Exam 5: Decision Making, Learning, Creativity, and Entrepreneurship

Managers can use a variety of techniques in group decision-making situations to counteract situations in which the group is suffering from groupthink or cognitive biases. Two such techniques have been shown to be especially useful in such situations. Discuss these two techniques.

A manager who takes "ownership" of a project and provides the leadership and vision that takes a commodity from the idea stage to the final customer is a product ________.

March and Simon developed three important concepts in their administrative model of decision making. Discuss these three concepts.

A group of managers meets face-to-face and generates and debates a wide variety of alternatives from which to make a decision. What is this process of decision making called?

Action Co. is attempting to decide whether or not to launch a new $10 million advertising campaign for a product whose sales have been lagging well below the projected sales for the product. This represents which type of decision for the organization?

Managers in the field of biotechnology know that new drugs have a 10 percent chance of passing advanced clinical trials and always assign probabilities to the results of clinical trials. This is an example of ________.

The first step in decision making that a manager needs to take is generate a set of feasible alternative courses of action in response to the opportunity or threat.

Kathleen, a manager, is attempting to determine whether she has both the capability and the resources to produce one of several possible new products. In the context of decision making, on which of the following criteria of alternative courses of action is Kathleen focusing?

Individuals who pursue opportunities to address social problems and needs in order to improve society and well-being, such as reducing poverty, are known as ________.

Identify the advantages and disadvantages of group decision making.

The pattern of faulty and biased decision making that occurs in groups whose members strive for agreement at the expense of good decision making is called _________.

After one person shares an idea, the next thing that should happen in a brainstorming session is ________.

Margaret, a marketing manager, wants to budget the advertising for a new product launch. She is trying to determine the amount of money that her company can afford to spend on advertising this new product. In the context of decision-making, which of the following criteria of alternative courses of action is Margaret implementing?

An organization's finance department decides to go to the company's usual bank and take out a loan because the company's revenues for the month are projected to be less than its expenses. What type of decision does this represent?

Jane and Ben, managers of KT Inc., are employed in different cities. They encounter similar problems while developing a new product, but are unable to meet face-to-face for any discussion. Explain the group decision-making techniques that can help them engage in joint problem solving by generating creative ideas.

What is intuition? Give an example to support your definition. Should managers use intuition in decision making? Why or why not?

A critical analysis of a preferred alternative to ascertain its strengths and weaknesses before it is implemented, with the purpose of identifying all the reasons that might make the preferred alternative unacceptable, is a ________.

Describe why the stage of learning from feedback is considered very important for managers in an organization. List the benefits of this step in the decision-making process.

The marketing managers of Rudolf Ltd. strive so hard to agree on an important decision to launch a product that they ignore information that a similar product already exists in the market and that the barriers to entry into the market are high. This refers to which of the following decision-making processes?

Cameron, a plant manager, wants to initiate a diversity training program in his plant. He is considering whether his department has enough extra people to cover for the time his employees will be engaged in the classes. Which of the following criteria of decision making is Cameron implementing?