Question 1

If an individual knows the price of three similar cars at different dealerships, he/she is operating under what type of decision-making condition?

Accepted Answer

A) risk 
B) uncertainty 
C) certainty 
D) factual 
E) unprogrammed 
A) risk 
B) uncertainty 
C) certainty 
D) factual 
E) unprogrammed

Question 2

In 'bounded rationality', managers make decisions that are rational within the parameters of a ________ decision making process.

Accepted Answer

A) multiple 
B) binding 
C) interactive 
D) simplified 
E) past 
A) multiple 
B) binding 
C) interactive 
D) simplified 
E) past

Question 3

The decision-making process is a simple process of choosing among alternatives.

Accepted Answer

A) True 
 B)False

Question 4

In a short essay, list and discuss the two thinking styles as described in the text.

Accepted Answer

A thinking style affects the way a perso

Question 5

Which of the following does NOT contribute towards a 'planning' decision?

Accepted Answer

A) What are the organisation's long-term objectives? 
B) What strategies will best achieve those objectives? 
C) How many employees should I have report directly to me? 
D) What should the organisation's short-term objectives be? 
E) How difficult should individual goals be? 
A) What are the organisation's long-term objectives? 
B) What strategies will best achieve those objectives? 
C) How many employees should I have report directly to me? 
D) What should the organisation's short-term objectives be? 
E) How difficult should individual goals be?

Question 6

Which of the following is the final step in the decision-making process?

Accepted Answer

A) identifying the problem 
B) evaluating the decision's effectiveness 
C) identifying decision criteria 
D) selecting an alternative that can resolve the problem 
E) allocating weights to alternatives 
A) identifying the problem 
B) evaluating the decision's effectiveness 
C) identifying decision criteria 
D) selecting an alternative that can resolve the problem 
E) allocating weights to alternatives

Question 7

A retail clothing store manager who estimates how much to order for the current spring season based on last spring's outcomes is operating under what kind of decision-making condition?

Accepted Answer

A) seasonal 
B) risk 
C) uncertainty 
D) certainty 
E) cyclical 
A) seasonal 
B) risk 
C) uncertainty 
D) certainty 
E) cyclical

Question 8

A business school's statement that it 'strives for productive relationships with local organisations' is an example of a ________.

Accepted Answer

A) rule 
B) policy 
C) procedure 
D) commitment 
E) contract 
A) rule 
B) policy 
C) procedure 
D) commitment 
E) contract

Question 9

In allocating weights to the decision criteria, which of the following is helpful to remember?

Accepted Answer

A) All weights must be the same. 
B) The total of the weights should sum to 1.0. 
C) Every factor criterion considered, regardless of its importance, must receive some weighting. 
D) Assign the most important criterion a score, and then assign weights against that standard. 
E) The most important and least important criteria should receive the inverse weighting standard. 
A) All weights must be the same. 
B) The total of the weights should sum to 1.0. 
C) Every factor criterion considered, regardless of its importance, must receive some weighting. 
D) Assign the most important criterion a score, and then assign weights against that standard. 
E) The most important and least important criteria should receive the inverse weighting standard.

Question 10

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 can make accurate decisions if she is willing to pay $5000 for research about the profitability of various truck routes.If she pays for the research, she believes that she is operating under a condition of ________.

Accepted Answer

A) certainty 
B) risk 
C) uncertainty 
D) maximax 
E) maximin 
A) certainty 
B) risk 
C) uncertainty 
D) maximax 
E) maximin

Question 11

Managers who look at problems collaboratively and integratively in order to better understand a situation are utilising _____.

Accepted Answer

A) design thinking 
B) linear decision making 
C) big data 
D) scientific management 
E) framing bias 
A) design thinking 
B) linear decision making 
C) big data 
D) scientific management 
E) framing bias

Question 12

In a short essay, list and discuss the three conditions that managers may face as they make decisions.Include specific examples of each condition to support your answer.

Accepted Answer

1. Certainty - The ideal situation for m

Question 13

An individual making a 'maximin' type of choice has what type of psychological orientation concerning uncertain decision making?

Accepted Answer

A) optimist 
B) realist 
C) pessimist 
D) satisficer 
E) extremist 
A) optimist 
B) realist 
C) pessimist 
D) satisficer 
E) extremist

Question 14

'A discrepancy between an existing and a desired state of affairs' describes which of the steps in the decision-making process?

Accepted Answer

A) criteria weight allocation 
B) analysis of alternatives 
C) problem identification 
D) decision effectiveness evaluation 
E) decision criteria identification 
A) criteria weight allocation 
B) analysis of alternatives 
C) problem identification 
D) decision effectiveness evaluation 
E) decision criteria identification

Question 15

When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance, they are exhibiting ________.

Accepted Answer

A) self-serving bias 
B) the anchoring effect 
C) immediate gratification bias 
D) overconfidence bias 
E) selective perception bias 
A) self-serving bias 
B) the anchoring effect 
C) immediate gratification bias 
D) overconfidence bias 
E) selective perception bias

Question 16

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's brother feels the car is worth repairing, because he has owned several cars made by the same manufacturer as this car and he has driven this car for several years.He is using ________ to determine that the car has value despite its need of repair.

Accepted Answer

A) intuitive decision making 
B) selective coordination of thought processes 
C) sunk costs 
D) return on investment 
E) anchoring effect 
A) intuitive decision making 
B) selective coordination of thought processes 
C) sunk costs 
D) return on investment 
E) anchoring effect

Question 17

A decision maker who relies mostly on ________ and ________ probably uses non-linear thinking style.

Accepted Answer

A) external data; intuition 
B) external data; logical thinking 
C) internal sources of information; insights 
D) internal sources of information; logical thinking 
E) external intuition; logical thinking 
A) external data; intuition 
B) external data; logical thinking 
C) internal sources of information; insights 
D) internal sources of information; logical thinking 
E) external intuition; logical thinking

Question 18

Which of the following is the concept of using large amounts of quantifiable data to aid in the decision making process?

Accepted Answer

A) design thinking 
B) big data 
C) heuristics 
D) anchoring 
E) non-linear thinking 
A) design thinking 
B) big data 
C) heuristics 
D) anchoring 
E) non-linear thinking

Question 19

A ________ is a series of interrelated sequential steps that a manager can use for responding to a structured problem.

Accepted Answer

A) procedure 
B) rule 
C) policy 
D) system 
E) solution 
A) procedure 
B) rule 
C) policy 
D) system 
E) solution

Question 20

Decision making is synonymous with ________.

Accepted Answer

A) managing 
B) leading 
C) controlling 
D) planning 
E) organising 
A) managing 
B) leading 
C) controlling 
D) planning 
E) organising

If an individual knows the price of three similar cars at different dealerships, he/she is operating under what type of decision-making condition?

In 'bounded rationality', managers make decisions that are rational within the parameters of a ________ decision making process.

The decision-making process is a simple process of choosing among alternatives.

In a short essay, list and discuss the two thinking styles as described in the text.

Which of the following does NOT contribute towards a 'planning' decision?

Which of the following is the final step in the decision-making process?

A retail clothing store manager who estimates how much to order for the current spring season based on last spring's outcomes is operating under what kind of decision-making condition?

A business school's statement that it 'strives for productive relationships with local organisations' is an example of a ________.

In allocating weights to the decision criteria, which of the following is helpful to remember?

Managers who look at problems collaboratively and integratively in order to better understand a situation are utilising _____.

In a short essay, list and discuss the three conditions that managers may face as they make decisions.Include specific examples of each condition to support your answer.

An individual making a 'maximin' type of choice has what type of psychological orientation concerning uncertain decision making?

'A discrepancy between an existing and a desired state of affairs' describes which of the steps in the decision-making process?

When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance, they are exhibiting ________.

A decision maker who relies mostly on and probably uses non-linear thinking style.

Which of the following is the concept of using large amounts of quantifiable data to aid in the decision making process?

A ________ is a series of interrelated sequential steps that a manager can use for responding to a structured problem.

Decision making is synonymous with ________.

Managers in the Workplace

Management History

Managing the External Environment and Organisational Culture

Managing in a Global Environment

Social Responsibility and Managerial Ethics

Managing Change and Innovation

Foundations of Planning

Strategic Management

Managerial Controls

Managing Operations

Organisational Structure and Design

Managing Teams

Managing Human Resources

Understanding and Managing Individual Behaviour

Managers and Communication

Motivating Employees

Managers As Leaders

Filters

Exam 6: Managers As Decision Makers

If an individual knows the price of three similar cars at different dealerships, he/she is operating under what type of decision-making condition?

In 'bounded rationality', managers make decisions that are rational within the parameters of a ________ decision making process.

The decision-making process is a simple process of choosing among alternatives.

In a short essay, list and discuss the two thinking styles as described in the text.

Which of the following does NOT contribute towards a 'planning' decision?

Which of the following is the final step in the decision-making process?

A retail clothing store manager who estimates how much to order for the current spring season based on last spring's outcomes is operating under what kind of decision-making condition?

A business school's statement that it 'strives for productive relationships with local organisations' is an example of a ________.

In allocating weights to the decision criteria, which of the following is helpful to remember?

Managers who look at problems collaboratively and integratively in order to better understand a situation are utilising _____.

In a short essay, list and discuss the three conditions that managers may face as they make decisions.Include specific examples of each condition to support your answer.

An individual making a 'maximin' type of choice has what type of psychological orientation concerning uncertain decision making?

'A discrepancy between an existing and a desired state of affairs' describes which of the steps in the decision-making process?

When decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance, they are exhibiting ________.

A decision maker who relies mostly on ________ and ________ probably uses non-linear thinking style.

Which of the following is the concept of using large amounts of quantifiable data to aid in the decision making process?

A ________ is a series of interrelated sequential steps that a manager can use for responding to a structured problem.

Decision making is synonymous with ________.

Managers in the Workplace

Management History

Managing the External Environment and Organisational Culture

Managing in a Global Environment

Social Responsibility and Managerial Ethics

Managing Change and Innovation

Foundations of Planning

Strategic Management

Managerial Controls

Managing Operations

Organisational Structure and Design

Managing Teams

Managing Human Resources

Understanding and Managing Individual Behaviour

Managers and Communication

Motivating Employees

Managers As Leaders

Filters

A decision maker who relies mostly on and probably uses non-linear thinking style.