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| Managers at all levels and in all areas of organizations make _______ |
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| The decison making process has ______ steps |
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Term
DECISION MAKING PROCESS
STEP 1-4 |
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Definition
1. Identifying the problem
2. Identifying decision criteria
3. Allocating weights to the criteria
4. Developing alternatives |
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Term
DECISION MAKING PROCESS
Steps 5-8 |
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Definition
5. Analyzing alternatives
6. Selecting an alternative
7. Implementing the alternative
8. Evaluating decision effectiveness
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Term
| A disparity between the sales reps' current computers and their need to have more efficient ones is an example of a ___________ |
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| -In step two of the decision making process |
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| Amanda decides after careful consideration that memory and storage capabilities, display quality, battery life, warranty and carrying weight are the ________ |
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Definition
| relevant decision criteria |
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Term
| When Amanda identifies eight laptops as possible choices she is in which stage of the decision making process? |
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Definition
| Step 4: Developing Alternatives |
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| When Amanda gives value to each alternative after doing research she is in what stage of the decision making process? |
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Definition
| Step 3: Allocating weights to the criteria |
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Term
| When managers plan, organize, lead and control they are called __________ |
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| When HP acquired Compaq the company did no research on how customers viewed these products. This is an example of a company NOT using _________________ |
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Term
| Intuitive decision making |
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In rational decision making, the decision maker would...
(2) |
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Definition
have a clear and specific goal
know all possible alternatives and consequences |
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Term
Making decisions rationally would consistently lead to
Decisions are made in the |
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Definition
-selecting alternatives that maximizes the likelihood of achieving that goal
-best interests of the organization |
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Term
| A more realistic approach to describing how managers make decisions is the concept of ___________ |
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| Because managers can't possibly analze all info on all alternatives managers ________ rather than maximize |
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| In the decision-making process, after allocating weights to the decision criteria, the decision-maker must then _________. |
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Definition
| list viable alternatives that could resolve the problem |
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Term
| Which of the following is NOT a valid assumption about rationality? |
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Definition
| The decision maker accepts a solution that is good enough. |
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Term
| Which of the following is an example of a procedure? |
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Definition
| Before going on a leave of absence, fill up the application form available on the company's online leave management system. All applications will be approved/rejected within two days by the employee's immediate supervisor |
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Term
| A(n) ________ is the existence of a discrepancy between an existing and a desired state of affairs |
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Term
| The _________ occurs when decision makers forget that current choices cannot correct the past |
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Newcastle United, a soccer club, was relegated from the top flight two seasons ago. Following relegation, the club's board sacked the manager and hired a new manager to replace him. The club won back promotion to the league and enjoyed a good season. Andy Carroll, the star player for Newcastle, was the top scorer in the league for that season. However, the club, needing to strengthen the team by buying new players, sold Andy Carroll to Liverpool soccer club to buy three average players. The club is presently experiencing a dip in form and is in danger of being relegated again.
Which of the following statements, if true, would indicate the presence of self-serving bias on the part of the manager? |
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Definition
| The manager blames the board for selling the top scorer and replacing him with below-par players |
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Term
| Sue works in the finance department of a large multinational corporation. Her manager has asked her to submit a detailed report on the department's quarterly expenses within the next two days. Being pressed for time, Sue identifies three courses of action that could help her accomplish her task-she can stretch her working hours till she finishes the report, she can ask her colleague to chip in, or she could ask her manager for additional time. Which stage is Sue at in the decision-making process? |
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Intuitive decision making can complement both rational and bounded rational decision making. A manager who has had experience with a similar type of problem or situation often acts quickly with limited information because of that past experience.
The five different aspects of intuition are:
a. Affect-initiated decisions - Managers make decisions based on feelings or emotions.
b. Cognitive-based decisions - Managers make decisions based on skills, knowledge, and training.
c. Experience-based decisions - Managers make decisions based on their past experiences.
d. Subconscious mental processing - Managers use data from their subconscious to help them make decisions.
e. Values or ethics-based decisions - Managers make decisions based on ethical values or culture. |
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Colleen is a student, and her older brother has loaned her an old car. The car is in need of several repairs before she will feel comfortable driving it.
Before talking to a repair person, Colleen needs to prioritize the repairs. Her first concern is safety of the vehicle. This step in the decision-making process is called ________. |
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Definition
| identifying the decision criteria |
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Term
| Creativity is most essential in which of the following steps of the decision-making process? |
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| Sophie is in charge of recruitment at her company. During a particular interview, the first thing Sophie noticed about the applicant was that he was improperly attired. Though the candidate possessed the necessary qualifications and effectively answered all her questions, Sophie rejected him. This is an example of the ________. |
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| Optimistic managers follow a maximax choice when they ________. |
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| maximize the maximum possible payoff |
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| Lower-level managers typically confront ________. |
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| Toby is hunting for a new apartment. He is specifically looking for one that is located in the heart of the city and should be available for $600 per month. However, Toby is also willing to pay up to $850 per month for a place that is situated slighted away from the city center. According to him, the second option "will also do." This is an example of ____ |
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Term
| Structured problems align well with which type of decisions? |
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| After identifying the decision criteria that are important or relevant to resolving a problem, the next step in the decision-making process is ________ |
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Definition
| allocating weights to the criteria |
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