Exam 3: Foundations of Decision Making

The _________ blends the nominal group technique with sophisticated computer technology.

Decisions made by individuals typically suffer from suspicions that the decision maker _________.

A highway speed limit is an example of a policy.

Which of the following defines a problem in the decision-making process?

In order to make the best decision, managers must ignore emotions.

It is assumed that a rational decision maker _________.

A manager should be more confident of her assessment of a situation if it involves risk rather than uncertainty.

Top managers in an organisation tend to _________.

Individualistic countries like Australia tend to have _________ than group-oriented countries like Japan.

A manager has a choice of three different bank term deposits that pay different amounts of interest over different time periods.The manager is operating under which condition?

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?

Group decisions are usually _________ individual decisions.

Which statement about problems and decisions is correct?

A manager is considering purchasing new computers for her department.The manager spends time assessing the computers her department now has.Which stage of the decision-making process is she going through?

For a high-tech bicycle buyer, decision criteria would be determined by __________________.

Managers often use historical data when estimating risk.

Seeking the views of a diverse group of people can provide a decision maker with _________ on issues.

Briefly explain decision implementation.Why is this an important step in the decision-making process?

Herbert Simon won the Nobel Prize in economics for his work in describing _________.

Discuss the differences among a procedure, a rule and a policy.Include specific examples of each to support your answer.