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Exam 6: Managers As Decision Makers

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Question 21

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Max is planning on going away to college next year and is currently trying to figure out which colleges he should apply to.He would like to major in English Literature at an accredited liberal arts college, but is also looking for a university that offers financial aid.In terms of the decision-making process, these represent Max's ________.

A) problems
B) alternatives
C) decision criteria
D) heuristics

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Question 22

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Escalation of commitment refers to ________.

A) commitment to a faulty decision due to an unwillingness to go against the opinion of the majority
B) an increased commitment to a previous decision despite evidence that it may have been wrong
C) the strengthening of commitment to a particular course of action due to greater motivation by others
D) greater commitment to a decision because of ones belief that it is "the right thing to do"

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Question 23

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Nonprogrammed decision making relies on procedures, rules, and policies.

Lower-level managers typically confront ________.

Rules of thumb that managers use to simplify decision making are known as ________.

When a customer calls and requests a refund for a partial month's usage of the cable service, the fact that such situations are routine and most likely have a standard response would make the response a(n) ________ decision.

The availability bias describes the actions of decision makers who try to create meaning out of random events.

List and discuss the eight steps in the decision-making process.

A decision criterion defines what is important or relevant to resolving a problem.

The sunk costs error occurs when decision makers forget that current choices cannot correct the past.

The decision-making process begins by identifying decision criteria.

The ________ happens when decisions makers tend to remember events that are the most recent and vivid in their memory.

The anchoring effect describes when decision makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.

Managers cannot possibly analyze all information on all alternatives, they tend to ________, rather than ________.

A policy is an explicit statement that tells a manager what can or cannot be done.

After identifying the decision criteria that are important or relevant to resolving a problem, the next step in the decision-making process is ________.

Martie had arranged for a high-profile speaker to deliver the keynote address at her college's annual function.However, due to unforeseen circumstances, the speaker was forced to drop out at the last moment.Martie reacts to this news by saying, "I knew all along that this would happen." This is an example of the ________.

Nonprogrammed decisions ________.

Design thinking suggests that managers should look at problem identification collaboratively and integratively with the goal of ________.

Pat is the manager of a large project that has been underway for the last eight months.It has now become apparent that, due to various external factors, the project is unlikely to succeed.Even though the best option would be to withdraw from the project, Pat continues to pump money and resources into it in the hope that the project's prospects will change.He reasons that he doesn't want all those months of hard work to go to waste.This is an example of the ________.