Question 1

Invalid information varies because of poor measurement even when the target does not change.

Accepted Answer

A) True 
 B)False  False

Question 2

What is the best way to reduce overconfidence?

Accepted Answer

The best way to reduce overconfidence is to think about many different possibilities.Considering multiple possibilities not only decreases overconfidence, it also increases accuracy.

Question 3

The degrees of correlation between two or more variables can be estimated accurately by such statistical measures as the chi-square test or the Spearman rank-order test.

Accepted Answer

A) True 
 B)False  True

Question 4

How can a linear model improve decision making?

Accepted Answer

A linear model is an equation that conta

Question 5

Events that have occurred frequently in the past are likely to happy again in the future.

Accepted Answer

A) True 
 B)False

Question 6

What should always be the first step in managerial decision making?

Accepted Answer

Decision frame manag

Question 7

Why is a subjective linear model also called a "bootstrapping" model?

Accepted Answer

Using a subjective linear model is somet

Question 8

Scenario thinking:

Accepted Answer

A) is harder to handle than statistical decision aids 
B) leads to good predictions and judgments 
C) increases the perceived likelihood of an event 
D) increases manager productivity 
E) All of the above are correct. 
A) is harder to handle than statistical decision aids 
B) leads to good predictions and judgments 
C) increases the perceived likelihood of an event 
D) increases manager productivity 
E) All of the above are correct.

Question 9

Advising managers to be sensitive to new information and to revise prior judgments in light of new information reduces the effects of which of the following heuristics?

Accepted Answer

A) Representativeness heuristic 
B) Availability heuristic 
C) Simulation heuristic 
D) Anchoring-and-adjustment heuristic 
E) Confrrmation bias 
A) Representativeness heuristic 
B) Availability heuristic 
C) Simulation heuristic 
D) Anchoring-and-adjustment heuristic 
E) Confrrmation bias

Question 10

Focusing on leads decision makers to act .

Accepted Answer

A) costs; risk averse 
B) benefits; risk seeking 
C) losses; risk averse 
D) benefits; risk averse 
E) None of the above is correct. 
A) costs; risk averse 
B) benefits; risk seeking 
C) losses; risk averse 
D) benefits; risk averse 
E) None of the above is correct.

Question 11

Decision makers must frequently make a difficult tradeoff between speed and accuracy.

Accepted Answer

A) True 
 B)False

Question 12

The pseudodiagnosticity effect contributes to the problem of overconfidence.

Accepted Answer

A) True 
 B)False

Question 13

What is the root (or essence) of the planning fallacy?

Accepted Answer

A) Overconfidence 
B) Unreliable information 
C) Too much emphasis on the base rate 
D) Complacency 
E) Lack of confidence 
A) Overconfidence 
B) Unreliable information 
C) Too much emphasis on the base rate 
D) Complacency 
E) Lack of confidence

Question 14

"Calibration" refers to the degree to which confidence matches scenario thinking.

Accepted Answer

A) True 
 B)False

Question 15

Decision aids often cause managers decisions to be even more inconsistent.

Accepted Answer

A) True 
 B)False

Question 16

Taking books horne over a holiday expecting to do lots of work and doing nothing at all is an example of:

Accepted Answer

A) confidence 
B) the planning fallacy 
C) neglecting base rates 
D) unfreezing 
E) redundancy 
A) confidence 
B) the planning fallacy 
C) neglecting base rates 
D) unfreezing 
E) redundancy

Question 17

Confidence increases as need for cognitive closure increases.

Accepted Answer

A) True 
 B)False

Question 18

Distinguish between convergence and redundancy.

Accepted Answer

Several independent pieces of informatio

Question 19

Bayes's Theorem is closely related to anchoring-and-adjustment.

Accepted Answer

A) True 
 B)False

Question 20

Fault trees help managers identify the source of a problem quickly.

Accepted Answer

A) True 
 B)False

Invalid information varies because of poor measurement even when the target does not change.

What is the best way to reduce overconfidence?

The degrees of correlation between two or more variables can be estimated accurately by such statistical measures as the chi-square test or the Spearman rank-order test.

How can a linear model improve decision making?

Events that have occurred frequently in the past are likely to happy again in the future.

What should always be the first step in managerial decision making?

Why is a subjective linear model also called a "bootstrapping" model?

Scenario thinking:

Advising managers to be sensitive to new information and to revise prior judgments in light of new information reduces the effects of which of the following heuristics?

Focusing on leads decision makers to act .

Decision makers must frequently make a difficult tradeoff between speed and accuracy.

The pseudodiagnosticity effect contributes to the problem of overconfidence.

What is the root (or essence) of the planning fallacy?

"Calibration" refers to the degree to which confidence matches scenario thinking.

Decision aids often cause managers decisions to be even more inconsistent.

Taking books horne over a holiday expecting to do lots of work and doing nothing at all is an example of:

Confidence increases as need for cognitive closure increases.

Distinguish between convergence and redundancy.

Bayes's Theorem is closely related to anchoring-and-adjustment.

Fault trees help managers identify the source of a problem quickly.

Understanding Consumer Behavior and Consumer Research

Consumer Focused Strategy: Segmentation and Positioning

Branding Strategy and Consumer Behavior

Consumer Perception

Learning and Memory

Automatic Information Processing

Motivation and Emotion

Attitude and Judgment Formation and Change

The Consumer Decision Making Process

Product Consideration, Evaluation, and Choice

Behavioral Decision Theory

Self-Concept and Personality

Social Influence and Behavioral Compliance

The Influence of Culture and Values

The Influence of Demography

Contemporary Strategies in Reaching Consumers

Engaging Consumers Through Online Marketing

Biases in Managerial Decision Making

Filters

Exam 19: Strategies for Improving Managerial Decision Making

Invalid information varies because of poor measurement even when the target does not change.

What is the best way to reduce overconfidence?

The degrees of correlation between two or more variables can be estimated accurately by such statistical measures as the chi-square test or the Spearman rank-order test.

How can a linear model improve decision making?

Events that have occurred frequently in the past are likely to happy again in the future.

What should always be the first step in managerial decision making?

Why is a subjective linear model also called a "bootstrapping" model?

Scenario thinking:

Advising managers to be sensitive to new information and to revise prior judgments in light of new information reduces the effects of which of the following heuristics?

Focusing on leads decision makers to act .

Decision makers must frequently make a difficult tradeoff between speed and accuracy.

The pseudodiagnosticity effect contributes to the problem of overconfidence.

What is the root (or essence) of the planning fallacy?

"Calibration" refers to the degree to which confidence matches scenario thinking.

Decision aids often cause managers decisions to be even more inconsistent.

Taking books horne over a holiday expecting to do lots of work and doing nothing at all is an example of:

Confidence increases as need for cognitive closure increases.

Distinguish between convergence and redundancy.

Bayes's Theorem is closely related to anchoring-and-adjustment.

Fault trees help managers identify the source of a problem quickly.

Understanding Consumer Behavior and Consumer Research

Consumer Focused Strategy: Segmentation and Positioning

Branding Strategy and Consumer Behavior

Consumer Perception

Learning and Memory

Automatic Information Processing

Motivation and Emotion

Attitude and Judgment Formation and Change

The Consumer Decision Making Process

Product Consideration, Evaluation, and Choice

Behavioral Decision Theory

Self-Concept and Personality

Social Influence and Behavioral Compliance

The Influence of Culture and Values

The Influence of Demography

Contemporary Strategies in Reaching Consumers

Engaging Consumers Through Online Marketing

Biases in Managerial Decision Making

Filters