Decision Making
What is Decision making?
The process of identifying and choosing alternative courses of action.
What 2 dimensions make up decision-making styles?
Value orientation and tolerance for ambiguity
What is A.I.
Artificial Intelligence
What is a consensus?
When members are able to express their opinions and reach an agreement to support the final decision.
Describe Self-Motivation.
Ability to work productively without constant direction, instruction, and praise.
What are the 4 stages in rational decision making?
ID the problem or opportunity, think up alternative solutions, evaluate alternatives & select a solution, and implementing & evaluating the chosen solution.
What is Heuristics?
Strategies that simplify the process of making decisions.
What's the cost of A.I.
Up to $6,000 and more than $300,000 for custom software.
What is another name for brainwriting?
Electronic brainstorming
What are soft skills?
Interpersonal or "people" skills.
What 2 things are needed for successful implementation?
(2x Points)
Planning carefully and be sensitive to those affected.
What are the 4 styles of decision making?
Directive, Analytical, Conceptual, and Behavioral.
Name 3 A.I. business needs
Engaging customers and employees, Automated Business Processes, and Data analysis.
Which symptom of groupthink accepts silence as compliance?
Illusions of Unanimity and peer pressure.
There is a correct way to solve problems.
True or False
False
What economist in the 50's studied how actual decisions are made?
Herbert Simon
What Bias can occur if a founder isn't skilled in a particular area? Define it.
The Overconfidence Bias - the Bias in which people's subjective confidence in their own decision making is greater that their objective accuracy.
According to a 2019 report, how many jobs could potentially be replaced by A.I. in the future?
25% of the work force or 36 million jobs
Name the author that thinks it's easier to prevent groupthink rather than curing it.
Irwin Janis, the author of "Groupthink"
Reflecting on past experiences and using a decision methodology.
What relationship does research have between CEO Hubris and Unethical Behavior?
A positive relationship link
What Canadian project continued despite rising costs? Which Bias is this linked to?
(2x Points)
The Canadian Trans Mountain pipeline extension. This is connected to the Escalation or Commitment Bias.
How has A.I. affected business according to ZestFinance?
Has cut underwriting financial losses by 23% annually.
Which airline company earned the nickname "the Flying Bank" and what 2 companies merged to create it?
(2x Points)
Swissair Airline was formed from the merger between Balair and Ad Astra Aero
Which expert defined ready-made solutions as "best practices that have been captured and turned into standard procedures"?
Bruce Tulgan