Exam 6: Managers As Decision Makers

'Overconfidence' is a bias that leads people to accept at face value information that confirms their preconceived views and to be critical and sceptical of information that challenges these views.

According to the textbook, a ________ typically contains an ambiguous term that leaves interpretation up to the decision maker.

A discrepancy between an existing and a desired state of affairs is an opportunity.

The Car Colleen is a student and her older brother has loaned her an old car.The car is in need of several repairs before she will feel comfortable driving it. -Refer to The Car (Scenario).Colleen decides to have all of the problems fixed on the car.She believes that the repair person has found all the problems and that there will be no problem correcting the imperfections within a specified budget.If she is correct, this is an example of a ________ decision.

Decision making is synonymous with managing.

Decisions, Decisions Sandra needed help.Her insurance company's rapid growth required making some changes, but what changes? Should they add to the existing system? Buy a new system? She was given the responsibility of analysing the company's information system and deciding what the company should do that would give them plenty of room.She was confused and needed help in making the correct decision. -Refer to Decisions, Decisions (Scenario).According to the decision-making process, the first step Sandra should take would be to ________.

When decision makers selectively organise and interpret events based on their biased perceptions, they are using the ________ bias.

Which of the following thinking styles relies on insight as a way to process information?

Which of the following is the step in the decision-making process that follows identifying a problem and decision criteria?

Which of the following describes the 'systematic use of the best available evidence to improve management practice'?

What is a characteristic that the experts say an effective decision-making process has?

________ in a situation is defined as knowing the outcomes of every alternative.

It is possible at the end of the decision-making process that you may be required to start the process over again.

An optimistic manager will follow a maximin approach.

Decision-making Conditions Helen is the manager for TrucksRUs, a medium-sized hauling service located in Victoria.She is responsible for scheduling trucks, initiating new routes and staffing both existing and new routes.She is currently struggling with existing information about the profitability of existing and future truck routes. -Refer to Decision-making Conditions (Scenario).Helen knows that she is operating in an uncertain environment.She is basically an optimist and we would, therefore, expect her to follow a ________ strategy.

Is the Picture Clear? Sharon was the state manager of a pay television company.Daily, she faced many problems and decisions such as how to price different advertising time slots, who to hire, how to prepare for the advent of new technology and how she should handle increasing viewer and sponsor complaints.She needed some help sorting these issues out. -Refer to Is the Picture Clear? (Scenario).You could tell Sharon that issues which are straightforward, where the problem is familiar and easily defined, such as how to handle late payment by customers or customers wanting to receive refunds, are known as ________ problems.

If you used a shortened process of searching for a job, it is likely you ________ rather than maximised in your decision process.

According to the textbook, all of the following are aspects of intuition EXCEPT ________.

In a short essay, explain what managers need to do to make effective decisions in today's fast-moving world.

The ideal situation for making decisions is low risk.