Exam 6: Making Decisions

Lisa is trying to decide on the location of her entrepreneurial venture - Flower Power, a specialty wedding flower service. She has three possible locations (A, B,C) in mind. Lisa has projected that in the first year of operation, under ideal conditions, her company would generate $80,000 at Location A, $55,000 at Location B, and $45,000 at Location C. However, after further analysis, Lisa has determined that there is only a 20 percent chance of ideal conditions occurring during the first year of operation in Location A. Locations B and C have a .4 and a .8 probability, respectively, for ideal conditions during the first year of operations. Based on this information, the expected value for Location A is ________, while for Location B it is ________.

A group decision-making process which forbids negative feedback on any suggested alternative by any group member until all members have presented alternatives is known as ________.

A choice made between two or more available alternatives is a(n) ________.

Lisa is trying to decide on the location of her entrepreneurial venture - Flower Power, a specialty wedding flower service. She has three possible locations (A, B,C) in mind. Lisa has projected that in the first year of operation, under ideal conditions, her company would generate $80,000 at Location A, $55,000 at Location B, and $45,000 at Location C. However, after further analysis, Lisa has determined that there is only a 20 percent chance of ideal conditions occurring during the first year of operation in Location A. Locations B and C have a .4 and a .8 probability, respectively, for ideal conditions during the first year of operations. Based on this information, which location should Lisa choose?

Which of the following is true about the definition of bounded rationality?

Jack works at an advertising agency and leads a team of 8 graphic designers. Whenever he has to make a decision, he does so by himself and rarely asks his team members for their suggestions or inputs. Which of the following orientations does Jack have?

An advantage of brainstorming is that ________.

Which of the following biases refers to individuals who tend to strongly prefer avoiding losses rather than acquiring gains?

If Rita has too many alternatives to choose from based on the input she has received, she may find herself ________ by choosing a decision that is just "good enough" rather than optimal.

Which group decision making technique assures all parties involved equal participation in making the group's decision?