Exam 2: Decision Making

Whenever anyone praises Mark for his good performance, he has the tendency to attribute his success to his personal qualities such as his ability to thrive under pressure and his eye for detail. However, any negative performance feedback is always met with excuses such as unsupportive team members or insufficient time. This is an example of the ________.

Intuitive decision making complements rational decision making but not bounded rational decision making.

Gilda has an idea that would streamline operations, reduce costs, and increase profits. Her idea requires the cooperation of several departments, some of which have demonstrated a resistance to change. By considering the context in which the changes must happen and the people in her organization, Gilda is using ________.

Which of the following is important in effectively implementing the chosen alternative in the decision-making process?

Explain any five decision biases or errors that managers make.

"Red sky at night, sailor's delight; red sky at morning, sailor's warning" is an example of a ________.

Beth hired Tom, trained him, coached him, and expected he would be her eventual replacement when she moved up in the company. She noted each of his accomplishments with pride but wrote off as vicious gossip the comments from Tom's co-workers that he was making too many mistakes. Beth is experiencing the ________.

Intuitive decision making ________.

The ________ occurs when decision makers select and highlight certain aspects of a situation while excluding others.

Joe's team implemented one of the ideas to avoid crane crashes. It is important for the team to evaluate the results because ________.

"We can't stop now. We've already invested $100,000 in the project." This speaker is acting on the ________.

To make effective decisions in today's fast-moving world, managers need to ________.

What is intuitive decision making? How does intuition affect the process of making a decision?

Which of the following statements is true concerning problem identification?

The Prime Minister of Transylvania prefers darkened rooms, flinches in bright light, and has unusually long incisors. Despite his long and successful career, his political opponents claim he is a vampire. This is an example of the ________.

Give an example of the use of bounded rationality. The example can be fictitious as long as it includes all the elements of bounded rationality.

A(n) ________ typically contains an ambiguous term that leaves interpretation up to the decision maker.

First-line managers tend to deal with problems that are ________ while upper-level managers handle the ________ problems.

After the city of Washington, D.C announced it was raising the minimum wage to $12.50 per hour, WalMart halted construction of a supercenter there, despite having already invested years in negotiations with the City and tens of thousands of dollars in construction. The top managers at WalMart remembered the importance of ________.

When managers make decisions that are rational but limited by their ability to process the information, they are following the concept of ________.