Exam 6: Managers As Decision Makers

Intuitive decision making complements rational decision making but not bounded rational decision making.

Julie is keen on joining Columbia University to pursue a masters degree in economics.However,after three months of applying and waiting for an acceptance letter,she finally decides to join NYU,which was one of her backup colleges.This is an example of ________.

Structured problems align well with which type of decisions?

Implementing an alternative refers to the process of choosing the best alternative.

When problems are ________,managers must rely on ________ in order to develop unique solutions.

Lower-level managers typically confront ________.

What is a difference between a policy and a rule?

To make effective decisions in today's fast-moving world,managers need to ________.

When decision makers seek out information that reaffirms their past choices and discount information that contradicts past judgments,they are exhibiting the ________.

When managers make decisions that are rational but limited by their ability to process the information,they are following the concept of ________.

Risk is the condition in which a decision maker is able to estimate the likelihood of certain outcomes.

List and discuss the eight steps in the decision-making process.

A decision criterion defines what is important or relevant to resolving a problem.

Rules of thumb that managers use to simplify decision making are known as ________.

The final step in the decision-making process is to ________.

Which of the following statements is true concerning problem identification?

Optimistic managers follow a maximax choice when they ________.

Nonprogrammed decisions ________.

The sunk costs error occurs when decision makers forget that current choices cannot correct the past.

Managers cannot possibly analyze all information on all alternatives,they tend to ________,rather than ________.