Exam 6: Managerial Decision Making

In the real world, few decisions are certain.

Finance managers at Big Bend Inc. made a financial blunder when they solely looked at the previous year's sales to estimate sales for the coming year. Of which management bias is this an example?

Associated with the condition of ________is the lowest possibility of failure.

decisions are made in response to situations that are unique, are poorly defined and largely unstructured, and have important consequences for the organization.

Personal________ style refers to differences among people with respect to how they perceives problems and make decisions.

________is the willingness to undertake risk with the opportunity of gaining an increased payoff.

Managers are considered to have an________ style when they prefer to consider complex solutions based on as much data as they can gather.

An________ is a choice made from available alternatives.

Ryan is a manager at Dream Catchers. Dream Catchers is currently operating in an environment of high uncertainty. As a result, Ryan will:

________is the process of identifying problems and opportunities and then resolving them.

Which of the following is a choice made from available alternatives?

Good examples of ________decisions are strategic decisions.

Bobby, a product manager, wants to increase the market share of his product. He is unsure about how to go about it, not knowing for sure how costs, price, the competition, and the quality of his product will interact to influence market share. Bobby is operating under a condition of________ .

Which of these assumptions are included in the classical model of decision making?

Intuition is based on________ , but lacking in________ .

As a top manager, Joanna works with others within her team every day in making important corporate decisions. Her preferred decision-making approach is to generate as many alternatives to problems as possible in a short amount of time. This approach is referred to as________ .

Managers with an analytical decision style like to consider complex solutions based on as much data as they can gather.

Compare decision conditions of certainty, risk, uncertainty, and ambiguity.

Feedback is the part of monitoring that assesses whether a new decision needs to made.

The ________model of decision making describes how managers actually make decisions in difficult situations, such as those characterized by nonprogrammed decision, uncertainty, and ambiguity.