Question 1

Classical model of decision making includes which of these assumptions?

Accepted Answer

A)  Problems are unstructured and ill defined. 
B)  The decision maker strives for conditions of certainty. 
C)  Criteria for evaluating alternatives are unknown. 
D)  The decision maker selects the alternatives that will minimise the economic return to the organisation. 
E)  The situation is always uncertain. 
A)  Problems are unstructured and ill defined. 
B)  The decision maker strives for conditions of certainty. 
C)  Criteria for evaluating alternatives are unknown. 
D)  The decision maker selects the alternatives that will minimise the economic return to the organisation. 
E)  The situation is always uncertain.

Question 2

To choose the first solution available is the essence of:

Accepted Answer

A)  bounded rationality 
B)  creativity 
C)  decision maximisation 
D)  satisficing 
E)  the neoclassical model of decision making. 
A)  bounded rationality 
B)  creativity 
C)  decision maximisation 
D)  satisficing 
E)  the neoclassical model of decision making.

Question 3

A choice made from an available alternative is known as a(n)_______________.

Accepted Answer

The answer of A choice made from an available alternative...

Question 4

The main difference between risk and uncertainty is that with risk you know the probabilities of the outcomes.

Accepted Answer

A) True 
 B)False

Question 5

The characteristics of being directive,analytical,conceptual and behavioural all belong to the 'decision choice' aspect of the personal decision framework.

Accepted Answer

A) True 
 B)False

Question 6

_____________ involves disagreement between stakeholders involved in a decision or activity.

Accepted Answer

A)  Risk 
B)  Ambiguity 
C)  Certainty 
D)  Uncertainty 
E)  Conflict 
A)  Risk 
B)  Ambiguity 
C)  Certainty 
D)  Uncertainty 
E)  Conflict

Question 7

The concept that people have the time and cognitive ability to process only a limited amount of information on which to base decisions is known as:

Accepted Answer

A)  satisficing 
B)  normative approach 
C)  classical model of decision making 
D)  bounded rationality 
E)  scientific approach. 
A)  satisficing 
B)  normative approach 
C)  classical model of decision making 
D)  bounded rationality 
E)  scientific approach.

Question 8

Identify and define the four personal decision making styles.

Accepted Answer

The directive style is used by people wh

Question 9

Brain-writing refers to the process of bringing people together in interactive group to suggest alternatives to a problem using a computer network.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

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

Question 11

Bounded rationality means:

Accepted Answer

A)  that rationality is an unrealistic expectation in business 
B)  that people must respect the boundaries in their interactions with others 
C)  that people have limits, or boundaries, on how rational they can be 
D)  that decision makers choose the first solution alternative that satisfies minimal decision criteria 
E)  None of these choices. 
A)  that rationality is an unrealistic expectation in business 
B)  that people must respect the boundaries in their interactions with others 
C)  that people have limits, or boundaries, on how rational they can be 
D)  that decision makers choose the first solution alternative that satisfies minimal decision criteria 
E)  None of these choices.

Question 12

Define 'bounded rationality' and 'satisficing'.Using an example,discuss how the two concepts are related,and the implications for effective and efficient management.

Accepted Answer

Students should be able to define the tw

Question 13

When an outback community hospital decides to add a radiation therapy unit,it is considered a:

Accepted Answer

A)  programmed decision 
B)  structured decision 
C)  non-programmed decision 
D)  poor management decision 
E)  certainty decision. 
A)  programmed decision 
B)  structured decision 
C)  non-programmed decision 
D)  poor management decision 
E)  certainty decision.

Question 14

The term ambiguity refers to any situation where there is disagreement between stakeholders involved in the decision activity.

Accepted Answer

A) True 
 B)False

Question 15

When an individual makes the optimal choice in a decision making exercise,they are said to have satisficed.

Accepted Answer

A) True 
 B)False

Question 16

Which of these decisions are associated with decision rules?

Accepted Answer

A)  Non-programmed 
B)  Programmed 
C)  Unique 
D)  Ill-structured 
E)  Novel 
A)  Non-programmed 
B)  Programmed 
C)  Unique 
D)  Ill-structured 
E)  Novel

Question 17

Satisficing,bounded rationality and uncertainty are all associated with the:

Accepted Answer

A)  classical model of decision making 
B)  administrative model of decision making 
C)  quantitative model of decision making 
D)  rational model of decision making 
E)  political model of decision making. 
A)  classical model of decision making 
B)  administrative model of decision making 
C)  quantitative model of decision making 
D)  rational model of decision making 
E)  political model of decision making.

Question 18

The immediate comprehension of a decision situation based on past experience but without conscious thought is known as:

Accepted Answer

A)  bounded rationality 
B)  decision maximisation 
C)  intuition. 
D)  satisficing 
E)  the neoclassical model of decision making. 
A)  bounded rationality 
B)  decision maximisation 
C)  intuition. 
D)  satisficing 
E)  the neoclassical model of decision making.

Question 19

Statistical analyses of probabilities are a useful tool in conditions of:

Accepted Answer

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

Question 20

The generic decision making process consists of the following steps: need recognition; development of alternate actions; selection of desired action; implementation of action; evaluation of action.

Accepted Answer

A) True 
 B)False

Exam 9: Managerial Decision Making

Classical model of decision making includes which of these assumptions?

To choose the first solution available is the essence of:

A choice made from an available alternative is known as a(n)_______________.

The main difference between risk and uncertainty is that with risk you know the probabilities of the outcomes.

The characteristics of being directive,analytical,conceptual and behavioural all belong to the 'decision choice' aspect of the personal decision framework.

_____________ involves disagreement between stakeholders involved in a decision or activity.

The concept that people have the time and cognitive ability to process only a limited amount of information on which to base decisions is known as:

Identify and define the four personal decision making styles.

Brain-writing refers to the process of bringing people together in interactive group to suggest alternatives to a problem using a computer network.

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

Bounded rationality means:

Define 'bounded rationality' and 'satisficing'.Using an example,discuss how the two concepts are related,and the implications for effective and efficient management.

When an outback community hospital decides to add a radiation therapy unit,it is considered a:

The term ambiguity refers to any situation where there is disagreement between stakeholders involved in the decision activity.

When an individual makes the optimal choice in a decision making exercise,they are said to have satisficed.

Which of these decisions are associated with decision rules?

Satisficing,bounded rationality and uncertainty are all associated with the:

The immediate comprehension of a decision situation based on past experience but without conscious thought is known as:

Statistical analyses of probabilities are a useful tool in conditions of:

The generic decision making process consists of the following steps: need recognition; development of alternate actions; selection of desired action; implementation of action; evaluation of action.

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