make logical decisions that are the optimal means of furthering the organization's best interests Four Steps in Rational Decision Making - ANSWER (1) identify the problem or opportunity (2) think up alternative solutions (3) evaluate alternatives and select a solution (4) implement and evaluate the solution chosen Code of ethics - ANSWER consists of a formal written set of ethical standards guiding an organization's actions. Offers guidance on how to treat customers, suppliers, competitors, and other stakeholders. The purpose is to clearly state top management's expectations for all employees. Ethics officer - ANSWER someone trained about matters of ethics in the workplace, particularly about resolving ethical dilemmas Evidence-based decision-making - ANSWER the translation of principles based on best evidence into organizational practice, bringing rationality to the decision-making process. Depends on "attitude of wisdom". Analytics - ANSWER term used for sophisticated forms of business data analysis, such as portfolio analysis or time-series forecast. Big-data analytics - ANSWER the process of examining large amounts of data of a variety of types to uncover hidden patterns, unknown correlations, and other useful information.