Ch 7 Information & Decision Making
ANALYTICAL COMPETENCY - answersthe ability to evaluate and analyze information
to make actual decisions and solve real problems
ANALYTICS in Management - answersinvolves systematic gathering and processing of
data to make informed decisions
ANCHORING & ADJUSTMENT BIAS - answersbases a decision on incremental
adjustments from a prior decision point
AVAILABILITY BIAS - answersbases a decision on incremental adjustments from a
prior decision point
BEHAVIORAL DECISION MODEL - answersdescribes decision making with limited
information and bounded rationality
BIG DATA - answersexists in huge quantities and is difficult to process without
sophisticated mathematical and computing techniques
BIG-C CREATIVITY - answersoccurs when extraordinary things are done by
exceptional people
BOUNDED RATIONALITY - answersdescribes making decisions within the constraints
of limited information and alternatives
BUSINESS INTELLIGENCE - answerstaps information systems to extract and report
data in organized ways that are helpful to decision makers
CERTAIN ENVIRONMENT - answersoffers complete information on possible action
alternatives and their consequences
CLASSICAL DECISION MODEL - answersdescribes decision making with complete
information
COGNITIVE STYLES - answersshown by the ways individuals deal with information
while making decisions
CONFIRMATION ERROR - answersoccurs when focusing only on information that
confirms a decision already made
, COST-BENEFIT ANALYSIS - answersinvolves comparing the costs and benefits of
each potential course of action
CREATIVITY - answersthe generation of a novel idea or unique approach that solves a
problem or crafts an opportunity
CRISIS DECISION - answersoccurs when an unexpected problem arises that can lead
to disaster if not resolved quickly and appropriately
DATA - answersraw facts and observations
DATA MINING - answersthe process of analyzing data to produce useful information for
decision makers
DECISION-MAKING PROCESS - answersbegins with identification of a problem and
ends with evaluation of results
DECISION - answersa choice among possible alternative courses of action
DESIGN THINKING - answersunlocks creativity in decision making through a process
of experiencing, ideation, and prototyping
ESCALATING COMMITMENT - answersthe continuation of a course of action even
though it is not working
EXECUTIVE DASHBOARDS - answersvisually display graphs, charts, and scorecards
of key performance indicators and information on a real-time basis
FRAMING ERROR - answerstrying to solve a problem in the context in which it is
perceived
HEURISTICS - answersstrategies for simplifying decision making
INFORMATION - answersdata made useful for decision making
INFORMATION COMPETENCY - answersthe ability to locate, gather, and organize
information for use in decision making
INTUITIVE THINKING - answersapproaches problems in a flexible and spontaneous
fashion
LACK-OF-PARTICIPATION ERROR - answersfailure to involve in a decision the
persons whose support is needed to implement it
LITTLE-C CREATIVITY - answersoccurs when average people come up with unique
ways to deal with daily events and situations
ANALYTICAL COMPETENCY - answersthe ability to evaluate and analyze information
to make actual decisions and solve real problems
ANALYTICS in Management - answersinvolves systematic gathering and processing of
data to make informed decisions
ANCHORING & ADJUSTMENT BIAS - answersbases a decision on incremental
adjustments from a prior decision point
AVAILABILITY BIAS - answersbases a decision on incremental adjustments from a
prior decision point
BEHAVIORAL DECISION MODEL - answersdescribes decision making with limited
information and bounded rationality
BIG DATA - answersexists in huge quantities and is difficult to process without
sophisticated mathematical and computing techniques
BIG-C CREATIVITY - answersoccurs when extraordinary things are done by
exceptional people
BOUNDED RATIONALITY - answersdescribes making decisions within the constraints
of limited information and alternatives
BUSINESS INTELLIGENCE - answerstaps information systems to extract and report
data in organized ways that are helpful to decision makers
CERTAIN ENVIRONMENT - answersoffers complete information on possible action
alternatives and their consequences
CLASSICAL DECISION MODEL - answersdescribes decision making with complete
information
COGNITIVE STYLES - answersshown by the ways individuals deal with information
while making decisions
CONFIRMATION ERROR - answersoccurs when focusing only on information that
confirms a decision already made
, COST-BENEFIT ANALYSIS - answersinvolves comparing the costs and benefits of
each potential course of action
CREATIVITY - answersthe generation of a novel idea or unique approach that solves a
problem or crafts an opportunity
CRISIS DECISION - answersoccurs when an unexpected problem arises that can lead
to disaster if not resolved quickly and appropriately
DATA - answersraw facts and observations
DATA MINING - answersthe process of analyzing data to produce useful information for
decision makers
DECISION-MAKING PROCESS - answersbegins with identification of a problem and
ends with evaluation of results
DECISION - answersa choice among possible alternative courses of action
DESIGN THINKING - answersunlocks creativity in decision making through a process
of experiencing, ideation, and prototyping
ESCALATING COMMITMENT - answersthe continuation of a course of action even
though it is not working
EXECUTIVE DASHBOARDS - answersvisually display graphs, charts, and scorecards
of key performance indicators and information on a real-time basis
FRAMING ERROR - answerstrying to solve a problem in the context in which it is
perceived
HEURISTICS - answersstrategies for simplifying decision making
INFORMATION - answersdata made useful for decision making
INFORMATION COMPETENCY - answersthe ability to locate, gather, and organize
information for use in decision making
INTUITIVE THINKING - answersapproaches problems in a flexible and spontaneous
fashion
LACK-OF-PARTICIPATION ERROR - answersfailure to involve in a decision the
persons whose support is needed to implement it
LITTLE-C CREATIVITY - answersoccurs when average people come up with unique
ways to deal with daily events and situations
