Question 1

Busy decision makers tend to focus on:

Accepted Answer

A) all the possibilities 
B) one interpretation 
C) two to three categories 
D) no hypotheses 
E) only relevant information 
A) all the possibilities 
B) one interpretation 
C) two to three categories 
D) no hypotheses 
E) only relevant information

Question 2

is a shift toward a contextual reference point.

Accepted Answer

A) Assimilation effect 
B) Dilution effect 
C) Correspondence bias effect 
D) Contrast effect 
E) Simulation heuristic 
A) Assimilation effect 
B) Dilution effect 
C) Correspondence bias effect 
D) Contrast effect 
E) Simulation heuristic

Question 3

Horne appraisals offered by real estate agents are heavily influenced by listing prices, even when more objective and more useful information is available.Which cognitive heuristic is responsible for this bias?

Accepted Answer

A) Correspondence bias 
B) Availability heuristic 
C) Simulation heuristic 
D) Anchoring-and-adjustment heuristic 
E) Premature cognitive commitment effect 
A) Correspondence bias 
B) Availability heuristic 
C) Simulation heuristic 
D) Anchoring-and-adjustment heuristic 
E) Premature cognitive commitment effect

Question 4

A manager who helped develop a new product that looks like it would be successful predicted a 90% chance of success for the new product.However, historical data indicate that of all new products introduced, only about 50% succeed.This suggests that the manager's prediction was guided primarily by the:

Accepted Answer

A) representativeness heuristic 
B) availability heuristic 
C) simulation heuristic 
D) anchoring-and-adjustment heuristic 
E) contrast effect 
A) representativeness heuristic 
B) availability heuristic 
C) simulation heuristic 
D) anchoring-and-adjustment heuristic 
E) contrast effect

Question 5

Overcorrection occurs when managers over analyze and over interpret their decision making processes.

Accepted Answer

A) True 
 B)False

Question 6

Managers usually are able to express their opinions of job-related topics, despite situational pressures.

Accepted Answer

A) True 
 B)False

Question 7

What is the best way to overcome groupthink?

Accepted Answer

A) Encourage group polarization 
B) Have a strong leader 
C) Frequently seek the opinion of impartial consultants 
D) Always have an agenda 
E) Always recap.what was discussed at the last meeting 
A) Encourage group polarization 
B) Have a strong leader 
C) Frequently seek the opinion of impartial consultants 
D) Always have an agenda 
E) Always recap.what was discussed at the last meeting

Question 8

Which of the following is not a common group decision making problem?

Accepted Answer

A) Common knowledge effect 
B) Groupthink 
C) Group polarization 
D) Selective hypothesis testing 
E) All of the above are correct. 
A) Common knowledge effect 
B) Groupthink 
C) Group polarization 
D) Selective hypothesis testing 
E) All of the above are correct.

Question 9

Simplifying strategies are ineffective in reducing the amount of cognitive effort required to reach a judgment.

Accepted Answer

A) True 
 B)False

Question 10

Job interviews are often influenced by the correspondence bias.

Accepted Answer

A) True 
 B)False

Question 11

When managers treat irrelevant information as if it were relevant, they exhibit:

Accepted Answer

A) contrast effect 
B) context effect 
C) pseudodiagnosticity effect 
D) assimilation effect 
E) anchoring-and-adjustment effect 
A) contrast effect 
B) context effect 
C) pseudodiagnosticity effect 
D) assimilation effect 
E) anchoring-and-adjustment effect

Question 12

John thinks Mary is a great team member in his department based on a project he worked with her on a few months ago.During a current project, John has received several complaints about Mary from various team members.Despite this, John persists in believing his initial opinion of Mary is correct.This is an example of what effect?

Accepted Answer

A) Biased assimilation effect 
B) Framing effect 
C) Correspondence bias effect 
D) Pseudodiagnosticity 
E) Dilution effect 
A) Biased assimilation effect 
B) Framing effect 
C) Correspondence bias effect 
D) Pseudodiagnosticity 
E) Dilution effect

Question 13

Which bias results from underprocessing?

Accepted Answer

A) Insensitivity to sample size 
B) The perseverance effect 
C) The salience effect 
D) The vividness effect 
E) All of the above result from underprocessing. 
A) Insensitivity to sample size 
B) The perseverance effect 
C) The salience effect 
D) The vividness effect 
E) All of the above result from underprocessing.

Question 14

When two similar objects or issues are compared, and they are judged to be very similar, this is an example of what context effect?

Accepted Answer

A) Assimilation effect 
B) Framing effect 
C) Correspondence bias effect 
D) Contrast effect 
E) Availability heuristic 
A) Assimilation effect 
B) Framing effect 
C) Correspondence bias effect 
D) Contrast effect 
E) Availability heuristic

Question 15

Decision makers rarely continue to perceive a belief as true when the basis for the belief is disproved.

Accepted Answer

A) True 
 B)False

Question 16

Anchors rarely influence expert decision makers.

Accepted Answer

A) True 
 B)False

Question 17

What affect does the "wording" of a problem have on managers' decisions?

Accepted Answer

How a problem is worded has a large affe

Question 18

What is the difference between the dilution effect and the perseverance effect?

Accepted Answer

The perseverance effect occurs when deci

Question 19

Irrelevant information is weighted too lightly in judgment when irrelevant information later becomes relevant.

Accepted Answer

A) True 
 B)False

Question 20

Information that is emotionally interesting (vs.uninteresting) is more likely to be vivid for the decision maker.

Accepted Answer

A) True 
 B)False

Busy decision makers tend to focus on:

is a shift toward a contextual reference point.

Horne appraisals offered by real estate agents are heavily influenced by listing prices, even when more objective and more useful information is available.Which cognitive heuristic is responsible for this bias?

Overcorrection occurs when managers over analyze and over interpret their decision making processes.

Managers usually are able to express their opinions of job-related topics, despite situational pressures.

What is the best way to overcome groupthink?

Which of the following is not a common group decision making problem?

Simplifying strategies are ineffective in reducing the amount of cognitive effort required to reach a judgment.

Job interviews are often influenced by the correspondence bias.

When managers treat irrelevant information as if it were relevant, they exhibit:

Which bias results from underprocessing?

When two similar objects or issues are compared, and they are judged to be very similar, this is an example of what context effect?

Decision makers rarely continue to perceive a belief as true when the basis for the belief is disproved.

Anchors rarely influence expert decision makers.

What affect does the "wording" of a problem have on managers' decisions?

What is the difference between the dilution effect and the perseverance effect?

Irrelevant information is weighted too lightly in judgment when irrelevant information later becomes relevant.

Information that is emotionally interesting (vs.uninteresting) is more likely to be vivid for the decision maker.

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

Strategies for Improving Managerial Decision Making

Filters

Exam 18: Biases in Managerial Decision Making

Busy decision makers tend to focus on:

is a shift toward a contextual reference point.

Horne appraisals offered by real estate agents are heavily influenced by listing prices, even when more objective and more useful information is available.Which cognitive heuristic is responsible for this bias?

Overcorrection occurs when managers over analyze and over interpret their decision making processes.

Managers usually are able to express their opinions of job-related topics, despite situational pressures.

What is the best way to overcome groupthink?

Which of the following is not a common group decision making problem?

Simplifying strategies are ineffective in reducing the amount of cognitive effort required to reach a judgment.

Job interviews are often influenced by the correspondence bias.

When managers treat irrelevant information as if it were relevant, they exhibit:

Which bias results from underprocessing?

When two similar objects or issues are compared, and they are judged to be very similar, this is an example of what context effect?

Decision makers rarely continue to perceive a belief as true when the basis for the belief is disproved.

Anchors rarely influence expert decision makers.

What affect does the "wording" of a problem have on managers' decisions?

What is the difference between the dilution effect and the perseverance effect?

Irrelevant information is weighted too lightly in judgment when irrelevant information later becomes relevant.

Information that is emotionally interesting (vs.uninteresting) is more likely to be vivid for the decision maker.

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

Strategies for Improving Managerial Decision Making

Filters