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About this document
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- 7 pages
- Price
- $7 one-time, yours to keep
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- Format
- Subject
- Business, Business Decisions
- Module
- PHL320 · Week 5
This document contains multiple-choice questions on decision making in business. It covers topics such as event creativity, incremental decision making, and barriers to effective decision making. It is useful for students preparing for the final exam in Week 5.
What's inside
- Event creativity
- Incremental decision making
- Barriers to effective decision making
- Organizational politics
- Resistance to change
- Strategic planning
Who it is for: Students taking the PHL320 course in Week 5. (Undergraduate)
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Summary
Business decisions are made in different ways. Students learn about the methods and barriers to decision making.
Decision Making Methods
The incremental model of decision making is described. Students see examples of event creativity and spontaneous creativity.
Barriers to Decision Making
Framing effects and the wishful thinking fallacy are explained. Students learn about the straw man fallacy and the false consensus effect.
Decision Making in Groups
Groupthink and satisficing are mentioned. Students see questions about managing group decision making.
Strategic Planning and Ethical Decisions
Strategic planning is defined. Ethical systems are described. Students see questions about the Sarbanes-Oxley Act.
Key terms
- Incremental model
- A decision making method where small decisions lead to a bigger solution.
- Framing effects
- When the way a choice is worded influences the decision.
- Groupthink
- When a group prioritizes harmony over making the best decision.
- Strategic planning
- Planning for the future of an organization over a long time.
- Sarbanes-Oxley Act
- A law that sets standards for public company boards, management and public accounting firms.
- Wishful thinking fallacy
- When a person's beliefs and decisions are affected by their needs and desires.
Questions this document helps with
- What is the incremental model of decision making?
- What are framing effects in decision making?
- What is groupthink and how does it affect decisions?
Summary written with AI from the document's text.
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