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Exam 4: Managing Decision Making

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Question 1

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William invested in an initial public offering.After a month he lost 5 percent.After a year he lost 50 percent.After two years he lost 80 percent.William's decision to keep the investment is an example of ____.

A) political forces
B) intuition
C) escalation of commitment
D) rationality
E) satisficing

F) A) and E)
G) B) and E)

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Question 2

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The administrative model of decision making assumes that managers are imperfect.This means that managers

A) are stupid.
B) lack training and education.
C) suffer from human biases.
D) don't care about decision outcomes.
E) fail to understand the decision making process.

F) C) and D)
G) All of the above

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Question 3

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As it relates to decision making,the term best alternative implies decision accuracy and efficiency.

Ryan is trying to hire a new engineer.She has all of the qualifications he wants,with one exception.As a decision alternative,this engineer fails the test of feasibility.

Which of the following is NOT an example of an interacting group?

The process of choosing one alternative from among many alternatives is called

A(n)___________________________________ solicits opinions from experts who contribute individually.

The senior pastor at Princeton Alliance Church needs to select a pastor of adult ministry.This is an example of

According to the text,the word "best" is used to select a decision alternative related to the ____________________ of the decision.

Circuit City went bankrupt because of a series of poor managerial decisions and a down turn in the economy.In retrospect,it would seem that there was too much emphasis on the group reaching a consensus decision.As a result,many decisions were made to avoid conflict.What disadvantage of group decision making does this represent?

In the classical decision making model,"optimization" means

One component of problem recognition is defining precisely what the problem is.

The term satisficing refers to the idea that people's rationality has limits.

Which of the following is an advantage of group decision making when compared to individual decision making?

Zhenfu invested his savings in a bank certificate of deposit because that is where he has always put his savings,and because he is very concerned about the safety of his investment.Zhenfu knows at the end of two years he will have $52,546.73.He is operating under the decision-making condition known as risk.

Which of the following is a true statement?

U.S.Steel and the United Steelworkers announced an agreement on a 3 year contract.The agreement was a(n)____________________ decision.

Which of the following is the most common form of a decision-making group?

Tony Hayward,former CEO of BP,made statements and decisions about vacations during the oil spill that led to him stepping down as CEO.This shows he used the classical decision making model.

Choosing between alternatives is risk assessment.