Exam 11: Decision Making

Absenteeism has become a problem at the Smelly Cheese Company, so the human resource manager has decided to do something about it.He has decided to choose the first solution he comes across that will get the level of absenteeism to what it was in the previous year.What is this an example of?

What are sunk costs?

What is escalation of commitment and how can the tendency to escalate commitment to a failing course of action be prevented?

Which of the following is a cognitive bias that contributes to the failure of decision makers to acquire enough information to make a good decision?

Explain the meaning of a risky shift and a conservative shift and why they occur in group decision making.

________ frequently arouse controversy and conflict among the people who are interested in the decision.

The following illustrate the operation of bounded rationality EXCEPT

Crowdsourcing refers to ________ aspects of a decision process to a large collection of people.

Evidence-based management involves making decisions through the conscientious, explicit, and judicious use of the best available evidence from multiple sources.

Which of the following is an example of an ill-structured problem?

One familiar application of crowdsourcing is employed by Wikipedia.

Which of the following is an application of crowdsourcing?

In evaluating alternative solutions, decision makers with bounded rationality

Crowdsourcing can be used to develop alternative solutions to a problem, to choose the best solution, or both.

After graduating from university, you are planning to get a job as an accountant.Your best friend Jay is planning on opening his own restaurant.He says he has thought a great deal about this and believes he will be very successful and it is a good decision.You explain to him that most new restaurants fail, but it does not factor into Jay's decision.What does this demonstrate?

Low-cost information technology and the rise of social media have contributed to the growth of crowdsourcing as a decision aid.

Much of what passes for decision making in organizations consists of

The bestselling book and movie Moneyball, is an example of ________.

Intelligence counteracts biases as less smart people are more prone to them.

There is plenty of evidence that stress contributes to poor and risky decisions.