p.7
Role of Technology in Decision Making
What has technology evolved to assimilate in decision making?
Decision Support Systems (DSS) and Artificial Intelligence (AI).
p.12
Project Management and Execution
What is the definition of a project according to PRINCE?
A temporary organization created for delivering one or more business products according to an agreed Business Case.
p.3
Wisdom of Crowds Concept
How does the wisdom of crowds affect decision-making?
It retains the ability of participants to make the best decisions.
p.11
Key Elements of Emotional Intelligence
How does a leader with empathy approach others?
By putting themselves into someone else's shoes and understanding them.
p.3
Groupthink in Decision Making
What is the impact of groupthink on decision-making?
It compromises the ability of participants to make the best decisions.
p.12
Project Management and Execution
Why is the Taj Mahal mentioned in the context of project characteristics?
It exemplifies a project with lasting results, executed in the 17th century, still impacting India's pride and revenue.
p.13
Project Management and Execution
What happens during the project execution phase?
All activities and milestones are executed in a timely and orderly manner, and physical deliverables are built and presented.
p.11
Key Elements of Emotional Intelligence
What role does empathy play in conflict management?
It helps in managing conflicts and motivating others.
p.13
Project Management and Execution
What does SMART stand for in project objectives?
Specific, Measurable, Achievable, Realistic, Time-bound.
p.1
Groupthink in Decision Making
What historical events are attributed to Groupthink?
The Challenger Space Shuttle disaster and the Bay of Pigs invasion.
p.7
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
What is the benefit of combining IQ and EQ in decision making?
It leads to superior decisions with minimum risks involved.
p.10
Key Elements of Emotional Intelligence (EQ)
What traits do individuals with high Emotional Intelligence typically display?
High confidence, good sense of humor, initiative, commitment, and perseverance.
p.11
Project Management and Execution
Can you give examples of projects?
Manufacturing a car, constructing a road, or building new software.
p.4
Avoiding Decision-Making Traps
What is the Prudence Trap?
It leads decision makers to make overly cautious forecasts or estimates, especially in high-stakes situations.
p.9
Decision Making Tools in Corporate Management
What are some workplace issues where EQ is beneficial?
Problem solving, resource allocation, cost-benefit analysis, stress management, conflict resolution, and team building.
p.3
Groupthink in Decision Making
What is the primary objective of participants in a decision-making group?
To drive group consensus and make the best possible decision or prediction.
p.2
Wisdom of Crowds Concept
What does 'Wisdom of Crowds' refer to?
The idea that large groups are collectively smarter than individual experts in problem-solving and decision-making.
p.7
Data Analytics in Business Decision Making
What is the role of big data analytics in decision making?
It allows access to enormous amounts of data from various sources, aiding decision makers.
p.2
Groupthink in Decision Making
What can lead to 'groupthink'?
Communication and sharing of opinions among crowd members.
p.3
Avoiding Decision-Making Traps
How can one avoid anchoring bias in decision-making?
By viewing a problem from different perspectives and using alternative starting points.
p.4
Avoiding Decision-Making Traps
What is the Framing Trap in decision making?
It refers to how the presentation of a problem can affect the choices made by the decision maker.
p.1
Groupthink in Decision Making
What is the impact of Groupthink on teams and organizations?
It can be toxic, discouraging healthy dissent and critical evaluation of alternatives.
p.9
Intuitive Decision-Making Model
What role does intuition play in decision-making?
Intuition stems from emotional intelligence and is used for poorly structured problems.
p.4
Intuitive Decision-Making Model
What factors influence intuitive decision making?
A person's experience, feelings, and accumulated judgment.
p.12
Project Management and Execution
What characterizes the start and finish of a project?
A project has a clear start time and should be completed by an agreed deadline.
p.5
Intuitive Decision-Making Model
What is a disadvantage of intuitive decision making?
It can be difficult to persuade team members that the decision is correct.
p.1
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
What are the key traits for managing risks in decision making?
Emotional Intelligence (EQ) and Intelligence Quotient (IQ).
p.12
Project Management and Execution
How is a project different from routine activities?
A project is a specific planned venture, unlike daily operational activities.
p.12
Project Management and Execution
What does a project result in?
The creation of something new.
p.7
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
What does IQ measure?
Conventional intelligence and learning ability.
p.11
Project Management and Execution
How is a project typically planned?
By a project manager in conjunction with the project team.
p.2
Wisdom of Crowds Concept
What is the decision-making outcome of 'Wisdom of Crowds'?
It leads to good decisions when crowds are wise.
p.9
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
How does EQ compare to IQ in terms of success?
IQ accounts for only 10-25% of success, while EQ accounts for the rest.
p.9
Key Elements of Emotional Intelligence
What personality traits are associated with a higher rational decision-making style?
Agreeableness and conscientiousness.
p.12
Project Management and Execution
What are the key aspects detailed in a project plan?
Objectives, schedule, deadlines, required resources, risk factors, accountability, and possible deviations.
p.7
Data Analytics in Business Decision Making
What are the three main types of analytics mentioned?
Descriptive analytics, predictive analytics, and prescriptive analytics.
p.10
Key Elements of Emotional Intelligence (EQ)
What does Emotional Intelligence (EI/EQ) refer to?
The ability to recognize, understand, and manage one's own emotions, as well as influence the emotions of others.
p.10
Key Elements of Emotional Intelligence (EQ)
What are the five key components of Emotional Intelligence according to Goleman?
Self-Awareness, Self-Regulation, Motivation, Empathy, and Social Skills.
p.1
Groupthink in Decision Making
What can Groupthink lead to in decision making?
Irrational or dysfunctional decision-making results due to suppressed contradictory views.
p.6
Role of Technology in Decision Making
What is the role of ERP software in decision making?
It enables different departments to share information in real time.
p.2
Groupthink in Decision Making
How does 'Groupthink' affect the evaluation of alternatives?
It leads to the evaluation of fewer alternatives and not all are evaluated in detail.
p.9
Key Elements of Emotional Intelligence
What does EQ represent in decision-making?
Decision-making, risk-taking, interpersonal relationships, judgment, commitment, prioritizing, social skills, and intuitiveness.
p.4
Avoiding Decision-Making Traps
What does the Sunk Cost Trap refer to?
The tendency to make choices that justify past decisions, even if they were wrong.
p.8
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
What does a high IQ indicate?
High intelligence, which is connected to knowledge, education, performance, reasoning, problem-solving ability, visual and spatial processing, memory, and being a fast learner.
p.4
Avoiding Decision-Making Traps
What is Escalation of Commitment?
The tendency to remain committed to a poor decision despite negative results.
p.4
Avoiding Decision-Making Traps
How can one avoid Escalation of Commitment?
By recognizing that progress down the wrong path isn't real progress and being prepared to re-evaluate decisions.
p.1
Decision Making Tools in Corporate Management
What is the primary focus of Chapter 2 in Mridula Naidu's BBA - Finance course?
Decision making tools for corporate management, execution, and operation of projects.
p.13
Project Management and Execution
What is the significance of the project charter during execution?
Details outlined in the project charter are carried out to deliver desired products or services to clients or stakeholders.
p.10
Key Elements of Emotional Intelligence (EQ)
What is Self-Awareness in the context of Emotional Intelligence?
The ability to recognize and understand one's own emotions and their effects on others.
p.7
Key Elements of Emotional Intelligence
What is Emotional Intelligence (EQ)?
An individual's ability to perceive, control, evaluate, and express emotions.
p.6
Role of Technology in Decision Making
How does technology facilitate group decision making?
By allowing group members to access essential data via a network and use collaboration tools.
p.10
Key Elements of Emotional Intelligence (EQ)
What is the significance of understanding one's strengths and weaknesses in Emotional Intelligence?
It helps individuals be aware of how they are perceived by others and manage their interactions effectively.
p.2
Groupthink in Decision Making
How does 'Groupthink' affect diversity in opinion?
Diversity in opinion is not achieved in 'Groupthink'.
p.9
Avoiding Decision-Making Traps
Why is emotional intelligence (EI) important in decision-making?
It leads to improved decision-making with minimum risk, especially in unstructured problems.
p.8
Key Elements of Emotional Intelligence
What is the definition of Emotional Intelligence (EQ)?
The ability to perceive, control, evaluate, and express emotions.
p.8
Key Elements of Emotional Intelligence
What are the five domains of Emotional Intelligence according to Goleman?
1. Knowing one's own emotions (Self-awareness).
p.5
Intuitive Decision-Making Model
What is intuition in decision making?
A valuable tool when the decision maker is familiar with the subject, allowing for quick decisions without in-depth examination.
p.11
Key Elements of Emotional Intelligence
What is empathy in the context of leadership?
Empathy refers to an individual's ability to recognize and understand other people's emotions.
p.11
Key Elements of Emotional Intelligence
What traits do people with empathy display?
Perception of others and interest in their worries and concerns.
p.5
Intuitive Decision-Making Model
What is a risk associated with intuitive decision making?
Decisions may be based on flawed information and personal prejudices.
p.13
Project Management and Execution
What is the role of project monitoring and control during execution?
It assumes relatively high importance to ensure that the project stays on track.
p.13
Project Management and Execution
How can a healthy work climate be created during project execution?
By motivating and encouraging people to perform their tasks while ensuring transparency.
p.9
Key Elements of Emotional Intelligence
What are the four abilities measured by the MSCEIT?
Perception, facilitation of thought, understanding, and regulation.
p.2
Groupthink in Decision Making
What is the nature of decision-making in 'Groupthink'?
It becomes subjective and directive.
p.4
Avoiding Decision-Making Traps
How can decision makers avoid the Overconfidence Trap?
By considering the extremes of possible values and challenging those estimates.
p.8
Key Elements of Emotional Intelligence
What does being aware of emotions help an individual achieve?
It helps to drive positive behavior in oneself and others.
p.5
Intuitive Decision-Making Model
How does intuition help in viewing data?
It helps decision makers integrate isolated data into a cohesive vision of future actions.
p.6
Role of Technology in Decision Making
What types of data can decision makers access through technology?
Historical corporate data, customer records, market trends, financial data, competitor profiles.
p.1
Groupthink in Decision Making
What is Groupthink?
A psychological phenomenon where group members suppress dissenting opinions to maintain harmony.
p.2
Wisdom of Crowds Concept
What is required to achieve 'Wisdom of Crowds'?
People's decisions must be independent of one another.
p.6
Role of Technology in Decision Making
How do database management systems benefit users?
They provide a systematic way to retrieve, manage, update, and create data.
p.13
Project Management and Execution
What are some key activities involved in the project execution phase?
Following outlined systems, motivating team members, distributing information, and managing timelines.
p.11
Project Management and Execution
According to PMBOK, how is a project defined?
A temporary endeavor undertaken to create a unique product, service, or result.
p.7
Data Analytics in Business Decision Making
What is the significance of analytical tools and software in decision making?
They streamline the effort needed to search for, combine, and query data for decision making.
p.4
Avoiding Decision-Making Traps
How can one avoid the Framing Trap?
By reframing the problem in various ways.
p.9
Key Elements of Emotional Intelligence
Can emotional intelligence (EQ) be developed?
Yes, EQ can be developed with time and experience.
p.5
Intuitive Decision-Making Model
What role does the subconscious mind play in intuition?
The intuition process is dominated by the subconscious mind, processing information in parallel.
p.7
Data Analytics in Business Decision Making
How does data analytics impact strategic business decision making?
It serves as the keystone, leading to effective decisions and disrupting existing business models.
p.13
Project Management and Execution
Why is project execution considered the most important phase?
It determines the success or failure of the project, as planned activities must be implemented accordingly.
p.5
Data Analytics in Business Decision Making
How do data-driven organizations enhance decision making?
They utilize business analytics to ensure decisions are backed by solid facts and reasoning.
p.11
Key Elements of Emotional Intelligence
What qualities do leaders with social skills possess?
Good communication, listening, problem recognition, and relationship maintenance.
p.10
Key Elements of Emotional Intelligence (EQ)
How does Self-Regulation contribute to Emotional Intelligence?
It refers to the ability to manage or control one's emotions and express them appropriately.
p.3
Avoiding Decision-Making Traps
How can confirming bias be mitigated?
By examining all evidence with equal rigor and building counterarguments.
p.9
Groupthink in Decision Making
How does EQ affect team dynamics?
It creates a ripple effect, helping team members make smart decisions and share ideas.
p.8
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
Who popularized the concept of Emotional Intelligence?
Dan Goleman through his book 'Emotional Intelligence: Why it can matter more than IQ'.
p.5
Intuitive Decision-Making Model
How does intuitive decision making occur?
It involves a series of cognitive processes that happen quickly, often without the decision maker realizing they are thinking.
p.5
Intuitive Decision-Making Model
What is a major advantage of intuitive decision making?
It allows for quick decisions, especially important when meeting deadlines.
p.13
Project Management and Execution
What does project management involve?
The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
p.3
Groupthink in Decision Making
How are contradictory viewpoints handled in groupthink versus wisdom of crowds?
In groupthink, they are suppressed; in wisdom of crowds, they are taken into account.
p.5
Role of Technology in Decision Making
What impact has technology had on decision making?
Technology has shaped decision making by enabling organizations to create, store, exchange, and process data.
p.2
Wisdom of Crowds Concept
Who popularized the concept of 'Wisdom of Crowds'?
James Surowiecki through his book 'The Wisdom of Crowds' published in 2004.
p.6
Role of Technology in Decision Making
What is the purpose of a networked data management system?
To store data in a central location accessible via a secure network.
p.3
Avoiding Decision-Making Traps
What is the status quo trap in decision-making?
A strong bias toward alternatives that maintain the status quo.
p.10
Key Elements of Emotional Intelligence (EQ)
What is intrinsic motivation in the context of Emotional Intelligence?
The drive for self-improvement that goes beyond external rewards.
p.1
Key Elements of Emotional Intelligence
What are the key elements of Emotional Intelligence (EQ)?
Personal and social competencies.
p.4
Avoiding Decision-Making Traps
How can decision makers avoid the Sunk Cost Trap?
By soliciting opinions from uninvolved individuals who are unlikely to be committed to past decisions.
p.4
Avoiding Decision-Making Traps
What does the Overconfidence Trap lead to?
It causes decision makers to overestimate the reliability of their judgments.
p.6
Role of Technology in Decision Making
How has ICT aided decision makers?
By providing access to enormous amounts of information.
p.12
Project Management and Execution
What is the purpose of starting a project?
To have a clear objective in mind and a definite purpose.
p.7
Data Analytics in Business Decision Making
How does data analytics help managers?
It helps understand the current state of the company, anticipate market shifts, and manage risks.
p.12
Project Management and Execution
Why is project management important?
To ensure that the project is executed as planned.
p.2
Groupthink in Decision Making
What is the main difference between 'Groupthink' and 'Wisdom of Crowds' regarding consensus?
'Groupthink' strives for harmony and consensus, while 'Wisdom of Crowds' does not.
p.4
Avoiding Decision-Making Traps
How can one avoid the Prudence Trap?
By stating estimates honestly, without adjustments.
p.6
Role of Technology in Decision Making
What do technological software provide to decision makers?
Critical data and means to analyze it for informed business decisions.
p.3
Groupthink in Decision Making
How does communication differ between groupthink and wisdom of crowds?
In groupthink, communication takes place; in wisdom of crowds, it usually does not.
p.11
Project Management and Execution
What is a project?
A series of tasks required to achieve specific results.
p.1
Groupthink in Decision Making
What is the definition of Groupthink according to Janis?
The psychological drive for consensus at any cost that suppresses disagreement and prevents appraisal of alternatives.
p.3
Avoiding Decision-Making Traps
What is confirming bias in decision-making?
The tendency to seek out information that supports existing views while discounting contradictory evidence.
p.6
Role of Technology in Decision Making
What tools help decision makers analyze and manipulate data?
Business intelligence software tools.
p.8
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
How is IQ calculated?
By dividing the individual's mental age by their chronological age and multiplying by 100.
p.8
Emotional Intelligence (EQ) vs. Intelligence Quotient (IQ)
Who initially identified the term 'Emotional Intelligence'?
Peter Salovey and John Mayer in 1990.
p.4
Intuitive Decision-Making Model
What is Intuitive Decision Making?
Reaching a conclusion based on gut feeling, taking emotions into account without careful analysis.
