Exam 8: Managing Decision Making and Problem Solving

Activist investors often try to influence a board to sell off a business unit if it does not have a lot of synergy with other business units.To gain enough influence with the board,these investors usually require

The rational model of decision making assumes all of the following EXCEPT

Entrepreneurs often have a hard time psychologically if they decide to sell the business because it feels like a child they created and helped grow.This is an example of

Match the following.You may use a response once,more than once,or not at all. -We wanted to improve customer service rating by 5 percent;this will improve them by 2 percent

Implementing the chosen alternative is most closely related to the management function of ____________________.

The CIO at Canon is considering an information system upgrade.He goes to each of the division heads to discuss their information needs and system capabilities.The CIO narrows the options,and contacts the executives again,reaching agreement before purchasing a system.Which group decision-making technique does this represent?

Match the following.You may use a response once,more than once,or not at all. -We are running out of time,so let's just go with alternative C,it is good enough

Ben is planning a ground-breaking ceremony for the company's new headquarters in Charlotte,North Carolina.He has a limited budget.He could spend money on renting ceremony equipment,renting air-conditioned tents,buying engraved shovels for the CEO and Governor,buying construction helmets with the company logo,and/or catering the reception after the ceremony.Ben is in which step of the rational decision-making process?

When managers apply their values to decision making there is an opportunity for better ethics,which is a good aspect of bounded rationality.

Match the following.You may use a response once,more than once,or not at all. -Meets face to face but does not interact freely

A(n)____ decision-making model describes how decisions are made rather than prescribing how they should be made.

Decision making includes recognizing and defining the nature of a decision situation,identifying alternatives,choosing the "best" alternative,and ____________________.

When the bell rings at a firehouse,the firefighters make programmed decisions.

A manager must remember that,just as behavioral processes such as politics and risk propensity affect the decisions she makes,so,too,do her ____________________.

The U.S.government has never faltered on its debt payments,although it came close in August,2011.Investing in treasury bills is an example of

William invested in an initial public offering.After a month he lost 5 percent.After a year he lost 50 percent.After two years he lost 80 percent.William's decision to keep the investment is an example of

In the decision-making process,the follow-up step is most closely related to the management function of controlling.

Will is evaluating a stack of resumes and eliminates any candidate that does not hold a Master's degree.Which criterion for evaluating a decision alternative do these candidates fail to meet?

Maria knows that the payoffs associated with her decision alternatives will be affected by the interest rate announced at Tuesday's Federal Reserve Board meeting.She calculates a 70 percent chance that the interest rate will rise and a 30 percent chance that it will stay the same.Maria is operating under the decision-making condition known as ____________________.

The proper sequence for evaluating a decision alternative is satisfactoriness,probable consequences,and feasibility.