Exam 9: Managerial Decision Making

A(n) _____ is a choice made from available alternatives.

_____ 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.

The recognition that people have limits on how rational they can be is known as _____.

According to the administrative model of decision making, managers' searches for alternatives are limited because of human, information, and resource constraints.

Mark, a production manager at Kaylie's Kookware, recently chose to schedule his workers to work overtime. His alternative was to hire more workers. He is now monitoring the consequences of his choice. This is an example of _____.

_____ is the approach that defines how a decision maker should make decisions and provides guidelines for reaching an ideal outcome for the organization.

Bobby, a product manager, wants to increase the market share of his product. He is unsure about how to go about it, not knowing for sure how costs, price, the competition, and the quality of his product will interact to influence market share. Bobby is operating under a condition of _____.

Which style is used by people who prefer simple, clear-cut solutions to problems?

Most bad decisions are errors in judgment that originate in the human mind's limited capacity and in the natural biases of the manager.

Managers are often referred to as:

The _____ model of decision-making is useful for making nonprogrammed decisions when conditions are uncertain, information is limited, and there are managerial conflicts about what goals to pursue or what course of action to take.

Most managers settle for a _____ rather than a _____ solution.

List and describe the four basic assumptions of the political model.

The classical model of decision making is based on _____ assumptions.

_____ means that managers know which goals they wish to achieve, but information about alternatives and future events is incomplete.

_____ decisions involve situations that have occurred often enough to enable decision rules to be developed and applied in the future.

In many respects, the _____ model represents an "ideal" model decision-making and can't usually be attained by real people in real organizations.

Riley is a manager at the Tinker Tools. She is expected to make decisions that are in the organization's best economic interests. Her decisions should be based on which of the following models?

Nonprogrammed decisions are made in response to situations that are:

_____ approach describes how managers actually make decisions, where as _____ approach defines how a decision-maker should make decisions.