Question 1

In circumstances that are considered to be risky,a decision has key goals but the information required to achieve the goals is unavailable.

Accepted Answer

A) True 
 B)False

Question 2

Normative decision theory recognises that managers have only limited time and cognitive ability and therefore their decisions are characterised by bounded rationality.

Accepted Answer

A) True 
 B)False

Question 3

Once the desired alternative is selected,it should be:

Accepted Answer

A)  analysed 
B)  evaluated 
C)  implemented 
D)  recognised 
E)  developed. 
A)  analysed 
B)  evaluated 
C)  implemented 
D)  recognised 
E)  developed.

Question 4

When Wesfarmers decided to acquire Coles Supermarkets as part of its operations,it made a programmed decision.

Accepted Answer

A) True 
 B)False

Question 5

A choice made from available alternatives is called a decision.

Accepted Answer

A) True 
 B)False

Question 6

Groups have an advantage over individuals because they bring together a broader perspective for defining the problem and diagnosing underlying causes and effects.

Accepted Answer

A) True 
 B)False

Question 7

List the characteristics of the classical,administrative and political decision-making models described in the text.

Accepted Answer

Classical model: Clear-cut problem and g

Question 8

An informal alliance among managers who support a specific goal is known as a:

Accepted Answer

A)  group decision making team 
B)  senior management team 
C)  coalition 
D)  programmed decision group 
E)  None of these choices. 
A)  group decision making team 
B)  senior management team 
C)  coalition 
D)  programmed decision group 
E)  None of these choices.

Question 9

A manager with an analytical style prefers simple,clear-cut solutions to problems.

Accepted Answer

A) True 
 B)False

Question 10

The recognition that people have limitations to how rational they can be is known as _____________________ (two words).

Accepted Answer

The answer of The recognition that people have limitations to...

Question 11

______________________ involves overly supporting a strategy,decision or activity even though rational thought would indicate the contrary.

Accepted Answer

A)  Escalating commitment 
B)  Brainstorming 
C)  Groupthink 
D)  Risk aversion 
E)  None of these choices. 
A)  Escalating commitment 
B)  Brainstorming 
C)  Groupthink 
D)  Risk aversion 
E)  None of these choices.

Question 12

People who tend towards a __________ of decision making also like to consider a broad amount of information.

Accepted Answer

A)  directive style 
B)  conceptual style 
C)  behavioural style 
D)  analytical style 
E)  None of these choices. 
A)  directive style 
B)  conceptual style 
C)  behavioural style 
D)  analytical style 
E)  None of these choices.

Question 13

The degree to which a decision maker is willing to accept a risk with the opportunity of gaining an increased payoff is known as risk propensity.

Accepted Answer

A) True 
 B)False

Question 14

The ________________ technique uses face-to-face groups to spontaneously suggest a broad range of alternatives to decision making.

Accepted Answer

The answer of The ________________ technique uses face-to-face groups to...

Question 15

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

Accepted Answer

The classical model of decision making i

Question 16

The most important step in the managerial decision-making process is___________________(five words)

Accepted Answer

recognitio

Question 17

Vincent,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.Vincent is operating under a condition of:

Accepted Answer

A)  risk 
B)  ambiguity 
C)  certainty 
D)  uncertainty 
E)  brainstorming. 
A)  risk 
B)  ambiguity 
C)  certainty 
D)  uncertainty 
E)  brainstorming.

Question 18

Each of the following assumptions of the classical decision-making model,except:

Accepted Answer

A)  The decision maker operates to accomplish goals that are known and agreed upon. 
B)  Criteria for evaluating alternatives are generally unknown. 
C)  The decision maker strives for conditions of certainty, gathering complete information. 
D)  The decision maker is rational and uses logic to assign values, order preferences, evaluate alternatives and make the decision that will maximise the attainment of organisational goals. 
E)  All of these are assumptions of the classical decision making model. 
A)  The decision maker operates to accomplish goals that are known and agreed upon. 
B)  Criteria for evaluating alternatives are generally unknown. 
C)  The decision maker strives for conditions of certainty, gathering complete information. 
D)  The decision maker is rational and uses logic to assign values, order preferences, evaluate alternatives and make the decision that will maximise the attainment of organisational goals. 
E)  All of these are assumptions of the classical decision making model.

Question 19

The two classifications of management decisions are programmed and unstructured.

Accepted Answer

A) True 
 B)False

Question 20

Under the administrative model,managers make decisions in situations characterised by programmed decisions and high levels of certainty.

Accepted Answer

A) True 
 B)False

Exam 9: Managerial Decision Making

In circumstances that are considered to be risky,a decision has key goals but the information required to achieve the goals is unavailable.

Normative decision theory recognises that managers have only limited time and cognitive ability and therefore their decisions are characterised by bounded rationality.

Once the desired alternative is selected,it should be:

When Wesfarmers decided to acquire Coles Supermarkets as part of its operations,it made a programmed decision.

A choice made from available alternatives is called a decision.

Groups have an advantage over individuals because they bring together a broader perspective for defining the problem and diagnosing underlying causes and effects.

List the characteristics of the classical,administrative and political decision-making models described in the text.

An informal alliance among managers who support a specific goal is known as a:

A manager with an analytical style prefers simple,clear-cut solutions to problems.

The recognition that people have limitations to how rational they can be is known as _____________________ (two words).

______________________ involves overly supporting a strategy,decision or activity even though rational thought would indicate the contrary.

People who tend towards a __________ of decision making also like to consider a broad amount of information.

The degree to which a decision maker is willing to accept a risk with the opportunity of gaining an increased payoff is known as risk propensity.

The ________________ technique uses face-to-face groups to spontaneously suggest a broad range of alternatives to decision making.

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

The most important step in the managerial decision-making process is___________________(five words)

Vincent,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.Vincent is operating under a condition of:

Each of the following assumptions of the classical decision-making model,except:

The two classifications of management decisions are programmed and unstructured.

Under the administrative model,managers make decisions in situations characterised by programmed decisions and high levels of certainty.

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