Exam 9: Managerial Decision Making

Riley is a manager at Tinker Tools. She is expected to make rational decisions that are economically feasible and in the organization's best economic interests. Her decisions should be based on which of the following decision-making models?

__________ is a vital part of good management because decisions determine how the organization solves its problems, allocates resources, and accomplishes goals.

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

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 some chance of loss or failure?

The __________ model of decision making is useful for making nonprogrammed decisions when conditions are uncertain, information is limited, and there are manager conflicts about what goals to pursue or what course of action to take.

__________ means that people have limits, or boundaries, on how rational they can be.

__________ means that managers know which goals they wish to achieve, but information about alternatives and future events is incomplete.

Not every decision situation can be organized on a scale according to the availability of information and the possibility of failure.

Individuals with a conceptual decision style are more socially oriented than those with an analytical style.

Which of the following refers to the willingness to undertake risk with the opportunity of gaining an increased payoff?

A large body of research suggests that many bad decisions are the result of errors in judgment that originate in the human mind's limited capacity and in the natural biases managers unconsciously display during decision making.

A(n) __________ is an informal alliance among managers who support a specific goal.

An example of a nonprogrammed decision would include the decision to:

When a small community hospital decides to add a radiation therapy unit, it is considered a __________ decision.

The classical model of decision making is based on __________ economic assumptions.

Managers at Lenovo apply an innovative decision-making technique called __________, which means "replaying the chessboard," in which they review every move to improve the next one.

A decision is a choice made from available alternatives.

We all appreciate doing business with a company that exemplifies good management, and much of good management can be attributed to effective decision making. In a short essay, write about an experience-positive or negative-that you have had that shows why decision making is an integral part of good management. Identify factors that are important for good decision making and factors that can inhibit good decision making.

People who prefer simple, clear-cut solutions to problems use the directive decision style.

Which of the following is not an assumption of the administrative decision making model?