MGMT 101 Lecture Notes - Lecture 13: Santa Barbara City College, Predictive Modelling, Data Mining
Document Summary
It is the translation of principles based on best evidence into organisational practice, bringing rationality to the decision-making process. Concept where stores of data so vast that conventional database management systems cannot handle them and so a very sophisticated analysis software hardware is required. It can be used to tackle large scale problems such as how to make electricity grids and traffic flow more effective. Risk propensity the willingness to gamble or to undertake risk for the possibility of gaining an increased payoff. Decision making style reflects the combination of how an individual perceives and responds to information. Researchers have developed a model where they vary on two dimensions. Value orientation reflects the extent to which a person focuses on either task and technical concerns or people and social concerns when making decisions. Tolerance for ambiguity the individual difference indicates the extent to which a person has a high need for structure and control in their life.
