Exam 6: Managers As Decision Makers

The ________ thinking style is characterized by a preference for internal sources of information and processing this information with internal insights, feelings, and hunches to guide decisions and actions.

Amanda, a single parent, is looking for a new job.Considering that she has two school-going children, she is particularly keen on finding an employer who can provide her with alternative work arrangements such as flexible work hours and telecommuting.In terms of the decision-making process, these represent Amanda's ________.

Which of the following is important in effectively implementing the chosen alternative in the decision-making process?

Briefly discuss the assumptions of rationality and the validity of those assumptions.

Managers need to understand cultural differences to make effective decisions in today's fast-moving world.

Michelle finds a company directive that specifically restricts her from taking certain actions.This is a(n) ________.

A policy ________.

Which of the following best describes the psychological orientation of an individual making a "maximax" choice?

To determine the ________, a manager must determine what is relevant or important to resolving a problem.

Optimistic managers follow a maximax choice when they ________.

If an individual knows the price of three similar cars at different dealerships, he is operating under which of the following decision-making conditions?

Unstructured problems ________.

What is the psychological orientation of a decision maker who makes a "maximin" choice?

What is meant by bounded rationality and satisficing?

Toby is hunting for a new apartment.He is specifically looking for one that is located in the heart of the city and should be available for $600 per month.However, Toby is also willing to pay up to $850 per month for a place that is situated slighted away from the city center.According to him, the second option "will also do." This is an example of ________.

The phenomenon of escalation of commitment refers to an increased commitment to a previous decision despite evidence that it may have been wrong.

Risk is the condition in which a decision maker is able to estimate the likelihood of certain outcomes.

It is assumed that a rational decision maker ________.

When decision makers seek out information that reaffirms their past choices and discount information that contradicts past judgments, they are exhibiting the ________.

The manager of an apparel store estimates how much to order for the current spring season based on last spring's sales figures.The store manager is operating under which of the following decision-making conditions?