Exam 6: Managerial Decision Making

____________________ represents a quick apprehension of a decision situation based on past experience but without conscious thought.

Normative means it defines how a decision maker should make decisions.

Finance managers at Big Bend Inc.made a financial blunder when they solely looked at the previous year's sales to estimate sales for the coming year. This is an example of which management bias?

Under conditions of ____,statistical analyses are useful.

The essence of ____ is to choose the first solution available.

For a non-programmed decision,feasible alternatives are hard to identify and in fact are already available within the organization's rules and procedures.

Brainstorming uses a face-to-face interactive group to spontaneously suggest a wide range of alternatives for decision making.

In the real world,few decisions are certain.

All of the following are cognitive biases that can affect manager's judgment EXCEPT

The approach that managers use to make decisions usually falls into one of three types - the classical model,the administrative model,and the political model.

Explain the four underlying assumptions of the administrative model.

____ has the highest possibility of failure.

Explain the difference between programmed and nonprogrammed decisions and give an example of each.

Which of the following defines a technique that uses a face-to-face group to spontaneously suggest a broad range of alternatives for decision making?

____________________ means that a decision has clear-cut goals and that good information is available,but the future outcomes associated with each alternative are subject to chance.

Nordstrom Department Store's "No questions asked - Return's Policy" is an example of a(n)

When managers ask questions such as "What is the state of disequilibrium affecting us?",they are in which stage of the managerial decision-making process?

Briefly describe the assumptions underlying the classical model of decision making.

People with a(n)____________________ style usually are concerned with the personal development of others and may make decisions that help others achieve their goals.

Scenario - Vaughn Bately Vaughn Bately manages a group of eight electrical engineers at Defiance Designs. His team is highly trained and well respected by experts both inside and outside the company. Recently one of Vaughn's engineers suggested a new technique for the development and use of an argon laser. There appeared to be rich potential for this technology, but Vaughn wasn't certain that developing this technology was the best use of his limited resources. Vaughn was facing a significant decision. -Which of the following steps would Vaughn not take in making his decision?