Information Quality and Decision Making

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Questions and Answers

Match the following terms related to data and information:

Data = Raw, unanalyzed facts Information = Processed and analyzed data Quality = Accuracy and reliability of information Timeliness = Availability of information on a real-time basis

Match the following attributes of useful information:

Completeness = Providing all necessary information Relevance = Suitability to decision-maker's needs Accuracy = The degree to which information is correct Reliability = Consistency of information over time

Match the following terms related to incomplete information:

Risk = Known outcomes with assignable probabilities Uncertainty = Unknown future outcomes Ambiguity = Multiple interpretations of information Time Constraints = Limits on the duration to search for solutions

Match the steps of the decision-making process:

Identify a problem = Recognize the gap between existing and desired conditions Analyze alternatives = Assess options using decision criteria Implement the alternative = Execute the chosen solution Evaluate decision effectiveness = Assess if the issue was resolved Signup and view all the answers

Match the types of problems faced by managers:

Structured problems = Straightforward and well-defined problems Unstructured problems = New or unusual challenges Programmed decisions = Routine, easily defined decisions Nonprogrammed decisions = Complex, unique decisions Signup and view all the answers

Match the characteristics of decision criteria:

Importance = Significance of a criterion in a decision Weighting = Assigning priorities to different criteria Alternative development = Creating potential solutions Selection = Choosing the best alternative Signup and view all the answers

Match the factors influencing decision-making:

Risk = Probability-based knowledge of outcomes Time Constraints = Limited duration to gather information Uncertainty = Indeterminate probabilities for outcomes Ambiguity = Conflicting interpretations of data Signup and view all the answers

Match the phases of evaluating decision outcomes:

Assessment = Reviewing the effectiveness of the decision Feedback = Gathering information from the decision's impact Adjustment = Modifying decisions based on outcomes Documentation = Recording the decision-making process Signup and view all the answers

Match the type of decision with its description:

Programmed decisions = Decisions made with established guidelines Nonprogrammed decisions = Unique decisions requiring customized solutions Procedures = A series of sequential steps to solve a problem Rules = Explicit statements on actions that can or cannot be taken Signup and view all the answers

Match the condition affecting decision-making with its definition:

Certainty = Full availability of information to the decision-maker Risk = Understanding goals with information to estimate outcomes Uncertainty = Incomplete information about alternatives and events Ambiguity = Unclear goals and difficult alternatives identification Signup and view all the answers

Match the decision-making bias with its definition:

Overconfidence bias = Tendency to overrate one’s knowledge or performance Confirmation bias = Seeking information that reaffirms past choices Sunk costs error = Fixating on past expenditures instead of future consequences Hindsight bias = Believing outcomes were predictable after they occur Signup and view all the answers

Match the decision-making approach with its characteristics:

Rational decision making = Logical choices maximizing organizational value Bounded rationality = Satisfying rather than maximizing solutions Intuitive decision making = Decisions based on experience and judgments Satisficing = Choosing first acceptable alternative that meets criteria Signup and view all the answers

Match the innovative decision-making technique with its purpose:

Brainstorming = Generating a wide range of alternatives Evidence-based decision-making = Making informed decisions with best available facts Rigorous debate = Improving decision quality through constructive conflict Avoid groupthink = Preventing suppression of contrary opinions in groups Signup and view all the answers

Match the impact of information technology with its effect on business:

Creating portable offices = Access to instant information remotely Enabling better service = Coordinating remote deliveries effectively Improving management processes = Creating leaner and more efficient organizations Providing flexibility for customization = Tailoring services or products to specific needs Signup and view all the answers

Match the description with the type of information system:

CRM systems = Software for monitoring customer contacts ERP systems = Integration of business processes across the organization Information system = Converts data into information for decision making IT = Methods for acquiring and transmitting information Signup and view all the answers

Match the definitions with the types of biases:

Immediate gratification bias = Choosing options for immediate rewards Anchoring effect = Fixating on initial information received Self-serving bias = Attributing success to oneself, failure to others Confirmation bias = Ignoring contradictory information to past choices Signup and view all the answers

Match the decision-making characteristics with their criteria:

Rationality assumption = Objective and logical decision-making Goals awareness = Clear and specific goal setting Alternatives knowledge = Awareness of all possible outcomes Best interests = Decision-making for organizational benefit Signup and view all the answers

Match the following decision-making aspects:

Certainty = Maximum information availability Risk = Ability to estimate outcome probabilities Uncertainty = Incomplete information about future events Ambiguity = Unclear problem and difficult alternative definitions Signup and view all the answers

Match the following definitions with the decision types:

Programmed decisions = Regular, structured decision processes Nonprogrammed decisions = Custom solutions to unique problems Procedures = Step-by-step responses to structured problems Policies = Guidelines for making decisions Signup and view all the answers

Match the decision-making concepts with their descriptions:

Intuitive decision making = Quick decisions based on experience Evidence-based decision-making = Using facts for informed decision making Bounded rationality = Limitations in processing information Satisficing = Accepting satisfactory solutions instead of the best one Signup and view all the answers

Match the types of relationships with their names:

CRM systems = Systems focused on customer interactions ERP systems = Integrated management of business processes Information systems = Systems for managing and processing data IT = Techniques for handling information effectively Signup and view all the answers

Match the biases with their key effects:

Overconfidence bias = Underestimating risks and challenges Anchoring effect = Influence of initial information on decisions Hindsight bias = Misjudging predictability of outcomes Sunk costs error = Overvaluing past investment during decision making Signup and view all the answers

Match each technique with its goal in management:

Brainstorming = Encouraging creativity in ideas generation Avoid groupthink = Maintaining diverse opinions in decision making Rigorous debate = Promoting quality through conflicting views Evidence-based decision-making = Enhancing decision-making with factual support Signup and view all the answers

Flashcards

Data

Raw, unanalyzed facts; the basic building block of information.

Information

Processed and analyzed data that provides meaning and context.