Exam 9: Managerial Decision Making

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?

The recognition of the decision requirement step in the managerial decision making process requires managers to:

Which approach defines how a decision-maker should make decisions?

Shirley works in the human resource department at Turtle Shells, Inc. She believes she is seeing an increase in drinking problems among the workforce. She thinks she needs to investigate further. She is at what stage of the managerial decision making process?

A(n) _____ is a choice made from available alternatives.

Which of the following means that a decision has clear-cut goals and that good information is available, but the future outcomes associated with each alternative are subject to chance?

Programmed decisions are made in response to _____ organizational problems.

_____ is the last step in the decision making process.

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

A(n) _____ is assigned the role of challenging the assumptions and assertions made by the group.

Genna is collecting data on how well the organization has done since their new strategy was implemented. She is in what stage of the managerial decision making process?

The _____ model of decision making is based on economic assumptions.

Risk propensity refers to the willingness to undertake risk with the opportunity of gaining an increased payoff.

Intuition is based on _____, but lacking in _____.

Examples of nonprogrammed decisions would include the decision to:

List the three guidelines of innovative group decision-making in today's businesses.

_____ is the process of identifying problems and opportunities and then resolving them.

Which of the following has the highest possibility of failure?

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

The behavioral style is often adopted by managers who like to consider complex solutions based on as much data as they can gather.