Exam 9: Managerial Decision Making

Kent, 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. Kent is operating under a condition of

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

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

Feedback is important because

Satisficing behavior occurs when we choose the first solution alternative that satisfies minimal decision criteria regardless of whether better solutions are expected to exist.

__________ is the process of forming alliances among managers during the decision making process.

According to the administrative model of decision making, managers' searches for alternative are limited because of human, information, and resource constraints.

The decision-maker must __________ once the problem has been recognized and analyzed.

Explain how a manager selects the desired decision in the managerial decision making process.

Micah is a manager at the Tennis Tools. She is expected to make decisions that are in the organization's best economic interests. Her decisions should be based on which of the following models?

Molly 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?

List and describe the four basic assumptions of the political model.

Freddie is a manager at Monster Catchers. Monster Catchers is currently operating in an environment of high uncertainty. As a result, Freddie will