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mgt ch 9 mdtrm 2


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delphi group
a form of group decision making in which a group is used to ac hieve a consensus of expert opinion
bounded rationality
a concept suggesting that decision makers are limited by their values and unconscious reflexes, skills, and habits
decision making
the act of choosing one alternative from among a set of alternatives
decision making process
recognizing and defining the nature of a decision situation, identifying alternaitves, choosing the "best" alternative and putting it into practice.
programmed decision
a decision that is fairly structured or recurs with some frequency (or both)
nonprogrammed decision
a decision that is relatively unstructured and occurs much less often than a programmed decision
state of certainty
a condition in which the decision maker knows with reasonable certainty what the alternative are and what conditions are associated with each alternative
state of risk
a condition in which the availablity of each alternative and its potential payoffs and costs are all associated with probability estimates
state of uncertainty
a condition in which the decision maker does not know all the alternatives, the risks associated with each, or the consequences each alternative is likely to have.
classical decision model
a prescriptive approach to decision making that tells managers how they should make decisions; assume that managers are logical and rational and that their decisions willbe in the best interests of the organization.
steps in rational decision making
recognize and define the decision situation; identify appropriate alternatives; evaluate each alternaitive in terms of its feasibility, satisfactoriness, and consequences; select the best alternative; implement the chosen alternative; follow up and evaluate the results of the chosen alternative.
administrative model
a decision making model that argues that decision makers 1 use incomplete and imperfect information 2 are constrained by bounded rationality and 3 trend to "satisfice" when making decisions
the trendency to search for alternatives only until one is found that meets some minimum standard of sufficiency
an informal alliance of individuals or groups formed to achieve a common goal
an innate belief about something without conscious consideration
escalation of commitment
a decision maker's staying with a decision even when it appears to be wrong
risk propensity
the extent to which a decision maker is willing to gamble when making a decision
interacting group or team
a decision making group or team in which members openly discuss argue about and agree on the best alternatives
nominal group
a structured technique used to generate creative and innovative alternatives or ideas.
group think
a situation that occurs when a group or teams desire for consensus and cohesiveness overwhelms its desire to reach the best possible decision

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