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UARK MGMT 2103 Exam 3 MILLS Questions and Answers 2024
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UARK MGMT 2103 Exam 3 MILLS
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UARK MGMT 2103 Exam 3 MILLSDecision Making - answer Identifying and choosing alternative
solutions that lead to a desired state of
affairs
Rational Decision Making Process - answer Stage 1: Identify the problem
Stage 2: generate alternative solutions
Stage 3: evaluate alternatives and select a solution with consideration for: ethics,
feasibility, whether it solves the problem
Stage 4: Implement and evaluate the solution chosen
Normative Model (Non-rational Decision Making) - answerrepresents the notion that
decision makers are "bounded" or restricted by a variety of constraints when making
decisions
Intuition Model (Non-rational Decision Making) - answerRepresents judgments, insights,
or decisions that come to mind on their own
Bounded Rationality - answerdecisions are bounded or restricted by a variety of
constraints when making decisions
Satisficing - answeraccepting an available option as satisfactory
Explicit Knowledge - answerinformation that can be easily put into words
Tacit Knowledge - answerinformation that is gained through experience that is difficult to
express or formalize
Confirmation Bias - answer-Decision maker subconsciously decides something even
before investigating why it is the right decision, and then...
-Seeks information that supports that decision and discounts
information that does not
Overconfidence Bias - answerWhen we are given factual questions and asked to judge
the probability that our answers are correct, we tend to be far too optimistic
Availability Bias - answerTendency to base decisions on information readily available in
memory
, Representativeness Bias - answerReflects tendency to assess the likelihood of an event
occurring based on one's impressions
about similar occurrences
Anchoring Bias - answerOccurs when decision makers are influenced by the first
information received about a decision, even if it is irrelevant.
Hindsight Bias - answerOccurs when knowledge of an outcome influences our belief
about the probability that
we could have predicted an outcome earlier
Framing Bias - answerBias relating to the manner in which a question or message is
posed or framed
Escalation of Commitment Bias - answerTendency to stick to an ineffective course of
action when it is unlikely the bad situation can be
reversed
Evidence-based Decision Making - answerProcess of conscientiously using the best
available data and evidence when making managerial decisions
Big Data (Evidence-based Decision Making) - answerreflects the large quantity of data
available for decision making used to create a competitive advantage
Group Decision Making Advantages - answer-greater pool of knowledge
-different approaches to a problem
-greater commitment to a decision
-better understanding of decision rationale
-more visible role modeling
Group Decision Making Disadvantages - answer-social pressure
-few people dominate
-goal displacement
-groupthink
Groupthink - answer-mode of thinking when people are in a cohesive in-group
-members strive for unanimity, so they might overlook other better ways of doing things
Symptoms of Groupthink - answer1. Invulnerability: an illusion that breeds excessive
optimism and risk taking
2. inherent morality: an assumption groups are prey to that encourages the group to
ignore ethical implications
3. rationalization: protects personal or "pet" ideas and assumptions
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