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Exam 7: Information and Decision Making

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Question 151

Multiple Choice

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The ___ is particularly useful in describing how people make decisions under conditions of risk and uncertainty.

A) classical decision model
B) executive decision model
C) behavioural decision model
D) descriptive decision model
E) political decision model

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

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Question 152

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Availability bias occurs when decisions are influenced by inappropriate allegiance to a previously existing value or starting point.

A) True
B) False

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Question 153

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The behavioural decision model describes decision making where people are assumed to act only in terms of what they perceive about a given situation.

Ryan, the marketing manager at a company, decides to invest more money to promote a technology that has earlier failed at the market due to its technical incompetency. Ryan is unwilling to accept that the product lacks the competitive edge to survive in the market. He is not ready to admit his mistakes and applies more resources to pursue a course of action that is not working. This type of decision-making trap is known as ___.

According to classical decision theory, managers make rational choices in a certain world because they have complete information regarding all possible alternatives and their consequences.

Implementation is the decision-making stage at which problem-solving actions are initiated.

The second step of the decision-making process will be effective when the search for alternatives is completed rapidly.

Martha has succeeded as a manager due to her ability to remain focused on long-term objectives. She is flexible in her approach and provides effective and timely solutions for most of the problems, maintaining focus on the long-term goals. This skill of Martha is known as ___.

Which of the following does not accurately describe the evaluation of results in the decision-making process?

___ are open communicators, tend to be realistic, and emphasize both analysis and human relations.

Cognitive styles are the various ways individuals deal with information while making decisions.

Heuristics are strategies that help in dealing with complex and ambiguous situations.

What impact is the increasing use of information technology (IT) having on organizations?

A manager using ___ thinking is flexible and spontaneous in problem fixing.

Sensation thinkers differ from intuitive thinkers as intuitive thinkers

Problem avoiders ignore information that would otherwise signal the presence of a problem; problem seekers try to solve problems as they arise; and problem solvers actively process information and look for problems to solve or opportunities to explore.

Creative people are good at making connections among seemingly unrelated facts or events.

Apply the steps in the decision-making process to a decision that you have made or are in the process of making. By applying this model to your own decision situation, what insights do you gain regarding how effective you are as a decision maker?