GMS200- Global Management Chapter 7 Data and Decision-Making

These flashcards cover key vocabulary terms related to concepts of data and decision-making in management, including definitions and explanations of various managerial competencies and issues.

Data

Raw facts and observations.

Information

Data made useful and meaningful for decision-making.

Managerial Competencies

Essential skills managers must have, including technological, information, and analytical competency.

Data Mining

The process of analyzing data to produce useful information for decision-makers.

Management Analytics

The systematic evaluation and analysis of data to make informed decisions.

Business Intelligence

Using information systems to extract and report data in organized ways useful to decision-makers.

Crisis Decision-Making

Involves unexpected problems that can lead to disaster if not resolved quickly.

Structured Problems

Familiar, straightforward problems with clear information needs.

Unstructured Problems

Problems that are full of ambiguities and information deficiencies.

Bounded Rationality

Decision-making that acknowledges cognitive limitations.

Satisficing Decision

Choosing the first satisfactory alternative rather than the optimal one.

Confirmation Error

Focusing on information that confirms a decision already made.

Escalating Commitment

Continuing a course of action even though it is not working.

Creativity

The generation of novel ideas or unique approaches that solve problems.

Heuristics

Strategies for simplifying decision-making.

Information Competency

Ability to locate, gather, organize, and display information for decision-making.