Exam 6: Managerial Decision Making

Which of the following refers to the willingness to undertake risk with the opportunity to increase one's return?

For a non-programmed decision, feasible alternatives are hard to identify and in fact are already available within the organization's rules and procedures.

Scenario - Vaughn Bately Vaughn Bately manages a group of eight electrical engineers at Defiance Designs. His team is highly trained and well respected by experts both inside and outside the company. Recently one of Vaughn's engineers suggested a new technique for the development and use of an argon laser. There appeared to be rich potential for this technology, but Vaughn wasn't certain that developing this technology was the best use of his limited resources. Vaughn was facing a significant decision. -If Vaughn uses the classical model of decision making, which of these assumptions would he reject?

Gerald's Groceries and Marty's Market decided to merge their operations, something neither company has tried before. This would be considered a nonprogrammed decision.

________decisions are associated with conflicts over goals and decision alternatives, rapidly changing circumstances, fuzzy information, and unclear links among decision elements.

________exists when managers see potential of enhancing performance beyond current levels.

________is the last step in the decision making process.

Mark, a production manager at Kaylie's Kookware, recently chose to schedule his workers to work overtime. His alternative was to hire more workers. He is now monitoring the consequences of his choice. This is an example of _____.

________approach describes how managers actually make decisions, where as ________approach defines how a decision-maker should make decisions.

Which of these styles is adopted by managers who have a deep concern for others as individuals?

The main difference between risk and uncertainty is that with risk you know the probabilities of the outcomes.

________is the approach that defines how a decision maker should make decisions and provides guidelines for reaching an ideal outcome for the organization.

The recognition that people have limits on how rational they can be is known as________ .

The approach that managers use to make decisions usually falls into one of three types - the classical model, the administrative model, and the political model.

Point-counterpoint is a decision-making technique in which people are assigned to express competing points of view.

.A situation where the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable refers to ambiguity.

Programmed decisions are decisions that are made for situations that have occurred often in the past and allow decision rules to be developed to guide future decisions.

Which of the following is the process of forming alliances among managers during the decision making process?

Justifying past decisions is a common bias of managers.

The political model consists of vague problems and goals, limited information about alternatives and their outcomes, and a satisficing choice for resolving problems using intuition.