Exam 7: Data and Decision Making

Intuitive feelers prefer broad and global issues, and they value flexibility and human relations.

_____ unlocks creativity in decision making through a process of experiencing, ideation, and prototyping.

What are the five criteria that help in testing if available data is useful and meaningful for decision making?

A risk environment is a decision situation in which factual information is available about the possible alternative courses of action and their outcomes.

A performance opportunity offers a chance for a better future if the right steps are taken.

Which of the following is NOT a goal of data mining?

The availability bias bases a decision on similarity to other situations.

Adriana is not keen on collecting facts and information while solving problems. She is spontaneous in decision making and usually chooses the first possible alternative that comes to her attention, and she provides an acceptable solution to a given problem. The type of decision being made by Adriana in such situations is known as a(n) _____ decision.

Organizations can collect data from social media, stories on the local news, global industrial manufacturing data, and government statistics. This satisfies the ____ of Big Data.

Rupert, who leads the design team in an automobile firm, decides not to invest in a particular technology that helps to improve the fuel efficiency of cars, as other automobile companies who had invested in similar technologies had not achieved much success. The type of decision-making error made by Rupert is known as _____.

The marketing manager of a firm receives a lot of complaints from customers regarding late delivery of products. After he receives the complaints, he takes appropriate measures to rectify the issues in the supply chain. He is most likely a _____.

Yousuf, a manager at a restaurant, has the ability to deal with numerous problems at once and provide effective solutions. He has the ability to map many problems into one network, and he makes decisions that benefit the organization in the short and the long run. Yousuf's effectiveness reveals that he most likely uses _____ thinking.

Deepak tends to emphasize the impersonal and takes a logical approach to problem solving, but he usually avoids details. He is prone to intellectual and theoretical positions and is comfortable with unstructured situations. These traits show that Deepak is a(n) _____.

Data visualization and executive dashboards help explain business intelligence through easy-to-understand graphs, charts, and scorecards.

_____ is the process of identifying a discrepancy between an actual and a desired state of affairs, and then taking action to resolve it.

Maria, a manager at a mining firm, is good at handling crisis situations. She is spontaneous in problem solving, has a flexible approach, and provides quick alternative courses of action. This type of problem-solving approach by Maria shows that she is a(n) _____ thinker.

A classical decision model differs from a behavior decision model as the classical model:

Dr. Morales initially conducts basic medical tests for her patients. Once she examines the reports of these tests, she suggests more specific tests to the patients. She also examines all the reports in detail before suggesting any treatment. This type of problem solving in a step-by-step fashion is known as _____ thinking.

Suppose you want to buy a hammock from Wayfair.com. Before purchasing, you read the numerous reviews on the product. The reviews are so exceptional that you question whether real customers wrote them. This refers to the ____ of Big Data.

Which of the following is a common mistake that can occur in the first step of decision making?