Exam 3: Managers and the Strategic Decision Making in Business Firms

__________ knowledge is an example of knowing more than we can say.

___________ is the step that follows noticing in mental models.

Mental models that guide strategic decision making represent a manager's ____________.

Distinguishing firms as competitors from those that are not competitors is an example of _____________.

"Penny wise and pound foolish" is an example of _____________.

Experience as a belief component of mental models is the product of learning-by-doing or trial-and-error learning.

Why are top executives often insulated from, and out of touch with, reality?

Superstition can also be a source of bias and lead to poor decision making.

A mental model is a cognitive representation of the world and ourselves in it.

The well known proverb, "Early to bed and early to rise makes a person healthy, wealthy, and wise," is an example of categorical knowledge.

Which of the following is a key role that mental models play in the decision making process?

Purchasing a firm's stock after reading and interpreting a newspaper story about that particular firm is an example of ______________.

Mental models are "________________" rather than "imprints" or pictures.

Managerial decision making is typically a linear, rational, and well informed process.

Developing a mental model allows managers the freedom to make decisions in a neutral vacuum, free of the economic, and cultural and social environments in which they live and work.

Education as a source of managerial beliefs and thinking can be broadly defined to include all of the following EXCEPT:

Mental models are "________________" rather than "imprints" or pictures.

The explosive growth of information technology has been accompanied by a corresponding growth in the ability of managers to process information flows.

Why would it be more likely that groupthink and escalation of commitment would occur in organizations with strong cultures?