Exam 4: Foundations of Decision Making

Sondra needed help. Her insurance company's rapid growth was necessitating making some IT changes, but what changes? Should they modify the servers that they currently use or purchase an entirely new system? Sondra was confused and needed help in making the correct decision. -The very last step Sondra should take, according to the decision-making process, is to ________.

Group decisions tend to provide more complete information than individual decisions.

One assumption of bounded rationality is that managers can analyze all relevant information about all alternatives for a situation.

Which of the following group techniques allows group members to meet together, but at the same time facilitates independent decision making?

Which of the following defines a problem in the decision-making process?

Which of the following is NOT a reason why managers often resort to using heuristics?

In a condition of certainty, ________.

A key to what is commonly used to assess risk is for a decision maker to examine the ________ an investment.

Decision makers who seek information that matches what they already know are guilty of confirmation bias.

One legislator sees decreased tax revenue as the key problem in the budget.A second legislator sees increased spending as the problem.Each of these legislators has a(n)________.

Individualistic countries like the United States tend to have ________ than group-oriented countries like Japan.

The decision-making process consists of a series of eight steps that identify a problem and work toward ultimately ________.

What is a heuristic?

All criteria are equally important in the decision-making process.

In a short essay, discuss why creativity is important to decision making.Describe a situation in which a creative solution is used to solve a problem.

In a short essay, discuss the differences among a procedure, a rule, and a policy.Include specific examples of each to support your answer.

Sondra needed help. Her insurance company's rapid growth was necessitating making some IT changes, but what changes? Should they modify the servers that they currently use or purchase an entirely new system? Sondra was confused and needed help in making the correct decision. -Sondra has determined that the speed of the system she settles on is twice as important as the capacity of the system.Which stage of the decision-making process is she carrying out?

What does it mean for a decision maker to maximize value?

In a short essay, list and discuss the first four steps in the decision-making process.Give an example of each step.

Mid-level managers in a country with low uncertainty avoidance are ________ than managers from a high uncertainty avoidance country.