Question 1

In a short essay, list and discuss the first four steps in the decision-making process. Give an example of each step.

Accepted Answer

Step 1: Identification of a problem
The

Question 2

A banker opts for short-term gain despite indications that his decision might not pay off in the long run. Which error or bias is the banker guilty of?

Accepted Answer

A)  overconfidence 
B)  immediate gratification 
C)  selective perception bias 
D)  representation 
A)  overconfidence 
B)  immediate gratification 
C)  selective perception bias 
D)  representation

Question 3

Which model of decision making takes advantage of unconscious reasoning?

Accepted Answer

A)  rational 
B)  nonrational 
C)  intuitive 
D)  factual 
A)  rational 
B)  nonrational 
C)  intuitive 
D)  factual

Question 4

A manager can faithfully execute the decision-making process but still end up with nothing of value if ________.

Accepted Answer

A)  he fails to identify the correct problem 
B)  he fails to assign number values to different criteria 
C)  he solves the problem inefficiently 
D)  he fails to correctly identify the steps of the process 
A)  he fails to identify the correct problem 
B)  he fails to assign number values to different criteria 
C)  he solves the problem inefficiently 
D)  he fails to correctly identify the steps of the process

Question 5

Programmed decisions tend to be routine.

Accepted Answer

A) True 
 B)False

Question 6

A judge consults guidelines before handing down an award for damages in a legal case. What kind of decision making is she doing?

Accepted Answer

A)  following a policy 
B)  following a rule 
C)  programmed 
D)  following a procedure 
A)  following a policy 
B)  following a rule 
C)  programmed 
D)  following a procedure

Question 7

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

Accepted Answer

A)  jeopardy 
B)  certainty 
C)  uncertainty 
D)  risk 
A)  jeopardy 
B)  certainty 
C)  uncertainty 
D)  risk

Question 8

One assumption of bounded rationality is that managers usually make rational decisions.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  a discrepancy between what exists and what the decision maker desires to exist 
B)  a discrepancy between the ideal and the practical 
C)  something that causes irritation 
D)  something that calls for attention 
A)  a discrepancy between what exists and what the decision maker desires to exist 
B)  a discrepancy between the ideal and the practical 
C)  something that causes irritation 
D)  something that calls for attention

Question 10

Neural networks are able to outdo the performance of humans by ________.

Accepted Answer

A)  analyzing symbols 
B)  handling up to three variables at once 
C)  handling hundreds of variables at once 
D)  reading facial expressions 
A)  analyzing symbols 
B)  handling up to three variables at once 
C)  handling hundreds of variables at once 
D)  reading facial expressions

Question 11

In a short essay, discuss why creativity is important to decision making. Describe a situation in which a creative solution is used to solve a problem.

Accepted Answer

Creativity is important to decision maki

Question 12

Which of the following is NOT a characteristic of a creative problem solver?

Accepted Answer

A)  self confidence 
B)  tolerance for ambiguity 
C)  frustrates easily 
D)  accepts risks readily 
A)  self confidence 
B)  tolerance for ambiguity 
C)  frustrates easily 
D)  accepts risks readily

Question 13

Group decision making typically increases the legitimacy of a decision because the decision was made ________.

Accepted Answer

A)  over a long period of time 
B)  democratically 
C)  by experts 
D)  primarily by the group leader 
A)  over a long period of time 
B)  democratically 
C)  by experts 
D)  primarily by the group leader

Question 14

To identify a problem, a manager ________.

Accepted Answer

A)  compares one set of standards or goals to a second set of standards or goals 
B)  looks for unhappy customers 
C)  uses intuition to see that things don't look right 
D)  compares the current state of affairs with some standard or goal 
A)  compares one set of standards or goals to a second set of standards or goals 
B)  looks for unhappy customers 
C)  uses intuition to see that things don't look right 
D)  compares the current state of affairs with some standard or goal

Question 15

Uncertainty involves a situation in which the probability of a certain outcome is known to be small.

Accepted Answer

A) True 
 B)False

Question 16

Groups decisions are usually ________ individual decisions.

Accepted Answer

A)  more efficient than 
B)  less efficient than 
C)  equal in efficiency to 
D)  more efficient but less effective than 
A)  more efficient than 
B)  less efficient than 
C)  equal in efficiency to 
D)  more efficient but less effective than

Question 17

After purchasing new computers for her department, a manager is now comparing the performance of the new computers to the computers they replaced. Which stage of the decision-making process is she carrying out?

Accepted Answer

A)  analysis of alternatives 
B)  evaluation of decision effectiveness 
C)  selection of an alternative 
D)  implementation of an alternative 
A)  analysis of alternatives 
B)  evaluation of decision effectiveness 
C)  selection of an alternative 
D)  implementation of an alternative

Question 18

What does it mean for a decision maker to maximize value?

Accepted Answer

A)  to make the decision to be as clear and logical as possible 
B)  to make the achievement of goals as likely as possible 
C)  to waste as little time and energy as possible 
D)  to make decision making as simple as possible 
A)  to make the decision to be as clear and logical as possible 
B)  to make the achievement of goals as likely as possible 
C)  to waste as little time and energy as possible 
D)  to make decision making as simple as possible

Question 19

Following the directions to put together an elliptical exercise machine is an example of which way to solve a problem?

Accepted Answer

A)  procedure 
B)  rule 
C)  general practice 
D)  policy 
A)  procedure 
B)  rule 
C)  general practice 
D)  policy

Question 20

Most managerial decisions include an element of risk.

Accepted Answer

A) True 
 B)False

In a short essay, list and discuss the first four steps in the decision-making process. Give an example of each step.

A banker opts for short-term gain despite indications that his decision might not pay off in the long run. Which error or bias is the banker guilty of?

Which model of decision making takes advantage of unconscious reasoning?

A manager can faithfully execute the decision-making process but still end up with nothing of value if ________.

Programmed decisions tend to be routine.

A judge consults guidelines before handing down an award for damages in a legal case. What kind of decision making is she doing?

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

One assumption of bounded rationality is that managers usually make rational decisions.

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

Neural networks are able to outdo the performance of humans by ________.

In a short essay, discuss why creativity is important to decision making. Describe a situation in which a creative solution is used to solve a problem.

Which of the following is NOT a characteristic of a creative problem solver?

Group decision making typically increases the legitimacy of a decision because the decision was made ________.

To identify a problem, a manager ________.

Uncertainty involves a situation in which the probability of a certain outcome is known to be small.

Groups decisions are usually ________ individual decisions.

After purchasing new computers for her department, a manager is now comparing the performance of the new computers to the computers they replaced. Which stage of the decision-making process is she carrying out?

What does it mean for a decision maker to maximize value?

Following the directions to put together an elliptical exercise machine is an example of which way to solve a problem?

Most managerial decisions include an element of risk.

Managers and Management

A History Module

The Management Environment

Integrative Managerial Issues

A Quantitative Module

Foundations of Planning

Organizational Structure and Design

Managing Human Resources

A Career Module

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Communication and Information

Foundations of Control

Operations Management

A Entrepreneurship Module

Filters

Exam 5: Foundations of Decision Making

In a short essay, list and discuss the first four steps in the decision-making process. Give an example of each step.

A banker opts for short-term gain despite indications that his decision might not pay off in the long run. Which error or bias is the banker guilty of?

Which model of decision making takes advantage of unconscious reasoning?

A manager can faithfully execute the decision-making process but still end up with nothing of value if ________.

Programmed decisions tend to be routine.

A judge consults guidelines before handing down an award for damages in a legal case. What kind of decision making is she doing?

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

One assumption of bounded rationality is that managers usually make rational decisions.

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

Neural networks are able to outdo the performance of humans by ________.

In a short essay, discuss why creativity is important to decision making. Describe a situation in which a creative solution is used to solve a problem.

Which of the following is NOT a characteristic of a creative problem solver?

Group decision making typically increases the legitimacy of a decision because the decision was made ________.

To identify a problem, a manager ________.

Uncertainty involves a situation in which the probability of a certain outcome is known to be small.

Groups decisions are usually ________ individual decisions.

After purchasing new computers for her department, a manager is now comparing the performance of the new computers to the computers they replaced. Which stage of the decision-making process is she carrying out?

What does it mean for a decision maker to maximize value?

Following the directions to put together an elliptical exercise machine is an example of which way to solve a problem?

Most managerial decisions include an element of risk.

Managers and Management

A History Module

The Management Environment

Integrative Managerial Issues

A Quantitative Module

Foundations of Planning

Organizational Structure and Design

Managing Human Resources

A Career Module

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Communication and Information

Foundations of Control

Operations Management

A Entrepreneurship Module

Filters