Exam 2: Decision Making, Systems, Modeling, and Support

In general,people have a tendency to measure uncertainty and risk badly; for example,people tend to be overconfident and have an illusion of control in decision making.

A data warehouse can support the intelligence phase by continuously monitoring both internal and external information,looking for early signs of problems and opportunities through a Web-based enterprise information portal called a(n)________.

________ is a willingness to settle for a satisfactory solution that is,in effect,suboptimizing.

Aside from estimating the potential utility or value of a particular decision's outcome,the best decision makers are capable of accurately estimating the ________ associated with the resultant outcomes resulting from making each decision.

Problem identification is the conceptualization of a problem in an attempt to place it in a definable category,possibly leading to a standard solution approach.

Describe the three assumptions of rational decision makers used in Normative decision theory.

Fast decision-making requirements tend to reduce decision quality.

Rationality is bounded only by limitations on human processing capacities but not by individual differences.

Which of the following model behaves like the real system but does not look like it?

With ________,the performance of the system is checked for a given set of alternatives,rather than for all alternatives.Therefore,there is no guarantee that an alternative selected is optimal.

A ________ is a simplified representation or abstraction of reality.

When developers design and develop tools,the first guideline is to develop a prototype to test the designs and get early feedback from the end users to see what works for them and what needs to be changed.

Groupthink among decision makers can help lead to the best decisions.

The idea of "thinking with your gut" is a heuristic approach to decision making.

A problem exists in an organization only if someone or some group takes on the responsibility of attacking it and if the organization has the ability to solve it.

Web-based systems have clearly influenced how decision making is supported.

A ________ asks a computer what the effect of changing some of the input data or parameters would be.

There is a continuous flow of activity from one phase to the next phase in a decision making process,but at any phase there may be a return to a previous phase.________ is an essential part of this process.

"Thinking with your gut" is a heuristic approach to decision making that would work best for ________.

According to Simon,managerial decision making is synonymous with managers using decision support systems.