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Exam 9: Managerial Decision Making

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Question 71

Multiple Choice

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The ability to make _____ decisions is a critical skill in today's fast-moving organizations.

A) fast
B) widely supported
C) high-quality
D) frequent
E) all of these

F) A) and D)
G) C) and E)

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Question 72

Multiple Choice

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Examples of nonprogrammed decisions would include the decision to:

A) reorder supplies.
B) develop a new product or service.
C) perform routine maintenance on one of the machines in manufacturing.
D) terminate an employee for violation of company rules.
E) fill a position.

F) C) and E)
G) D) and E)

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Question 73

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_____ is the process of forming alliances among managers.

Justifying past decisions is a common bias of managers.

Explain how a manager selects the desired decision in the managerial decision making process.

Under conditions of _____, statistical analyses are useful.

Risk propensity refers to the willingness to undertake risk with the opportunity of gaining an increased payoff.

The recognition of the decision requirement step in the managerial decision making process requires managers to:

What are the six steps in the managerial decision making process?

Uncertainty means that a decision has clear-cut goals, and that good information is available, but the future outcomes associated with each alternative are subject to chance.

The essence of _____ is to choose the first solution available.

_____ is the process of identifying problems and opportunities and then resolving them.

The formulation stage involves the use of managerial, administrative, and persuasive abilities to ensure that the chosen alternative is carried out.

Feedback is important because:

People who prefer simple, clear-cut solutions to problems use the directive style.

Differences among people with respect to how they perceive problems and make decisions is called _____.

_____ decisions are associated with decision rules.

According to the classical model of decision making, managers' searches for alternatives are limited because of human, information, and resource constraints.

List the three guidelines of innovative group decision-making in today's businesses.

Gerald's Groceries and Marty's Market decided to merge their operations, something neither company has tried before. This would be considered a nonprogrammed decision.