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Brody is an experienced manager who needs to hire a new financial analyst. There are five people who might be right for the job. When Brody meets the first applicant, he knows instantly that he doesn't like her and doesn't want her working for him. As a result, he cuts short his interview with her and moves on to the next candidate. Nolan is the director of the Lycarta Society, an organization dedicated to identifying art forgeries throughout the world. Nolan has been doing his job for almost 20 years, and he is a particular expert in the works of Jackson Pollock, an American painter. Last week, Nolan simply glanced at a painting, and he was able to instantly say that it had not been created by Pollock, with virtually no information other than a quick visual scan of the piece. intuition, satisficing, or escalation Last month, the Pilots Association held a meeting to discuss its plans for next year. Last year, the group spent more than $50,000 to develop plans for a new airport hub. The hub was criticized by airport officials, who suggested that they would not be interested in the project at any time. The group decided to continue developing their plans, because they had already invested so much in the project. Lana is a marketing manager for Prika Software. Prika makes a product called "App Finder," which helps people find the apps they want to have on their cell phones. Last year, Prika sold only 4,000 copies of App Finder at $5.00 each, and projections for this year aren't much higher. This year, Lana wants to spend $75,000 to create a new home page for the product, because her company has already spent $100,000 in development. Recommended textbook solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Elementary Number Theory7th EditionDavid Burton 776 solutions Advanced Engineering Mathematics10th EditionErwin Kreyszig 4,134 solutions Fundamentals of Complex Analysis with Applications to Engineering, Science & Mathematics, International3rd EditionArthur David Snider, Edward B. Saff 772 solutions Upgrade to remove ads Only SGD 41.99/year
Terms in this set (24)Decision making is defined as: the act of choosing one alternative from among a set of alternatives. The decision to have regular meals during the day is an example of a(n) _____ decision. programmed -A programmed decision is one that is relatively structured or recurs with some frequency (or both) Marina has been working as a waitress at a restaurant for the past ten years. For the first time, she was falsely accused of robbery by her manager. Feeling humiliated, Marina decides to quit her job. Marina's decision to quit her job is an example of a(n) _____ decision. nonprogrammed - Nonprogrammed decisions are relatively unstructured and occur much less often in comparison with programmed decisions The classical model of decision making assumes that: managers are rational and logical in their thought processes. -It is a prescriptive approach that tells managers how they should make decisions. Which of the following is the first step in evaluating alternatives in rational decision making? determination of feasibility of the alternatives. Rodney, the principal of a school, believes that the poor performance of students in economics is due to the poor quality of teaching. In order to remedy the situation, Rodney hires a new economics teacher. However, the students continue to perform poorly. Following the steps of rational decision making, which of the following steps should Rodney's take next after hiring the new economics
teacher? He should evaluate the teaching quality of the new teacher. -The final step in the decision-making process requires that managers evaluate the effectiveness of their decision—that is, they should make sure that the chosen alternative has served its original purpose Which of the following is a difference between the classical model and the administrative model of decision making? Unlike the administrative model of decision making, the classical model explains how managers can at least attempt to be more rational and logical in their approaches to decisions. Charlotte was asked to select a suitable material supplier for her boutique over the weekend. Since Charlotte had plans of meeting her friends during the weekend, she did not choose the best supplier for her boutique. Instead, she selected the first supplier who met the minimum standards. Charlotte's decision-making strategy is an example of _____. satisficing -Satisficing is the tendency to search for alternatives only until one is found that meets some minimum standard of sufficiency. A group of laborers decide to form a union to demand higher wages. This is an example of the behavioral element of _____ in decision making. political forces -One major element of politics, coalitions, is especially relevant to decision making. A coalition is an informal alliance of individuals or groups formed to achieve a common goal. _____ are decision-making groups or teams in which members openly discuss, argue about, and agree on the best alternative. interacting groups Hot Cup Inc. examines the potential of a new
tea product. It engages a panel of experts to individually and anonymously state their opinions. It then averages the opinions and asks the experts for another prediction or justification. It takes the average prediction to represent the decision of the group of experts. Hot Cup Inc. uses a(n) _____ for decision making in this scenario. delphi group -The Delphi procedure solicits input from a panel of experts who contribute individually Unlike the Delphi method, in the nominal group decision-making method, _____. members are brought together in a face-to-face setting Unlike programmed decisions, nonprogrammed decisions are: a. used for standard organizational transactions. relatively unstructured and occur much less often. A condition in which a decision maker knows with reasonable surety what the alternatives are and what conditions are associated with each alternative is called a _____. a. state of uncertainty state of certainty Selena fractures the radial bone in her forearm. Her surgeon advises her to undergo a surgery in which a steel plate would be inserted to support the bone. He explains to her that after the surgery there would be only a 70 percent chance of regaining complete movement in the arm and a 30 percent chance of completely losing arm functionality. Selena decides to proceed with the surgery. In this scenario, Selena's decision making process is an example of _____. a. decision making under a state of certainty decision
making under a state of risk. Satisfactoriness refers to: a. what extent a particular alternative influences an organization. how well an alternative fulfills the conditions of a decision situation. -When an alternative has passed the test of feasibility, it must next be examined to see how well it satisfies the conditions of the decision situation Omar decides to buy a pair of running shoes from a store. He likes three pairs of running shoes at the store. Following the steps of rational decision-making process in deciding which pair to buy, which of the following should be Omar's next step? a. He should reconsider whether he actually needs to buy a pair of running shoes. evaluate the feasibility of each pair of running shoes. -After identifying alternatives, the third step in the decision-making process is evaluating each of the alternatives. Each alternative must be evaluated in terms of its feasibility, its satisfactoriness, and its consequences The final step in the decision-making process requires that mangers: a. select from a set of potential alternatives. evaluate the effectiveness of their decision—that is, they should make sure that the chosen alternative has served its original purpose. If an implemented alternative appears not to be working, the manager can respond in several ways Which of the following is true of bounded rationality? a. It suggests that decision makers make decisions after attaining complete information and knowledge. suggests that decision makers are limited by their values and unconscious reflexes, skills, and habits. -They are also limited by less-than-complete information and knowledge. Which of the following is true of satisficing? a. It suggests that decision makers go through the six steps of decision-making process before they finalize on the best option. It suggests that decision makers search only until they find an alternative that meets some minimum standard of sufficiency. -Subjective and personal considerations often intervene in decision situations Lana, the owner of a high-end boutique, claims she selects items for her boutique purely on a hunch. Based on Lana's claim, which of the following is true of Lana's decision-making process? a. Lana uses the Delphi technique in
her decision-making process. Lana uses intuition in her decision-making process. -Intuition is defined as an innate belief about something, without conscious consideration Which of the following is an advantage of the interacting group decision-making method? a.
Interaction among people can spark new ideas. Interaction among people can spark new ideas -A major disadvantage, though, is that political processes can play too big a role Which of the following is true of nominal groups? a. The members represent a group
in the true sense. The members do not freely interact with each other. -The members represent a group in name only, however, they do not talk to one another freely like the members of interacting groups Harriet is very quiet by nature. Recently, she participated in a team discussion in her office to decide their monthly goal. Even though Harriet had some good suggestions and wanted to speak, she was unable to get in a word because Simon, another team member, spoke most of the time. In this scenario, which of the following drawbacks of group decision making is most evident? a. The group may be dominated by a single person. The group may be dominated by a single person. -Sometimes one individual dominates the group process to the point where others cannot make a full contribution. This dominance may stem from a desire for power or from a naturally dominant personality. Recommended textbook solutionsNumerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Elementary Number Theory7th EditionDavid Burton 776 solutions Advanced Engineering Mathematics10th EditionErwin Kreyszig 4,134 solutions Complex Analysis: A First Course with Applications3rd EditionDennis G. Zill, Patrick D. Shanahan 1,433 solutions Sets found in the same folderCH 6 Questions36 terms caitedwa CH 20 Questions36 terms caitedwa CH 7 Questions42 terms caitedwa MGMT 309 - Exam 2 (Ch. 5-8)126 terms hannah_peine6 Other sets by this creatorExam 1 Book Notes40 terms caitedwa Exam 163 terms caitedwa Midterm66 terms caitedwa 381 CH 237 terms caitedwa Verified questionsADVANCED MATH Show that if r = 0.02, investment 2 has a larger NPV than investment 1. Verified answer ADVANCED MATH The following question refer to the diet problem: If the cost of a brownie is 70¢ and a piece of cheesecake costs 60¢, does the current basis remain optimal? Verified answer ADVANCED MATH A rectangle has perimeter 23 cm. Its area is $33 \mathrm { cm } ^ { 2 }$ Determine the dimensions of the rectangle. Include a diagram in your solution. Verified answer ADVANCED MATH Mengxi has $10 000 to invest. She invests part in a term deposit paying 5%/year, and the remainder in Canada Savings Bonds paying 3.5%/year. At the end of the year, she has earned simple interest of$413. How much did she invest at each rate? Verified answer Other Quizlet sets727 terms chyeahhxitspaige Psych - Chapter 2 biological perspective68 terms cailynnsmommy7 Final CA Experience18 terms ablanco89 Othello: Act 2 Quotes12 terms natascha_p Related questionsQUESTION The tendency for members of highly cohesive groups to conform to group pressures so strongly that they reject the potentially correcting influence of outsiders is known as: 9 answers QUESTION Continuing to support a failing course of action is known as the: 15 answers QUESTION is the process of estimating the value of a categorical outcome variable. 2 answers QUESTION Affects the purchasing decision by providing technical information or other relevant (internal or external) information 4 answers Which of the following represents an informal alliance of individuals who seek to achieve a common goal?A coalition is an informal alliance of individuals or groups formed to achieve a common goal. Which of the following is the name for choosing one alternative from among several options?Selecting one from the various alternatives is called decision making. Which of the following best defines a charismatic leader?Charismatic leadership is defined by a leader who uses his or her communication skills, persuasiveness, and charm to influence others. Charismatic leaders, given their ability to connect with people on a deep level, are especially valuable within organizations that are facing a crisis or are struggling to move forward. When a leader asks for employees suggestions and input in the decision making process what type of leadership style is being utilized?6. Democratic or participative leadership style. The democratic style (also called the “participative style”) is a combination of the autocratic and laissez-faire types of leaders. A democratic leader is someone who asks for input and considers feedback from their team before making a decision. Which of the following is used to select one option from one set of alternatives?Selecting one from the various alternatives is called decision making. When trying to make a good decision, a person must weigh the positives and negatives of each option, and consider all the best possible alternative.
What is choosing among alternatives?It involves a decision making process, as well as an understanding of financial statements and analysis. It usually involves either creating a totally new business or related enterprise.
What are the alternatives the decision maker can choose among?Experience, experimentation, and research and analysis are the three common tools or approaches for choosing the best alternative in decision making.
What is defined as selecting between two or more alternatives?Terry says, “Decision-making is the selection based on some criteria from two or more possible alternatives.” A decision is a set of choices wherein an executive forms a conclusion about what must be done in a given situation. A decision represents a course of behaviour chosen from a number of possible alternatives.
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Which of the following is the name for choosing one alternative from among several options?
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