BUS221 |: Business Decision Making

These flashcards cover key concepts and terminologies related to critical thinking and decision-making, as outlined in the BUS221 lecture notes.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.

Decision Theory

A framework for making decisions under uncertainty, involving the evaluation of outcomes and probabilities.

Inductive Reasoning

A method of reasoning in which the premises are viewed as supplying some evidence for the truth of the conclusion.

Deductive Reasoning

A method of reasoning from the general to the specific, where conclusions follow from the premises.

Biases

Systematic patterns of deviation from norm or rationality in judgment that affect decision making.

Groupthink

A psychological phenomenon wherein the desire for harmony in a group results in an irrational or dysfunctional decision-making outcome.

Argumentation

The process of reasoning systematically in support of an idea, action, or theory.

Fallacies

Errors in reasoning that invalidate the logic of an argument.

Memo Writing

The practice of communicating official messages in a written format, often used in business settings.

Expected Value

A calculated average of all possible values of a random variable, weighted by their probabilities.

Expected Utility

A standard for decision-making under risk, taking into account the preferences of an individual.

Descriptive Claims

Statements that describe the way things are.

Normative Claims

Statements that express values, norms, or judgments about what should be.

Creative Thinking

The ability to think in new and original ways to come up with innovative solutions to problems.

Communication

The act of transferring information from one person or group to another.

Mental Muscles

The cognitive skills and abilities that enhance critical thinking and decision-making capabilities.