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InstructionsAnswer the following questions and then press 'Submit' to get your score. Question 1What are characteristics of a programmed decision? a) Complex and risky b) Uncertain and non-routine c) Low risk and certain d) Routine and non-complex Question 2Of what is an investment decision an example? a) Programmed decision b) Routine decision c) Management decision d) Non-programmed decision Question 3What is not an assumption underpinning the rational decision making model? a) Incomplete information b) An agreed goal c) A structured problem d) High level of certainty regarding the environment Question 4Simon (1960) is associated with what type of decision making model? a) Rational b) Classical c) Programmed d) Administrative Question 5What is the term for decisions limited by human capacity to absorb and analyse information? a) Cognitive rationality b) Conscious rationality c) Bounded rationality d) Restricted rationality Question 6What is the term for a sub-optimal but acceptable outcome of negotiations between parties? a) Bargaining b) Satisficing c) Accepting d) Compromising Question 7What is intuitive decision making based on? a) Guesswork b) Gambling c) Instinct d) Rationality Question 8Which of these does not form part of the key streams identified by March (1988) in decision making in highly ambiguous environments? a) Expectations b) Choice opportunities c) Problems d) Solutions Question 9What assumption is the garbage can model of decision making based on? a) Limited knowledge and great insight b) Limited knowledge but high level of experience c) Limited knowledge and uncertainty d) Limited knowledge and high risk Question 10What is the term for the 'rule of thumb' type of bias in decision making? a) Framing bias b) Hindsight bias c) Over-confidence bias d) Heuristics What are the assumption of the classical decision model?The classical model prescribes the best way to make decisions, based on four assumptions: a clearly defined problem, eliminated uncertainty, access to full information, and rational behavior of the decision-maker.
What is classical model of decision making?The classical decision-making model is also called the rational model, which is an approach that combines logic and rationality to develop a final solution or response. It is based on the premise that people are rational beings who carefully consider all available options before making decisions.
Which of the following is not an assumption of the classical decision model?Which of the following is not an assumption of the classical model of decision making? Managers will use intuition rather than rational analysis to make sound decisions when information is incomplete.
What are the assumptions of decision making?These assumptions include: – “Decision making” means to select the best action from all applicable actions. – Beliefs on actions are expressed as probabilistic transitions among states. – Desires are measured by a value function defined on states.
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Which of the following assumptions are included in the classical model of decision
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