Exam 9: Managerial Decision Making

Even good managers will make mistakes that are caused by bias. Bias is a partial perspective that clouds good judgment. In a short essay, define the six biases that can cause a manager to make bad decisions. Then, describe a situation that is public knowledge where bias was reflected in the manager's decision-making process.

A __________ is a choice made from available alternatives.

A(n) __________ occurs when organizational accomplishment is less than established goals.

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

All of the following are assumptions of the classical decision-making model except:

The growth of big data techniques has reduced the use of the classical approach.

Which model of decision making is associated with satisficing, bounded rationality, and uncertainty?

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.

Normative decision theory recognizes that managers have only limited time and cognitive ability and therefore their decisions are characterized by bounded rationality.

Significant differences distinguish how individual managers approach problems and make decisions; each has his own dominant personal decision style. In a short essay, briefly describe the four major personal decision styles used by managers. Then describe three or four significant decisions you have made in the last 30 days, and use them to determine your dominant personal decision style. Explain how you reached your conclusion.

Which of the following is an assumption of the administrative model of decision making?

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

Uncertainty 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 some chance of loss or failure.

Which of the following is the first step in the managerial decision-making process?

Under conditions of __________, statistical analyses are useful.

The __________ model of decision making is most useful when applied to __________ decisions.

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

When quality control measures at the local tire plant were found to be inadequate, managers were asking themselves, "How did this occur?" and "What is the result?" The company is in which stage of the managerial decision-making process?

Which of the following is an assumption of the political model of decision making?

Nonprogrammed decisions are made in response to situations that: