Ch 8 - Decision Making Process

These flashcards capture essential vocabulary and concepts related to the decision-making process as outlined in the provided lecture notes.

Decision-Making Process

A series of steps used to make choices among alternatives.

Identification of a Problem

Step 1 of the decision-making process; recognizing a discrepancy between an existing and desired state.

Decision Criteria

Factors that define what is relevant in making a decision.

Allocation of Weights to Criteria

Step 3 where decision criteria are prioritized based on their importance.

Developing Alternatives

Step 4 of the process where viable alternatives are identified to solve a problem.

Analyze Alternatives

Step 5 involves appraising each alternative's strengths and weaknesses.

Select an Alternative

Step 6 involves choosing the best alternative based on weighted criteria.

Implementing the Alternative

Step 7 where the chosen alternative is put into action.

Evaluate Decision Effectiveness

Step 8, assessing the soundness of the decision based on outcomes.

Rational Decision Making

Making decisions that are consistent and value-maximizing within specified constraints.

Bounded Rationality

Assumes decision makers are limited in their knowledge of alternatives and outcomes.

Intuitive Decision Making

Making decisions based on experience, feelings, and accumulated judgment.

Structured Problems

Problems that are straightforward, familiar, and easily defined.

Programmed Decision

A repetitive decision that can be handled by a routine approach.

Unstructured Problems

New or unusual problems with ambiguous or incomplete information.

Non-programmed Decisions

Unique and nonrecurring decisions requiring custom solutions.

Decision-Making Conditions

Includes certainty, risk, and uncertainty regarding available information.

Design Thinking

A human-centered, iterative process for solving problems that involves five steps: empathize, define, ideate, prototype, and test.