Exam 2: Decision Making

It is important that decision-makers ignore emotions when making business decisions so their decisions will be perceived as rational.

________ is a situation in which a manager has the ability to make accurate decisions because the outcome of every alternative is known.

A programmed decision is a repetitive decision that can be handled by a routine approach.

The decisions many managers make in today's business world typically involve ________.

Farrell has a knack for selecting candidates who become very successful workers. When asked how he does it, he answered that he "listened to his gut." Farrell is really ________.

Carla has identified several possible sources for Himalayan salt to make her bath salts. Now she is comparing their prices, quality, and delivery times. At what step is she in the decision-making process?

A decision criterion defines what is important or relevant to resolving a problem.

Carla discovered that the supplier with the highest quality also had the longest lead time. The supplier with the best lead time had the highest price. To help Carla make her decision, she should ________.

James has calculated the possible profits from three different scenarios for the expansion of his restaurant, each for a different amount of advertising and promotion. He has chosen to implement the scenario that offers the greatest profit. James has decided to ________.

Depending on the weather and the amount of advertising, Kyle has developed six scenarios for his summer profits from his lawn care business. His business has failed to reach his expectations in the past, so he fears the worst. Kyle will likely choose the option that ________.

Sophie is in charge of recruitment at her company. During a particular interview, the first thing Sophie noticed about the applicant was that he was improperly attired. Though the candidate possessed the necessary qualifications and effectively answered all her questions, Sophie rejected him. This is an example of the ________.

Unstructured problems ________.

Many new car buyers choose to buy a car with little or no money down and payments for many years because of the ________.

________ results in a solution that is considered "good enough."

Managers cannot possibly analyze all information on all alternatives; they tend to ________, rather than ________.

When making a decision for a routine situation, which step in the decision making process can be skipped?

The availability bias describes the actions of decision makers who try to create meaning out of random events.

When problems are ________, managers must rely on ________ in order to develop unique solutions.

One of the workers in Henry's department submitted his two weeks' notice so Henry needs to hire a replacement. The HR department issued a set of instructions Henry must follow to initiate the search for candidates. In other words, there is a ________ Henry must follow.

Abigail is shopping for a new copier for her company. She has set her price range between $5,000 and $6,000. The copier must handle a minimum of 10,000 copies per month and have a useful life expectancy of five years. If Abigail selects the first copier she finds that meets these criteria, we would say she is ________.