Question 1

Overconfidence is the tendency to ________.

Accepted Answer

A) believe certain outcomes because others believe the same 
B) search for information that supports one's preconceived beliefs 
C) believe that our forecasts for future events are better than they truly are 
D) strongly prefer avoiding losses rather than acquiring gains 
E) believe that one is less susceptible to risk than others 
A) believe certain outcomes because others believe the same 
B) search for information that supports one's preconceived beliefs 
C) believe that our forecasts for future events are better than they truly are 
D) strongly prefer avoiding losses rather than acquiring gains 
E) believe that one is less susceptible to risk than others C

Question 2

Decision making using the Delphi technique ends ________.

Accepted Answer

A) with a secret ballot which allows members to support their favorite ideas 
B) when group members are allowed to finally meet face to face 
C) after all the responses of the group members have been consolidated 
D) once a consensus problem solution is reached 
E) after all questionnaires have been scored and tallied 
A) with a secret ballot which allows members to support their favorite ideas 
B) when group members are allowed to finally meet face to face 
C) after all the responses of the group members have been consolidated 
D) once a consensus problem solution is reached 
E) after all questionnaires have been scored and tallied D

Question 3

The rational decision-making process offers an organized and systematic process,but can be thrown completely off and render a useless decision if which key step is incorrect?

Accepted Answer

A) problem identification 
B) alternative generation 
C) alternative selection 
D) alternative implementation 
E) alternative evaluation 
A) problem identification 
B) alternative generation 
C) alternative selection 
D) alternative implementation 
E) alternative evaluation A

Question 4

The formula for expected value (EV)is ________.

Accepted Answer

A) interest rate × probability 
B) income × probability 
C) cost of risk × probability 
D) cost of risk / probability 
E) income / probability 
A) interest rate × probability 
B) income × probability 
C) cost of risk × probability 
D) cost of risk / probability 
E) income / probability

Question 5

Marvin is late to work for the third time this month.His supervisor consults the employee handbook to read the policy regarding tardiness prior to his meeting with Marvin to discuss the consequences of excessive tardiness.Marvin will be making a ________ decision when determining how to handle the situation.

Accepted Answer

A) non-programmed 
B) programmed 
C) consensus 
D) exploitative 
E) marketing 
A) non-programmed 
B) programmed 
C) consensus 
D) exploitative 
E) marketing

Question 6

What factors might affect the quantity and quality of potential alternatives during the decision-making process?

Accepted Answer

Managers should be aware of the followin

Question 7

________ refers to the departure from rational theory that produces suboptimal decisions.

Accepted Answer

A) Uncertainty 
B) Satisficing 
C) Dogmatism 
D) Bias 
E) Bounded rationality 
A) Uncertainty 
B) Satisficing 
C) Dogmatism 
D) Bias 
E) Bounded rationality

Question 8

Management decision makers generally choose and implement an alternative with the ________ expected value.

Accepted Answer

A) lowest 
B) highest 
C) average 
D) positive 
E) negative 
A) lowest 
B) highest 
C) average 
D) positive 
E) negative

Question 9

Jack works at an advertising agency and leads a team of eight graphic designers.Whenever he has to make a decision,he does so by himself and rarely asks his team members for their suggestions or inputs.Which one of the following orientations does Jack have?

Accepted Answer

A) ideal 
B) exploitative 
C) receptive 
D) hoarding 
E) marketing-oriented 
A) ideal 
B) exploitative 
C) receptive 
D) hoarding 
E) marketing-oriented

Question 10

Why is decision making such a difficult skill and role for all managers,but primarily difficult for new managers?

Accepted Answer

Decision making can be risky.The incorre

Question 11

Which group decision making process should managers use if they have observed their individual employees are less likely to offer input when working in a group of peers?

Accepted Answer

Managers should use the Delphi Technique

Question 12

The ________ decision-making orientation emphasizes the realization of the organization's potential as well as that of the decision maker.Such decision makers try to use all of their talents when making decisions.

Accepted Answer

A) ideal 
B) exploitative 
C) receptive 
D) marketing 
E) tangible 
A) ideal 
B) exploitative 
C) receptive 
D) marketing 
E) tangible

Question 13

Compare the advantages gained when a manager utilizes group versus individual decision making.

Accepted Answer

Groups commonly make decisions in organi

Question 14

Managers need to be cautious about biases that can encroach and therefore impact their decisions.Which one of the following biases results from believing certain outcomes because others believe the same?

Accepted Answer

A) confirmation 
B) loss aversion 
C) bandwagon 
D) overconfidence 
E) unrealistic optimism 
A) confirmation 
B) loss aversion 
C) bandwagon 
D) overconfidence 
E) unrealistic optimism

Question 15

A decision is a choice made between two or more available alternatives.

Accepted Answer

A) True 
 B)False

Question 16

Having too many alternatives may demotivate decision makers,which harms decision making.This is known as the ________.

Accepted Answer

A) bandwagon effect 
B) confirmation bias 
C) paradox of choice 
D) loss aversion effect 
E) overconfidence bias 
A) bandwagon effect 
B) confirmation bias 
C) paradox of choice 
D) loss aversion effect 
E) overconfidence bias

Question 17

Peter often asks his colleagues for their ideas and suggestions to make a decision.However,he never gives credit to the individuals who give him the ideas and passes the ideas off as his own.Which of the following orientations does Peter have?

Accepted Answer

A) intuitive 
B) exploitative 
C) hoarding 
D) marketing-oriented 
E) ideal 
A) intuitive 
B) exploitative 
C) hoarding 
D) marketing-oriented 
E) ideal

Question 18

Rita has a nonprogrammed decision to make so she has gathered input on alternatives from her staff,her management,and her coworkers.Now it's almost as if she has too many alternatives.Rita finds herself faced with a ________.

Accepted Answer

A) inclusion of choice 
B) exclusion of choice 
C) paradox of choice 
D) alternative discretion 
E) alternative paradox 
A) inclusion of choice 
B) exclusion of choice 
C) paradox of choice 
D) alternative discretion 
E) alternative paradox

Question 19

What is bounded rationality?

Accepted Answer

Bounded rationality refers to the fact t

Question 20

What is the probability theory? Define probability and expected value.How are they related to each other?

Accepted Answer

Probability theory is a decision-making

Overconfidence is the tendency to ________.

Decision making using the Delphi technique ends ________.

The rational decision-making process offers an organized and systematic process,but can be thrown completely off and render a useless decision if which key step is incorrect?

The formula for expected value (EV)is ________.

What factors might affect the quantity and quality of potential alternatives during the decision-making process?

________ refers to the departure from rational theory that produces suboptimal decisions.

Management decision makers generally choose and implement an alternative with the ________ expected value.

Jack works at an advertising agency and leads a team of eight graphic designers.Whenever he has to make a decision,he does so by himself and rarely asks his team members for their suggestions or inputs.Which one of the following orientations does Jack have?

Why is decision making such a difficult skill and role for all managers,but primarily difficult for new managers?

Which group decision making process should managers use if they have observed their individual employees are less likely to offer input when working in a group of peers?

The ________ decision-making orientation emphasizes the realization of the organization's potential as well as that of the decision maker.Such decision makers try to use all of their talents when making decisions.

Compare the advantages gained when a manager utilizes group versus individual decision making.

Managers need to be cautious about biases that can encroach and therefore impact their decisions.Which one of the following biases results from believing certain outcomes because others believe the same?

A decision is a choice made between two or more available alternatives.

Having too many alternatives may demotivate decision makers,which harms decision making.This is known as the ________.

Peter often asks his colleagues for their ideas and suggestions to make a decision.However,he never gives credit to the individuals who give him the ideas and passes the ideas off as his own.Which of the following orientations does Peter have?

Rita has a nonprogrammed decision to make so she has gathered input on alternatives from her staff,her management,and her coworkers.Now it's almost as if she has too many alternatives.Rita finds herself faced with a ________.

What is bounded rationality?

What is the probability theory? Define probability and expected value.How are they related to each other?

Introducing Modern Management: Concepts and Skills

Management and Entrepreneurship: Handling Start-Ups and New Ventures

Managers,society,and Sustainability

Management and Diversity

Managing in the Global Arena

Encouraging Creativity and Innovation

Plans and Planning Tools

Strategic Planning: Strategies, tactics, and Competitive Dynamics

Fundamentals of Organizing

Responsibility, authority, and Delegation

Human Resource Management

Changing Organizations

Influencing and Communication

Leadership

Motivation

Groups and Teams

Managing Organization Culture

Controlling,information,and Technology

Production and Control

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Exam 8: Making Decisions

Overconfidence is the tendency to ________.

Decision making using the Delphi technique ends ________.

The rational decision-making process offers an organized and systematic process,but can be thrown completely off and render a useless decision if which key step is incorrect?

The formula for expected value (EV)is ________.

What factors might affect the quantity and quality of potential alternatives during the decision-making process?

________ refers to the departure from rational theory that produces suboptimal decisions.

Management decision makers generally choose and implement an alternative with the ________ expected value.

Jack works at an advertising agency and leads a team of eight graphic designers.Whenever he has to make a decision,he does so by himself and rarely asks his team members for their suggestions or inputs.Which one of the following orientations does Jack have?

Why is decision making such a difficult skill and role for all managers,but primarily difficult for new managers?

Which group decision making process should managers use if they have observed their individual employees are less likely to offer input when working in a group of peers?

The ________ decision-making orientation emphasizes the realization of the organization's potential as well as that of the decision maker.Such decision makers try to use all of their talents when making decisions.

Compare the advantages gained when a manager utilizes group versus individual decision making.

Managers need to be cautious about biases that can encroach and therefore impact their decisions.Which one of the following biases results from believing certain outcomes because others believe the same?

A decision is a choice made between two or more available alternatives.

Having too many alternatives may demotivate decision makers,which harms decision making.This is known as the ________.

Peter often asks his colleagues for their ideas and suggestions to make a decision.However,he never gives credit to the individuals who give him the ideas and passes the ideas off as his own.Which of the following orientations does Peter have?

Rita has a nonprogrammed decision to make so she has gathered input on alternatives from her staff,her management,and her coworkers.Now it's almost as if she has too many alternatives.Rita finds herself faced with a ________.

What is bounded rationality?

What is the probability theory? Define probability and expected value.How are they related to each other?

Introducing Modern Management: Concepts and Skills

Management and Entrepreneurship: Handling Start-Ups and New Ventures

Managers,society,and Sustainability

Management and Diversity

Managing in the Global Arena

Encouraging Creativity and Innovation

Plans and Planning Tools

Strategic Planning: Strategies, tactics, and Competitive Dynamics

Fundamentals of Organizing

Responsibility, authority, and Delegation

Human Resource Management

Changing Organizations

Influencing and Communication

Leadership

Motivation

Groups and Teams

Managing Organization Culture

Controlling,information,and Technology

Production and Control

Filters