Exam 6: Managers As Decision-Makers

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. -Allocating weights to the criteria is the step in the decision-making process that occurs between identifying the decision criteria and ________.

A policy is an explicit statement that tells a manager what he or she ought or ought not to do.

Most managerial decisions in the real world are fully nonprogrammed.

When problems are ________, managers must rely on ________ in order to develop unique solutions.

Rules and policies are basically the same.

When analyzing alternatives, what becomes evident?

The First Job (Scenario) Upon graduation, you search for a job with the university's job placement center. Although you have studied and prepared to work in an advertising agency, the first job that you are offered is a supervisor in a manufacturing company working the afternoon shift from 3:00 P.M. until 11:00 P.M. -If you use a shortened process of searching for a job, it is likely that you ________ rather than maximized in your decision process.

Today's business world revolves around making decisions, usually with complete or adequate information, and under minimal time pressure.

Managers are assumed to be ________; they make consistent, value-maximizing choices within specified constraints.

In a short essay, list and discuss the eight steps in the decision-making process.

In a short essay, explain the role of "Shura" in the Arab decision making processes and the extent to which this is used by Arab managers.

The very last step Sondos should take, according to the decision-making process, is to ________.

The step in the decision-making process that involves choosing a best alternative is termed implementation.

The final step in the decision-making process is to ________.

Which of the following is not a valid assumption about rationality?

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

Which of the following best describes "maximizing the minimum possible payoff"?

When decision makers assess the likelihood of an event based on how closely it resembles other events or sets of events, they are using ________.

Studies of the events leading up to the Challenger space shuttle disaster point to an escalation of commitment by decision makers.

In allocating weights to the decision criteria, which of the following is helpful to remember?