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Exam 7: Information and Decision Making

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Question 1

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Problem solvers actively process information and constantly look for problems to solve.

A) True
B) False

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Question 2

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The anchoring and adjustment heuristic occurs when people use information "readily available" from memory as a basis for assessing a current situation or event.

A) True
B) False

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Question 3

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After purchasing new computers for his department, Joseph is now comparing the performance of the new computers to the computers they replaced. Which stage of the decision-making process is he carrying out?

Adriana is not keen on collecting facts and information while solving problems. She is spontaneous in decision making and usually chooses the first possible alternative that comes to her attention, and she provides an acceptable solution to a given problem. The type of decision being made by Adriana in such situations is known as a(n) ___ decision.

A(n) ___ occurs when a problem is evaluated and resolved in the context in which it is perceived.

The raw facts and observations made useful and meaningful for decision making is called information.

The manager at a shoe retail store is trying to estimate how much stock to order for the current spring season based on last spring's outcomes. The manager is operating under what kind of decision-making condition?

According to the behavioural decision model, competent managers-even with cognitive limitations-can make perfectly rational decisions in highly ambiguous situations.

The ___ involves making decisions based on alterations to a previously existing value or starting point.

An unexpected problem that can lead to disaster if not resolved quickly and appropriately is known as ___.

Unstructured problems are full of ambiguities and information deficiencies, and require nonprogrammed decisions that craft novel solutions to meet the demands of a unique situation.

Nicole is trying to solve a problem that has resulted in defective products. She has understood that the problem is due to a technical failure and has realized that it has to be corrected immediately to avoid further loss. The next step in Nicole's decision-making process after collecting all the details regarding the problem is to

Intuitive thinkers will broadly and quickly evaluate a problem situation, explore and abandon alternatives very quickly, and consider a number of alternatives and options simultaneously.

Information competency is the ability to use technology to locate, retrieve, evaluate, organize, and analyze information for decision making.

The first step in the decision-making process involves gathering information, processing information, and deliberating.

The ___ occurs when people assess the likelihood of something occurring based on its similarity to a stereotyped set of occurrences.

Unstructured problems are ones that are familiar, straightforward, and clear with respect to the information needs.

Problem solving is the process of identifying a discrepancy between actual and desired states, and then taking appropriate corrective action.

Neither supply chain management nor customer relationship management can be improved with information technology (IT) connections.

Creativity in management is generating a novel idea or unique approach to solving performance problems or exploiting performance opportunities.