Exam 2: Making Decisions

Structured problems align well with which type of decisions?

After nearly 30 years of growth, sales at Ida's company have begun to decline. None of the managers have been able to determine the cause. Some say the entire economy is in recession; others blame a change in suppliers; still others say the work ethic among employees just isn't what it used to be. This is an example of ________.

To make effective decisions in today's fast-moving world, managers need to ________.

The last time he flew Jet Value Air, Juan's plane developed a fuel leak and had to make an emergency landing. The time before that, his plane was grounded because of an electrical problem. Juan is sure his current trip will be fraught with problems and he will once again be delayed. This is an example of the ________ bias

"There are no coincidences. If something bad has happened to you, you must have done something to deserve it." This statement might be made by someone with the ________.

The last time the Whigs took over Congress, stock prices rose dramatically and unemployment fell to record lows. Once again, the Whigs are in power, so Jason expects his stock portfolio to grow significantly. Jason's thinking may be influenced by the ________.

Before actually putting the decision into action, the decision-maker may find it prudent to ________.

When the overhead cranes crashed into each other for the third time, Joe formed a team to look into ways to avoid future crashes. After a brainstorming session, the team settled on three ideas, any of which might work. The team has completed which step in the decision-making process?

List and discuss the eight steps in the decision-making process.

Garrett looked at the list of orders for the coming week and made out the production schedule. He has done this so many times he could do it in his sleep. This situation represents a(n) ________.

Depending on the weather and the amount of advertising, Kyle has developed six scenarios for his summer profits from his lawn care business. His business has failed to reach his expectations in the past, so he fears the worst. Kyle will likely choose the option that ________.

Joe's team implemented one of the ideas to avoid crane crashes. It is important for the team to evaluate the results because ________.

Design thinking is an interesting new line of thinking with broad implications for making effective business decisions by integrating emotional elements into the process.

"Smoking and the consumption of alcohol are strictly prohibited inside the work Premises." This is most likely an example of a(n) ________.

________ results in a solution that is considered "good enough."

What can a manager do to make effective decisions in today's fast-moving world?

The sunk costs error occurs when decision makers forget that current choices cannot correct the past.

Carla is searching the Internet for sources of Himalayan salt to make bath salts. Carla is at the ________ step in the decision making process.

Abigail is shopping for a new copier for her company. She has set her price range between $5,000 and $6,000. The copier must handle a minimum of 10,000 copies per month and have a useful life expectancy of five years. If Abigail selects the first copier she finds that meets these criteria, we would say she is ________.

Which of the following is an aspect of intuition?