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Critical Thinking ( Comprehensive Final Exam)

by: Precious Notetaker

Critical Thinking ( Comprehensive Final Exam) MIS 3210

Marketplace > University of Memphis > Finance > MIS 3210 > Critical Thinking Comprehensive Final Exam
Precious Notetaker
University of Memphis
GPA 3.16

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About this Document

These notes cover the Krepnor- Tregnoe analysis tool mostly.
Critical Thinking
Professor Kumi
Study Guide
critical, thinking, krepnor, tregnoe, analysis
50 ?




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This 5 page Study Guide was uploaded by Precious Notetaker on Wednesday April 27, 2016. The Study Guide belongs to MIS 3210 at University of Memphis taught by Professor Kumi in Spring 2016. Since its upload, it has received 13 views. For similar materials see Critical Thinking in Finance at University of Memphis.


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Date Created: 04/27/16
Critical Thinking Mis 3210 Professor Kumi University of Memphis written by Precious Fox Comprehensive Final Study Guide What is critical thinking? Analyze situation, question information, making decisions based on the information you have • it is an individual activity, groups cannot do it • involves use of mental cognitive abilities • used to evaluate, interpret, question, information with intention of formin decisions that influence habits and behavior It requires logical reasoning. It must be accurate, clear, relevant. Some of the reasons we do not use critical thinking all the time are: • time • may not have all info required • assumptions (beliefs, stereotypes, prejudices) • laziness ProblemAnalysis Input (listing problems and opportunties) Output (last problems ranked) K-TAnalysis is most useful when you are trouble shooting a problem that is difficult to diagnose Structure of a Problem includes discrepancy, should, and actual.Actual is the current state that may or may not fall below expectation. Should is the performance goal, objectives, and targets. The discrepancy is how big the difference between should and actual. Process of Solving Problem 1. State the problem 2. Specify – detail using 4 dimensions 3. Develop possible causes from knowledge 4. Test possible causes If it is true that there is a problem, then how does it explain each dimension in the specification? Four Dimensions Are: • What (Identify) • Where (Location) • When (Timing) • Extent (Magnitude) How many different units are affected and how much of any one is affected When deciding priority on problems, we use timing (urgency), trend (potential growth), and impact (seriousness). Why Problem Occurred (PA) How to Resolve (DA) What New Problems MayArise (PPA) Which Problem Should be Dealt With First (SituationAppraisal) Evaluative Techniques (SituationAppraisal) • compare choices and options, relative comparison • decompose and make sure you are comparing apples and apples • means of ranking or rating choices and option, quantify options and select choices based on ranking Rational Process: Krepnor-Tregnoe Tool 1) situation appraisal 2) problem analysis 3) decision analysis 4) potential problem Identify Concerns by: • setting priority • planning next steps • planning involvement Situation Appraisal: Stage 1 – list threats and opportunities 1) list SWOT 2) review progress 3) risk and future problems 4) search for improvement Stage 2: 1) decompose problems 2) check information 3) build a consensus on whatproblem is 4) each problem is one and not multiple problems Stage 3: Ranked all concerns using the following • Seriousness (current impact) • Urgency • Growth (will it worsen) Inductive reasoning – goes from specific to general, conclusion is probable, may or may not be certain Deductive reasoning – goes from general to specific, conclusion is certain K-T Four Patterns of Thinking 1) What is going on? Clarification, sorting out events, when and how to take action 2) Why did this happen? Need for cause effect and think aboutactions toaddress problem 3) Which course of action should we take? Choices have to be made, implying that there are options and alternatives with different outcomes 4) What lies ahead? Assess potential problems, future events and their potential risk Problem Solving Heuristics 1) Define problem 2) Root cause analysis 3) Decide on solution 4) Implement solution 5) Evaluate solution Requirements for Good Decisions • definition of the decision statement, goals objective toguide the decision • evaluation of available options and alternatives • qualityof your assessment K-T Decision Analysis • what needs to be done • develop specific criteria for accomplishing decisions • evaluate alternative options • identify risks DAis about choosing the best solution from a number of alternative solutions. Use decision analysis when you have several options/alternatives. Activities in DecisionAnalysis • state the decision • develop objectives • classify objectives into MUSTS and WANTS • weigh the WANTS • generate alternatives • screen alternatives MUSTS • compare alternatives against WANTS With MUSTs – if a decision does not meet any of these mandatory goals get rid of it With WANTs – which goals meet minimum requirements


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