Exam 8: Managing Decision Making and Problem Solving

Oprah Winfrey and Regis Philbin retired from daytime talk shows about the same time. Television executives saw that Anderson Cooper filled in for Regis in 32 appearances, so they created a new show around Cooper. The ____ model can be used to explain why they chose Cooper without evaluating other alternatives.

In evaluating a decision alternative, the decision maker should apply three criteria. Briefly discuss each criterion.

Which of the following decision-making models involves recognizing and defining the situation, developing alternatives, selecting an alternative, implementing the chosen alternative, and following up?

When managers apply their values to decision making there is an opportunity for better ethics, which is a good aspect of bounded rationality.

Herbert Simon noted that managers generally fail to make rational decisions because they are limited by their own values, skills, habits, and unconscious reflexes as well as by incomplete information. What name did Simon give this phenomenon?

The manager who has difficulty identifying alternatives and assessing their probabilities is experiencing

Decisions are often made with little consideration for logic and rationality.

The decision by American Airlines to sell off its American Eagle regional carrier was a(n) ____________________ decision.

The key to making effective decisions under conditions of risk is to

Which of the following is NOT an example of an interacting group?

At least one member of the group or team might be assigned the role of ____________________.

In which of the following decision-making conditions is the decision maker aware of all of the alternatives and able to assign probabilities to the costs and payoffs of each alternative?

Hailey finds that her company is over billing the government for services. She tells her boss, who says he will take care of it, but he does nothing. Hailey tells her government contact. What model of decision making does Hailey's behavior represent?

The biggest drawback of group and team decision making is the additional time and hence the greater expense entailed.

____ is the act of choosing one alternative from many.

A(n) ____ decision-making model describes how decisions are made rather than prescribing how they should be made.

As it relates to decision making, the term best alternative implies decision accuracy and efficiency.

The circumstances that exist for the decision maker are conditions of certainty, risk, or ____________________.

Bounded rationality is assumed in

When a student chooses to study instead of going out with friends, he is engaged in