Question 1

"We expect to maintain the highest standards of quality in our workmanship." This is an example of ________.

Accepted Answer

A)  a procedure 
B)  a rule 
C)  a policy 
D)  a practice 
A)  a procedure 
B)  a rule 
C)  a policy 
D)  a practice

Question 2

The availability bias describes the actions of decision makers who try to create meaning out of random events.

Accepted Answer

A) True 
 B)False

Question 3

Rules and procedures are the same.

Accepted Answer

A) True 
 B)False

Question 4

James has calculated the possible profits from three different scenarios for the expansion of his restaurant, each for a different amount of advertising and promotion. He has chosen to implement the scenario that offers the greatest profit. James has decided to ________.

Accepted Answer

A)  maximax 
B)  maximin 
C)  minimax 
D)  minimin 
A)  maximax 
B)  maximin 
C)  minimax 
D)  minimin

Question 5

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

Accepted Answer

A)  cognitive decision making 
B)  bounded rationality 
C)  escalation of commitment 
D)  intuitive decision making 
A)  cognitive decision making 
B)  bounded rationality 
C)  escalation of commitment 
D)  intuitive decision making

Question 6

In the decision-making process, after allocating weights to the decision criteria, the decision maker lists viable alternatives that could resolve the problem.

Accepted Answer

A) True 
 B)False

Question 7

Evelyn's Internet search for information about "vendor for machine screws" yielded more than 100,000 items. Evelyn did not have time or resources to pursue each of these so she limited her search to only vendors in her state. By doing this, Evelyn used ________.

Accepted Answer

A)  perfect rationality 
B)  bounded rationality 
C)  satisficing 
D)  intuition 
A)  perfect rationality 
B)  bounded rationality 
C)  satisficing 
D)  intuition

Question 8

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 ________.

Accepted Answer

A)  knowing when to call it quits 
B)  understanding cultural differences 
C)  building relationships 
D)  creating standards for good decision-making 
A)  knowing when to call it quits 
B)  understanding cultural differences 
C)  building relationships 
D)  creating standards for good decision-making

Question 9

Amanda, a single parent, is looking for a new job. Considering that she has two school-aged children, she is particularly keen on finding an employer who can provide her with alternative work arrangements such as flexible work hours and telecommuting. In terms of the decision-making process, these represent Amanda's ________.

Accepted Answer

A)  decision criteria 
B)  problems 
C)  alternatives 
D)  heuristics 
A)  decision criteria 
B)  problems 
C)  alternatives 
D)  heuristics

Question 10

It hasn't rained in several days; therefore it is unlikely to rain today. This is an example of the ________.

Accepted Answer

A)  self-serving bias 
B)  availability bias 
C)  representation bias 
D)  randomness bias 
A)  self-serving bias 
B)  availability bias 
C)  representation bias 
D)  randomness bias

Question 11

Farrah has called together her management team to review information about customer satisfaction gathered by an external research company. Farrah is engaging in ________.

Accepted Answer

A)  perfect rationality 
B)  bounded rationality 
C)  evidence-based management 
D)  relationship management 
A)  perfect rationality 
B)  bounded rationality 
C)  evidence-based management 
D)  relationship management

Question 12

It is important that decision-makers ignore emotions when making business decisions so their decisions will be perceived as rational.

Accepted Answer

A) True 
 B)False

Question 13

Explain any five decision biases or errors that managers make.

Accepted Answer

Overconfidence bias: When decision maker

Question 14

Discuss structured problems, programmed decisions, unstructured problems, and nonprogrammed decisions.

Accepted Answer

Some problems are straightforward. The d

Question 15

The anchoring effect describes when decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.

Accepted Answer

A) True 
 B)False

Question 16

Managers are assumed to use ________ if they make logical and consistent choices to maximize value.

Accepted Answer

A)  rational decision making 
B)  intuitive decision making 
C)  bounded rationality 
D)  evidence-based management 
A)  rational decision making 
B)  intuitive decision making 
C)  bounded rationality 
D)  evidence-based management

Question 17

Risk is the condition in which a decision maker is able to estimate the likelihood of certain outcomes.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements is true concerning problem identification?

Accepted Answer

A)  Problems are generally obvious. 
B)  A symptom and a problem are one and the same. 
C)  Generally, what is a problem for one manager is a problem for all other managers. 
D)  Effectively identifying problems is not easy. 
A)  Problems are generally obvious. 
B)  A symptom and a problem are one and the same. 
C)  Generally, what is a problem for one manager is a problem for all other managers. 
D)  Effectively identifying problems is not easy.

Question 19

According to the concept of bounded rationality, managers make decisions rationally, but are limited by their ability to process information.

Accepted Answer

A) True 
 B)False

Question 20

A decision criterion defines what is important or relevant to resolving a problem.

Accepted Answer

A) True 
 B)False

"We expect to maintain the highest standards of quality in our workmanship." This is an example of ________.

The availability bias describes the actions of decision makers who try to create meaning out of random events.

Rules and procedures are the same.

James has calculated the possible profits from three different scenarios for the expansion of his restaurant, each for a different amount of advertising and promotion. He has chosen to implement the scenario that offers the greatest profit. James has decided to ________.

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

In the decision-making process, after allocating weights to the decision criteria, the decision maker lists viable alternatives that could resolve the problem.

Evelyn's Internet search for information about "vendor for machine screws" yielded more than 100,000 items. Evelyn did not have time or resources to pursue each of these so she limited her search to only vendors in her state. By doing this, Evelyn used ________.

It hasn't rained in several days; therefore it is unlikely to rain today. This is an example of the ________.

Farrah has called together her management team to review information about customer satisfaction gathered by an external research company. Farrah is engaging in ________.

It is important that decision-makers ignore emotions when making business decisions so their decisions will be perceived as rational.

Explain any five decision biases or errors that managers make.

Discuss structured problems, programmed decisions, unstructured problems, and nonprogrammed decisions.

The anchoring effect describes when decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.

Managers are assumed to use ________ if they make logical and consistent choices to maximize value.

Risk is the condition in which a decision maker is able to estimate the likelihood of certain outcomes.

Which of the following statements is true concerning problem identification?

According to the concept of bounded rationality, managers make decisions rationally, but are limited by their ability to process information.

A decision criterion defines what is important or relevant to resolving a problem.

Managers and You in the Workplace

Managing the External Environment and the Organizations Culture

Managing in a Global Environment

Managing Diversity

Managing Social Responsibility and Ethics

Managing Change and Innovation

Planning Work Activities

Managing Strategy

Entrepreneurial Ventures

Designing Organizational Structure

Managing Human Resources

Creating and Managing Teams

Managing Communication

Understanding and Managing Individual Behavior

Motivating Employees

Being an Effective Leader

Monitoring and Controlling

Filters

Exam 2: Making Decisions

"We expect to maintain the highest standards of quality in our workmanship." This is an example of ________.

The availability bias describes the actions of decision makers who try to create meaning out of random events.

Rules and procedures are the same.

James has calculated the possible profits from three different scenarios for the expansion of his restaurant, each for a different amount of advertising and promotion. He has chosen to implement the scenario that offers the greatest profit. James has decided to ________.

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

In the decision-making process, after allocating weights to the decision criteria, the decision maker lists viable alternatives that could resolve the problem.

Evelyn's Internet search for information about "vendor for machine screws" yielded more than 100,000 items. Evelyn did not have time or resources to pursue each of these so she limited her search to only vendors in her state. By doing this, Evelyn used ________.

It hasn't rained in several days; therefore it is unlikely to rain today. This is an example of the ________.

Farrah has called together her management team to review information about customer satisfaction gathered by an external research company. Farrah is engaging in ________.

It is important that decision-makers ignore emotions when making business decisions so their decisions will be perceived as rational.

Explain any five decision biases or errors that managers make.

Discuss structured problems, programmed decisions, unstructured problems, and nonprogrammed decisions.

The anchoring effect describes when decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.

Managers are assumed to use ________ if they make logical and consistent choices to maximize value.

Risk is the condition in which a decision maker is able to estimate the likelihood of certain outcomes.

Which of the following statements is true concerning problem identification?

According to the concept of bounded rationality, managers make decisions rationally, but are limited by their ability to process information.

A decision criterion defines what is important or relevant to resolving a problem.

Managers and You in the Workplace

Managing the External Environment and the Organizations Culture

Managing in a Global Environment

Managing Diversity

Managing Social Responsibility and Ethics

Managing Change and Innovation

Planning Work Activities

Managing Strategy

Entrepreneurial Ventures

Designing Organizational Structure

Managing Human Resources

Creating and Managing Teams

Managing Communication

Understanding and Managing Individual Behavior

Motivating Employees

Being an Effective Leader

Monitoring and Controlling

Filters