Exam 2: Making Decisions

"We can't stop now. We've already invested $100,000 in the project." This speaker is acting on the ________.

It is time for Jane to order laminated plywood again. She typically orders from one of three vendors. She knows the price, delivery time, and quality of each vendor. In this situation, Jane has ________.

To determine the ________, a manager must determine what is relevant or important to resolving a problem.

In the decision-making process, while ________, the decision maker puts the decision into action by conveying it to those affected by it and getting their commitment to it.

Sales of the high-end units have declined. The owners want Arnold, the CEO, to increase revenues to previous levels. His first action should be ________.

The decisions many managers make in today's business world typically involve ________.

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

Mildred was persuaded by a fast-talking salesperson to carry an expensive brand of yarns in her retail needlecraft shop. Seldom does a customer buy this brand, but on those rare occasions Mildred tells herself she made the right decision. The yarns have been sitting on the shelf for several months and she has yet to profit from them. Mildred suffers from the ________.

Bryan must select a new supplier for lighting fixtures for his company's mobile homes. He has decided quality is more important than price but price is more important than lead times. Bryan will use these priorities to ________.

________ is a situation in which a manager has the ability to make accurate decisions because the outcome of every alternative is known.

Once the alternatives to solving a problem have been identified, the next step in the decision-making process is selecting one of these alternatives.

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

A(n) ________ is an explicit statement that tells a manager what can or cannot be done.

After Abby listened to the weather report this morning before work, she drove her car and carried an umbrella instead of riding her motorcycle. Whether she realizes it or not, Abby ________.

________ is a situation in which a decision maker cannot make reasonable probability estimates.

Gilda has an idea that would streamline operations, reduce costs, and increase profits. Her idea requires the cooperation of several departments, some of which have demonstrated a resistance to change. By considering the context in which the changes must happen and the people in her organization, Gilda is using ________.

The decision-making process begins by identifying decision criteria.

After identifying a problem, the next step in the decision-making process is ________.

Farrell has a knack for selecting candidates who become very successful workers. When asked how he does it, he answered that he "listened to his gut." Farrell is really ________.

Belinda wants to introduce a new model to the product line. Three models are being developed. Belinda can choose only one. She has decided to focus on target market size, production costs, and net profits. These are Belinda's ________.