DMRM Unit 2

Decision Support Systems (DSS) and Artificial Intelligence (AI).

A temporary organization created for delivering one or more business products according to an agreed Business Case.

It retains the ability of participants to make the best decisions.

By putting themselves into someone else's shoes and understanding them.

Usually homogeneous.

It compromises the ability of participants to make the best decisions.

It exemplifies a project with lasting results, executed in the 17th century, still impacting India's pride and revenue.

All activities and milestones are executed in a timely and orderly manner, and physical deliverables are built and presented.

It helps in managing conflicts and motivating others.

Specific, Measurable, Achievable, Realistic, Time-bound.

The Challenger Space Shuttle disaster and the Bay of Pigs invasion.

It leads to superior decisions with minimum risks involved.

High confidence, good sense of humor, initiative, commitment, and perseverance.

Manufacturing a car, constructing a road, or building new software.

It leads decision makers to make overly cautious forecasts or estimates, especially in high-stakes situations.

Problem solving, resource allocation, cost-benefit analysis, stress management, conflict resolution, and team building.

To drive group consensus and make the best possible decision or prediction.

The idea that large groups are collectively smarter than individual experts in problem-solving and decision-making.

It allows access to enormous amounts of data from various sources, aiding decision makers.

Irving L. Janis in 1972.

Communication and sharing of opinions among crowd members.

By viewing a problem from different perspectives and using alternative starting points.

It refers to how the presentation of a problem can affect the choices made by the decision maker.

It can be toxic, discouraging healthy dissent and critical evaluation of alternatives.

Independent thinking.

Intuition stems from emotional intelligence and is used for poorly structured problems.

A person's experience, feelings, and accumulated judgment.

A project has a clear start time and should be completed by an agreed deadline.

It can be difficult to persuade team members that the decision is correct.

Emotional Intelligence (EQ) and Intelligence Quotient (IQ).

A project is a specific planned venture, unlike daily operational activities.

The creation of something new.

Conventional intelligence and learning ability.

By a project manager in conjunction with the project team.

It leads to good decisions when crowds are wise.

IQ accounts for only 10-25% of success, while EQ accounts for the rest.

Agreeableness and conscientiousness.

Objectives, schedule, deadlines, required resources, risk factors, accountability, and possible deviations.

Descriptive analytics, predictive analytics, and prescriptive analytics.

The ability to recognize, understand, and manage one's own emotions, as well as influence the emotions of others.

Self-Awareness, Self-Regulation, Motivation, Empathy, and Social Skills.

Irrational or dysfunctional decision-making results due to suppressed contradictory views.

It enables different departments to share information in real time.

It leads to the evaluation of fewer alternatives and not all are evaluated in detail.

Decision-making, risk-taking, interpersonal relationships, judgment, commitment, prioritizing, social skills, and intuitiveness.

The tendency to make choices that justify past decisions, even if they were wrong.

High intelligence, which is connected to knowledge, education, performance, reasoning, problem-solving ability, visual and spatial processing, memory, and being a fast learner.

The tendency to remain committed to a poor decision despite negative results.

By recognizing that progress down the wrong path isn't real progress and being prepared to re-evaluate decisions.

Decision making tools for corporate management, execution, and operation of projects.

Details outlined in the project charter are carried out to deliver desired products or services to clients or stakeholders.

The ability to recognize and understand one's own emotions and their effects on others.

An individual's ability to perceive, control, evaluate, and express emotions.

By allowing group members to access essential data via a network and use collaboration tools.

It helps individuals be aware of how they are perceived by others and manage their interactions effectively.

Diversity in opinion is not achieved in 'Groupthink'.

It leads to improved decision-making with minimum risk, especially in unstructured problems.

The ability to perceive, control, evaluate, and express emotions.

1. Knowing one's own emotions (Self-awareness).

A valuable tool when the decision maker is familiar with the subject, allowing for quick decisions without in-depth examination.

Empathy refers to an individual's ability to recognize and understand other people's emotions.

Perception of others and interest in their worries and concerns.

Usually diverse.

Decisions may be based on flawed information and personal prejudices.

It assumes relatively high importance to ensure that the project stays on track.

By motivating and encouraging people to perform their tasks while ensuring transparency.

Perception, facilitation of thought, understanding, and regulation.

It becomes subjective and directive.

By considering the extremes of possible values and challenging those estimates.

It helps to drive positive behavior in oneself and others.

It helps decision makers integrate isolated data into a cohesive vision of future actions.

Historical corporate data, customer records, market trends, financial data, competitor profiles.

A psychological phenomenon where group members suppress dissenting opinions to maintain harmony.

People's decisions must be independent of one another.

They provide a systematic way to retrieve, manage, update, and create data.

Following outlined systems, motivating team members, distributing information, and managing timelines.

A temporary endeavor undertaken to create a unique product, service, or result.

They streamline the effort needed to search for, combine, and query data for decision making.

By reframing the problem in various ways.

Yes, EQ can be developed with time and experience.

The intuition process is dominated by the subconscious mind, processing information in parallel.

It serves as the keystone, leading to effective decisions and disrupting existing business models.

It determines the success or failure of the project, as planned activities must be implemented accordingly.

They utilize business analytics to ensure decisions are backed by solid facts and reasoning.

Good communication, listening, problem recognition, and relationship maintenance.

It refers to the ability to manage or control one's emotions and express them appropriately.

By examining all evidence with equal rigor and building counterarguments.

Ease of data collection.

It creates a ripple effect, helping team members make smart decisions and share ideas.

Dan Goleman through his book 'Emotional Intelligence: Why it can matter more than IQ'.

It involves a series of cognitive processes that happen quickly, often without the decision maker realizing they are thinking.

It allows for quick decisions, especially important when meeting deadlines.

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

In groupthink, they are suppressed; in wisdom of crowds, they are taken into account.

Technology has shaped decision making by enabling organizations to create, store, exchange, and process data.

James Surowiecki through his book 'The Wisdom of Crowds' published in 2004.

To store data in a central location accessible via a secure network.

A strong bias toward alternatives that maintain the status quo.

The drive for self-improvement that goes beyond external rewards.

Personal and social competencies.

By soliciting opinions from uninvolved individuals who are unlikely to be committed to past decisions.

It causes decision makers to overestimate the reliability of their judgments.

By providing access to enormous amounts of information.

To have a clear objective in mind and a definite purpose.

It helps understand the current state of the company, anticipate market shifts, and manage risks.

To ensure that the project is executed as planned.

'Groupthink' strives for harmony and consensus, while 'Wisdom of Crowds' does not.

By stating estimates honestly, without adjustments.

Critical data and means to analyze it for informed business decisions.

In groupthink, communication takes place; in wisdom of crowds, it usually does not.

A series of tasks required to achieve specific results.

The psychological drive for consensus at any cost that suppresses disagreement and prevents appraisal of alternatives.

The tendency to seek out information that supports existing views while discounting contradictory evidence.

Business intelligence software tools.

By dividing the individual's mental age by their chronological age and multiplying by 100.

Peter Salovey and John Mayer in 1990.

Reaching a conclusion based on gut feeling, taking emotions into account without careful analysis.