GMS 200 Study Guide - Midterm Guide: Learning Organization, Job Design, Free Trade Area Of The Americas

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Structured decisions are straightforward and clear with respect to information needs while unstructured decisions have ambiguities and information deficiencies. Intuitive thinking approaches problems in a flexible and spontaneous fashion while systematic thinking approaches problems in a rational and analytical fashion: certain environment offers complete information on possible action alternatives and their consequences. Risk environment lacks complete information but offers probabilities of the likely outcomes for possible action consequences. Representativeness heuristic people assess the likelihood of something occurring based on its similarity to a stereotyped set of occurrences. Anchoring & adjustment heuristic involves making decisions based on adjustment to a previously existing value or starting point. Framing error depends on how you look at a situation. Confirmation error occurs when focusing only on information that confirms a decision already made. Escalating commitment when you continue doing something since you"ve gone too far to go back: problem seekers anticipate performance deficiencies and opportunities and take appropriate action to take advantage.