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Decision Making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice, which may or may not prompt action. Decision-making
Decision-making
is the process of identifying and choosing alternatives based on the values, preferences and beliefs of the decision-maker.Contents1 Overview 2 Problem analysis2.1 Analysis paralysis 2.2 Information overload 2.3 Post-decision analysis3 Decision-making
Decision-making
techniques3.1 Group 3.2 Individual4 Steps4.1 GOFER 4.2 DECIDE 4.3 Other 4.4 Group stages5 Rational and irrational 6 Cognitive and personal biases 7 Cognitive limitations in groups 8 Cognitive styles8.1 Optimizing
Optimizing
vs. satisficing 8.2 Intuitive vs. rational 8.3 Combinatorial vs
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Opportunity Cost
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice of a best alternative cost while making a decision
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Delphi Method
The Delphi method
Delphi method
(/ˈdɛlfaɪ/ DEL-fy) is a structured communication technique or method, originally developed as a systematic, interactive forecasting method which relies on a panel of experts.[1][2][3][4] The experts answer questionnaires in two or more rounds. After each round, a facilitator or change agent[5] provides an anonymised summary of the experts' forecasts from the previous round as well as the reasons they provided for their judgments. Thus, experts are encouraged to revise their earlier answers in light of the replies of other members of their panel. It is believed that during this process the range of the answers will decrease and the group will converge towards the "correct" answer. Finally, the process is stopped after a predefined stop criterion (e.g
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Flowchart
A flowchart is a type of diagram that represents an algorithm, workflow or process. The flowchart shows the steps as boxes of various kinds, and their order by connecting the boxes with arrows. This diagrammatic representation illustrates a solution model to a given problem. Flowcharts are used in analyzing, designing, documenting or managing a process or program in various fields.[1]Contents1 Overview 2 History 3 Types 4 Building blocks4.1 Common symbols 4.2 Other symbols5 Software5.1 Diagramming6 See also6.1 Related diagrams 6.2 Related subjects7 References 8 Further reading 9 External linksOverview[edit] Flowchart
Flowchart
of a for loopFlowcharts are used in designing and documenting simple processes or programs
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Role-playing
Role-playing
Role-playing
is the changing of one's behaviour to assume a role, either unconsciously to fill a social role, or consciously to act out an adopted role
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Postmortem Documentation
A project post-mortem is a process, usually performed at the conclusion of a project, to determine and analyze elements of the project that were successful or unsuccessful. The Project Management Body of Knowledge (PMBOK) refers to the process as lessons learned.[1] Project post-mortems are intended to inform process improvements which mitigate future risks and to promote iterative best practices. Post-mortems are often considered a key component of, and ongoing precursor to, effective risk management.[2]Contents1 Elements of a project post-mortem 2 Role of time tracking 3 See also 4 References 5 External linksElements of a project post-mortem[edit] Post-mortems can encompass both quantitative data and qualitative data. Quantitative data include the variance between the hours estimated for a project and the actual hours incurred
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Consensus Decision-making
Consensus
Consensus
decision-making is a group decision-making process in which group members develop, and agree to support a decision in the best interest of the whole. Consensus
Consensus
may be defined professionally as an acceptable resolution, one that can be supported, even if not the "favourite" of each individual. Consensus
Consensus
is defined by Merriam-Webster
Merriam-Webster
as, first, general agreement, and second, group solidarity of belief or sentiment. It has its origin in the Latin
Latin
word cōnsēnsus (agreement), which is from cōnsentiō meaning literally feel together.[1] It is used to describe both the decision and the process of reaching a decision
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Majority
A majority is the greater part, or more than half, of the total. It is a subset of a set consisting of more than half of the set's elements. "Majority" can be used to specify the voting requirement, as in a "majority vote". A majority vote is more than half of the votes cast. A majority can be compared to a plurality, which is a subset larger than any other subset considered. A plurality is not necessarily a majority as the largest subset considered may consist of less than half the set's elements. This can occur when there are three or more possible choices. In British English the term majority is also alternatively used to refer to the winning margin, i.e
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Plurality Voting System
Plurality voting
Plurality voting
is an electoral system in which each voter is allowed to vote for only one candidate, and the candidate who polls the most among their counterparts (a plurality) is elected. In a system based on single-member districts, it may be called first-past-the-post (FPTP), single-choice voting, simple plurality or relative/simple majority. In a system based on multi-member districts, it may be referred to as winner-takes-all or bloc voting
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Bayesian Regret
In mathematical optimization, statistics, econometrics, decision theory, machine learning and computational neuroscience, a loss function or cost function is a function that maps an event or values of one or more variables onto a real number intuitively representing some "cost" associated with the event. An optimization problem seeks to minimize a loss function
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Dotmocracy
Dot-voting
Dot-voting
(also known as dotmocracy[1] or voting with dots[2]) is an established facilitation method used to describe voting with dot stickers or marks with a marker pen.[3][4] In dot-voting participants vote on their chosen options using a limited number of stickers or marks with pens — dot stickers being the most common. This sticker voting approach is a form of cumulative voting.Contents1 Process specifics 2 History 3 Benefits 4 Criticism 5 See also 6 ReferencesProcess specifics[edit] The dot-voting process includes the following steps:Participants are each given a set number of dot stickers (as decided by the facilitator) They place dot stickers next to options presented that they like (they may place any number of their dots on any number of the options) Options with the most dots at the end of voting “win”Variations include:using different colour dots to signify different values, e.g
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University Of Colorado
Coordinates: 39°44′43″N 104°59′00″W / 39.745196°N 104.983340°W / 39.745196; -104.983340University of ColoradoEstablished 1876Endowment US $1.063 billion (systemwide)[1]President Bruce D. BensonLocation Denver, Colorado, United StatesBoulderDenver Colorado
Colorado
SpringsLocations of University of Colorado
Colorado
campuses in Boulder, Colorado Springs, and Denver.The University of Colorado
Colorado
system is a system of public universities in Colorado
Colorado
consisting of four campuses: University of Colorado Boulder, University of Colorado
Colorado
Colorado
Colorado
Springs, University of Colorado
Colorado
Denver
Denver
in downtown Denver
Denver
and at the Anschutz Medical Campus in Aurora
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Participative Decision-making
Participative decision-making (PDM) is the extent to which employers allow or encourage employees to share or participate in organizational decision-making (Probst, 2005). According to Cotton et al. (1988), the format of PDM could be formal or informal. In addition, the degree of participation could range from zero to 100% in different participative management (PM) stages (Cotton et al. 1988; Black & Gregersen 1997; Brenda, 2001). PDM is one of many ways in which an organization can make decisions. The leader must think of the best possible style that will allow the organization to achieve the best results
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System Dynamics
System
System
dynamics (SD) is an approach to understanding the nonlinear behaviour of complex systems over time using stocks, flows, internal feedback loops, table functions and time delays.[1]Contents1 Overview 2 History 3 Topics in systems dynamics3.1 Causal loop diagrams 3.2 Stock and flow
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Big Data
Big data
Big data
is data sets that are so voluminous and complex that traditional data-processing application software are inadequate to deal with them. Big data
Big data
challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source. There are five concepts associated with big data: volume, variety, velocity and, the recently added, veracity and value[according to whom?]. Lately, the term "big data" tends to refer to the use of predictive analytics, user behavior analytics, or certain other advanced data analytics methods that extract value from data, and seldom to a particular size of data set
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Machine Learning
Machine learning
Machine learning
is a field of computer science that uses statistical techniques to give computer systems the ability to "learn" (i.e., progressively improve performance on a specific task) with data, without being explicitly programmed.[1] The name machine learning was coined in 1959 by Arthur Samuel.[2] Evolved from the study of pattern recognition and computational learning theory in artificial intelligence,[3] machine learning explores the study and construction of algorithms that can learn from and make predictions on data[4] – such algorithms overcome following strictly static program instructions by making data-driven
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