Exam 6: Managers As Decision-Makers

________ is the existence of a discrepancy between an existing and a desired state of affairs.

A ________ is an explicit statement that tells a manager what he or she can or cannot do.

The sunk cost error is when decision makers forget that current choices cannot correct the past.

When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance, they are exhibiting ________.

What is the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once that outcome is actually known?

________ is a situation in which a decision maker has neither certainty nor reasonable probability estimates available.

Structured problems align well with which type of decision making?

The Car (Scenario) Haifa is a student, and her older brother has loaned her an old car. The car is in need of several repairs before she will feel comfortable driving it. -Haifa's brother has a different view of the repairs. He assumes that the repair person is using the best information available, but there may be other unexpected repairs that might surface and that a higher budget might be more reasonable. He is using ________.

Nonprogrammed decisions are best described as ________.

If all criteria in the decision are equal, weighting the criteria ________.

Which of the following is important in effectively implementing the chosen alternative in the decision-making process?

A business school's statement that it "strives for productive relationships with local organizations" is an example of a ________.

Decision-Making Conditions (Scenario) Sabah is the manager for CaterersRUs, a medium-sized catering company. She is responsible for initiating new client contacts, and staffing both existing and new assignments. She is currently struggling with existing information about the profitability of existing and future clients. -Sabah can make accurate decisions if she is willing to pay $5,000 for research about the profitability of various new clients. If she pays for the research, she believes that she is operating under a condition of ________.

Selecting an alternative in the decision-making process is accomplished by ________.

Managers need to understand cultural differences to make effective decisions in today's fast-moving world.

Decision-Making Conditions (Scenario) Sabah is the manager for CaterersRUs, a medium-sized catering company. She is responsible for initiating new client contacts, and staffing both existing and new assignments. She is currently struggling with existing information about the profitability of existing and future clients. -Sabah knows that she is operating in an uncertain environment. She is basically an optimist, and we would, therefore, expect her to follow a ________ strategy.

In a short essay, discuss the assumptions of rationality and the validity of those assumptions.

Decisions, Decisions (Scenario) Sondos needed help. Her insurance company's rapid growth was necessitating making some changes, but what changes? Should they add to the existing information system or should they buy a new system? She was given the responsibility of analyzing the company's present information system and deciding what the company should do that would give them plenty of room. She was confused and needed help in making the correct decision. -According to the decision-making process, the second step Sondos should take is to ________.

It is assumed that a perfectly rational decision maker ________.

Problem identification is purely objective.