Exam 6: Managerial Decision Making

During the fallout of the global financial crisis of the late 2000s,finance companies had to make important decisions in a highly ambiguous environment.The decision to buyout failed banks could best be described as what type of decision?

Explain the difference between programmed and nonprogrammed decisions and give an example of each.

The _____ stage involves the use of managerial,administrative,and persuasive abilities to ensure that the chosen alternative is carried out.

List four of the eight questions Kepner and Tregoe recommend that managers ask when diagnosing and analyzing causes.

Briefly describe the assumptions underlying the classical model of decision making.

_____ means that the goals to be achieved or the problem to be solved is unclear,alternatives are difficult to define,and information about outcomes is unavailable.

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

_____ is important because decision making is a continuous,never ending process.

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

The formulation stage involves the use of managerial,administrative,and persuasive abilities to ensure that the chosen alternative is carried out.

Bobby,a product manager,wants to increase the market share of his product.He is unsure about how to go about it,not knowing for sure how costs,price,the competition,and the quality of his product will interact to influence market share.Bobby is operating under a condition of:

Managers who use a(n)_____ style are efficient and rational and prefer to rely on existing rules or procedures for making decisions.

As a top manager,Joanna works with others within her team every day in making important corporate decisions.Her preferred decision-making approach is to generate as many alternatives to problems as possible in a short amount of time.This approach is referred to as:

Two employees in Stacey's department quit,which is normal for her department.She is faced with the decision to fill these positions.This would be considered a nonprogrammed decision.

Bierderlack has a policy that states that more than three absences in a six-month period shall result in a suspension.Colleen,the manager,has just decided to suspend one of her shift employees for violating this policy.This is an example of:

When considering decisions,the mind often gives disproportionate weight to the last information it receives.

Shirley works in the human resource department at Turtle Shells,Inc.She believes she is seeing an increase in drinking problems among the workforce.She thinks she needs to investigate further.She is at what stage of the managerial decision making process?

The _____ style is often the style adopted by managers having a deep concern for others as individuals.

_____ means that all the information the decision-maker needs is fully available.

Briefly describe the four major personal decision styles.