Exam 9: Managerial Decision Making

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All of the following are characteristics of the administrative decision making model except:

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The classical decision making model assumes that the decision-maker is rational, and makes the optimal decision each time.

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_____ decisions are associated with conflicts over goals and decision alternatives, rapidly changing circumstances, fuzzy information, and unclear links among decision elements.

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_____ means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable.

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Which of the following means that all the information the decision-maker needs is fully available?

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Two employees in Stacey's department quit which is normal for her department. She is faced with the decision to fill these positions. This would be considered a nonprogrammed decision.

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Programmed decisions are decisions that are made for situations that have occurred often in the past and allow decision rules to be developed to guide future decisions.

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For a programmed decision:

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At the start of every shift, Carl, a delivery truck driver, plans out his route based on the addresses that he will be visiting to drop off packages. This can best be described as what kind of decision?

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Groupthink refers to the tendency of people in groups to suppress contrary opinions.

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A normative decision making model defines how a manager _____ make decisions.

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Intuition is based on _____, but lacking in _____.

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The _____ model closely resembles the real environment in which most managers and decision-makers operate.

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A decision is a choice made from available alternatives.

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Which of the following 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?

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Which of the following means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable?

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Which of the following is a choice made from available alternatives?

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Which of the following is the first step in the managerial decision making process?

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_____ refers to the tendency of people in groups to suppress contrary opinions.

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During the fallout of the global financial crisis of the late 2000s, finance companies had to make important decisions in a highly ambiguous environment. The decision to buyout failed banks could best be described as what type of decision?

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