Question 1

Which error occurs when managers allow initial impressions, statistics, or estimates to control or excessively influence subsequent thoughts and decisions?

Accepted Answer

A) Confirmation bias 
B) Fundamental attribution error 
C) Anchoring bias 
D) Self-serving bias 
E) Sunk cost effect 
A) Confirmation bias 
B) Fundamental attribution error 
C) Anchoring bias 
D) Self-serving bias 
E) Sunk cost effect C

Question 2

Explain the importance of coalition building in the political model of decision making.

Accepted Answer

A coalition is an informal alliance among managers who support a specific goal.Coalition building is the process of forming alliances among managers.In other words, a manager who supports a specific alternative, such as increasing the corporation's growth by acquiring another company, talks informally to other executives and tries to persuade them to support the decision.Without a coalition, a powerful individual or group could derail the decision-making process.Coalition building gives several managers an opportunity to contribute to decision making, enhancing their commitment to the alternative that is ultimately adopted.

Question 3

__________ provides decision makers with information that can precipitate a new decision cycle.

Accepted Answer

Feedback

Question 4

When managers block or distort negative information because they don't want to be responsible for a bad decision, they are displaying escalating commitment.

Accepted Answer

A) True 
 B)False

Question 5

What is fu pan?

Accepted Answer

Fu pan means "replaying the chessboard."

Question 6

The concept of quasirationality combines intuitive and analytical thought.

Accepted Answer

A) True 
 B)False

Question 7

What are the six steps in the managerial decision-making process?

Accepted Answer

The six steps are as follows:
1.Recogniz

Question 8

The decision-making step in which managers analyze the underlying causal factors associated with the decision situation is called __________.

Accepted Answer

The answer of The decision-making step in which managers analyze...

Question 9

During the global financial crisis associated with the 2008 recession, finance companies had to make important decisions in a highly ambiguous environment.The decision to buy out failed banks could best be described as which type of decision?

Accepted Answer

A) Bounded 
B) Programmed 
C) Conventional 
D) Wicked decision problem 
E) Irrational decision 
A) Bounded 
B) Programmed 
C) Conventional 
D) Wicked decision problem 
E) Irrational decision

Question 10

Making a choice is the most significant part of the decision-making process.

Accepted Answer

A) True 
 B)False

Question 11

Which error occurs when managers put too much value on evidence that is consistent with a favored belief or viewpoint and too little on evidence that contradicts their favored position?

Accepted Answer

A) Confirmation bias 
B) Fundamental attribution error 
C) Anchoring bias 
D) Self-serving bias 
E) Sunk cost effect 
A) Confirmation bias 
B) Fundamental attribution error 
C) Anchoring bias 
D) Self-serving bias 
E) Sunk cost effect

Question 12

Why do effective managers often use multiple styles of decision making?

Accepted Answer

Managers frequently use several differen

Question 13

__________ means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable.

Accepted Answer

The answer of __________ means that the goals to be...

Question 14

Which of the following terms refers to a technique that uses a face-to-face group to spontaneously suggest a broad range of alternatives for decision making?

Accepted Answer

A) Brainstorming 
B) Groupthink 
C) Point-counterpoint 
D) Brainwriting 
E) Devil's advocate 
A) Brainstorming 
B) Groupthink 
C) Point-counterpoint 
D) Brainwriting 
E) Devil's advocate

Question 15

The __________ stage involves the use of managerial, administrative, and persuasive abilities to ensure that the chosen alternative is carried out.

Accepted Answer

The answer of The __________ stage involves the use of...

Question 16

Managers using a conceptual style of decision making consider many broad alternatives, rely on information from both people and systems, and like to solve problems creatively.

Accepted Answer

A) True 
 B)False

Question 17

Briefly describe the assumptions underlying the classical model of decision making.

Accepted Answer

The classical model of decision making i

Question 18

People with a __________ style of decision making rely on information from both people and systems and like to solve problems creatively.

Accepted Answer

The answer of People with a __________ style of decision...

Question 19

A __________ is a choice made from available alternatives.

Accepted Answer

The answer of A __________ is a choice made from...

Question 20

The tendency to continue investing in a failing project in the hope of turning it around is called the sunk cost effect

Accepted Answer

A) True 
 B)False

Which error occurs when managers allow initial impressions, statistics, or estimates to control or excessively influence subsequent thoughts and decisions?

Explain the importance of coalition building in the political model of decision making.

__________ provides decision makers with information that can precipitate a new decision cycle.

When managers block or distort negative information because they don't want to be responsible for a bad decision, they are displaying escalating commitment.

What is fu pan?

The concept of quasirationality combines intuitive and analytical thought.

What are the six steps in the managerial decision-making process?

The decision-making step in which managers analyze the underlying causal factors associated with the decision situation is called __________.

During the global financial crisis associated with the 2008 recession, finance companies had to make important decisions in a highly ambiguous environment.The decision to buy out failed banks could best be described as which type of decision?

Making a choice is the most significant part of the decision-making process.

Which error occurs when managers put too much value on evidence that is consistent with a favored belief or viewpoint and too little on evidence that contradicts their favored position?

Why do effective managers often use multiple styles of decision making?

__________ means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable.

Which of the following terms refers to a technique that uses a face-to-face group to spontaneously suggest a broad range of alternatives for decision making?

The __________ stage involves the use of managerial, administrative, and persuasive abilities to ensure that the chosen alternative is carried out.

Managers using a conceptual style of decision making consider many broad alternatives, rely on information from both people and systems, and like to solve problems creatively.

Briefly describe the assumptions underlying the classical model of decision making.

People with a __________ style of decision making rely on information from both people and systems and like to solve problems creatively.

A __________ is a choice made from available alternatives.

The tendency to continue investing in a failing project in the hope of turning it around is called the sunk cost effect

The World of Innovative Management

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Planning and Goal Setting

Designing Organization Structure

Managing Change and Innovation

Managing Human Talent and Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

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Exam 6: Managerial Decision Making

Which error occurs when managers allow initial impressions, statistics, or estimates to control or excessively influence subsequent thoughts and decisions?

Explain the importance of coalition building in the political model of decision making.

__________ provides decision makers with information that can precipitate a new decision cycle.

When managers block or distort negative information because they don't want to be responsible for a bad decision, they are displaying escalating commitment.

What is fu pan?

The concept of quasirationality combines intuitive and analytical thought.

What are the six steps in the managerial decision-making process?

The decision-making step in which managers analyze the underlying causal factors associated with the decision situation is called __________.

During the global financial crisis associated with the 2008 recession, finance companies had to make important decisions in a highly ambiguous environment.The decision to buy out failed banks could best be described as which type of decision?

Making a choice is the most significant part of the decision-making process.

Which error occurs when managers put too much value on evidence that is consistent with a favored belief or viewpoint and too little on evidence that contradicts their favored position?

Why do effective managers often use multiple styles of decision making?

__________ means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable.

Which of the following terms refers to a technique that uses a face-to-face group to spontaneously suggest a broad range of alternatives for decision making?

The __________ stage involves the use of managerial, administrative, and persuasive abilities to ensure that the chosen alternative is carried out.

Managers using a conceptual style of decision making consider many broad alternatives, rely on information from both people and systems, and like to solve problems creatively.

Briefly describe the assumptions underlying the classical model of decision making.

People with a __________ style of decision making rely on information from both people and systems and like to solve problems creatively.

A __________ is a choice made from available alternatives.

The tendency to continue investing in a failing project in the hope of turning it around is called the sunk cost effect

The World of Innovative Management

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Planning and Goal Setting

Designing Organization Structure

Managing Change and Innovation

Managing Human Talent and Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters