Exam 3: Managerial Decision Making

Szandór is a small business owner who thinks it is more important to spend money on marketing his current product line than to invest in research to develop new products.Which psychological bias is Szandór displaying?

Managers who optimize their decisions will attempt to

________ is the concept that decision makers cannot be truly rational because decisions are complex and complete information is unavailable.

Important,difficult decisions that require creative approaches tend to be

Which of the following is a decision bias influenced by the way in which a problem or decision alternative is phrased or presented?

Alternative courses of action that can be implemented based on how the future unfolds are referred to as

Goshawk Investments discovers that their company software was hacked and that their clients' sensitive financial information may have been compromised.Jason,the head programmer,was able to quickly detect and shut down the malware that had infected their computer network.The media has already reported the story.However,Fawzia,the CEO,decides to delay making a public statement until the company has had a chance to run diagnostic tests and conduct interviews with senior IT staff about their security protocols.Several other members of the executive management team disagree with this decision.What is wrong with Fawzia's decision,as it relates to the crisis management process?

Each morning,Atlas Hardware's CEO has a computer-based conference with all store managers.The previous day's data and challenges are discussed so that problems can be quickly and effectively resolved or even avoided.In this case,Atlas Hardware is utilizing ________ to retain a competitive edge.

Taryn,the manager of a graphic design firm,realizes that during meetings people feel strong inhibitions about disagreeing,but when conflicts arise,they become personal and emotional.Taryn has therefore assigned Boris,a colleague,the task of pointing out problems and criticizing ideas to ensure that their downsides are fully explored.Which of the following best describes the procedure used in this scenario?

Which of the following is a new area in which business crises might occur?

A condition that occurs when a decision-making group loses sight of its original goal and a new,possibly less important,goal emerges is known as

The confrontational model of decision making arises when people disagree on goals or compete with one another for resources.

According to Simon's bounded rationality,which of the following factors prevents decision makers from being truly rational?

In trying to make a conflict between two employees less personal and emotional,their manager asks each of them to approach the problem from a different viewpoint than their original one.This is an example of encouraging the use of

When a group accepts an alternative that seems to please the members of the group,but the group has not taken the time or effort to explore many options,the group has

________ occurs when a group member is more interested in winning an argument than solving a problem.

Emil has been going through the decision-making process.He diagnosed a problem with the shipping service his company used,identified alternative shipping services,evaluated those companies,made a choice,and implemented it.Which of the following statements is an accurate description of Emil's decision-making process?

Which of the following statements about brainstorming is true?

Yolanda is trying to decide how to diversify her company so that it produces a larger variety of products and competes in new markets.This is a(n)example of a ________ decision.

Explain the five advantages of using a group to make a decision.