Exam 4: Decision-Making Skills

The optimistic or gambling approach to decision making is also called the maximin approach.

Which of the following is the first step in the optimizing approach to decision making?

List the stages of the creative decision-making model.

Which of the following approaches to decision making is based on the concept of "economic man"?

An advantage of expected value analysis is that it represents the best possible outcome if the event is repeated many times.

Which of the following approaches to decision making involves selecting the best possible alternative?

The intelligence stage in the decision process involves inventing,developing,and analyzing possible courses of action.

The maximax approach to decision making involves selecting the alternative whose best possible outcome is the best of all possible outcomes for all alternatives.

Examples of management information systems intended to support managers in particular functional areas include payroll,billing,and inventory record systems.

The satisficing approach to decision making is based on the concept of "economic man."

Harry is a senior manager at Pine and Acorn Consultancy.He failed to notice that the economy of the largest market of Pine and Acorn was sliding into recession.He had failed to take a decision to expand in the growing economies costing Pine and Acorn significant future revenues.Which of the following barriers to effective decision making did Harry succumb to?

Defensive avoidance refers to the barrier to effective decision making that exists when the decision maker either does not see danger signs or opportunity or ignores data from the environment.

Harry,a senior manager at Pine and Acorn Consultancy,needs to decide how best to expand the services of Pine and Acorn in new markets.He is following the model for creative decision making for this purpose.He is attempting to identify what needs to be done to successfully implement the chosen idea that he has arrived at.Which of the following stages of the model for creative decision making is Harry currently at?

Decision making is the process of determining the appropriate responses or actions necessary to alleviate a problem.

Which of the following provides information that describes an organization or one of its major parts in terms of what has happened in the past,what is happening now,and what is likely to happen in the future?

The nominal group technique is a highly structured technique to foster creativity that has been designed to keep personal interactions at a minimum.

Harry,a manager at Pine and Acorn Consultancy makes most of his decisions based on his emotions and feelings.Which of the following approaches to decision making is Harry following?

Which of the following approaches to decision making involves selecting the first alternative that meets the decision maker's current level of aspiration?

In which of the following stages of the creative decision-making model,questions usually begin with who,what,where,when,how many,how much,or similar words?

Explain the principle of bounded rationality.