Systems Thinking in Business Administration

These flashcards cover essential vocabulary and concepts related to Systems Thinking as presented in the lecture by Dr. Andreas Hieronymi.

Systems Thinking

A holistic perspective that emphasizes the relationships between system components and how they interact, focusing on the bigger picture rather than isolated parts.

Stakeholder Analysis

The process of identifying all parties affected by a business decision, understanding their interests and influence in order to manage their expectations and gain their support.

Causal Loop Diagram (CLD)

A visual representation that shows the relationships between variables in a system, including feedback loops and causal connections.

Leverage Points

Strategic places within a complex system where a small change can produce significant effects on the overall system.

VUCA

An acronym representing Volatility, Uncertainty, Complexity, and Ambiguity, often used to describe the challenging conditions in modern business environments.

Mental Models

Deeply held beliefs and assumptions that shape how individuals perceive the world and respond to situations.

Interconnectedness

The state of being connected with each other in a network, highlighting the relationships and dependencies among system components.

Systems Archetypes

Recurring patterns of behavior in systems that can provide insight into the dynamics of complex problems.

Feedback Loop

A process in which the outputs of a system are circled back as inputs, influencing subsequent outputs.

Behavior Over Time Graph

A tool used to visualize how a particular variable changes over time, helping to identify trends and patterns.

Holistic Thinking

An approach that considers the whole system instead of focusing on its individual parts, fostering better understanding and problem-solving.

Decision Matrix

A tool used to evaluate and compare different options against defined criteria to aid decision-making.