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MGMT 310, Exam 1 (ch. 1-6) questions with correct answers
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MGMT 310, Exam 1 (ch. 1-6) questions with correct answers
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MGMT 310, Exam 1 (ch. 1-6)Bounded rationality - correct answer ✔✔decision making that's rational, but limited by an individual's
ability to process information
Satisfice - correct answer ✔✔accepting solutions that are "good enough"
Escalation of commitment - correct answer ✔✔an increased commitment to a previous decision despite
evidence it may have been wrong
Intuitive decision-making - correct answer ✔✔making decisions on the basis of experience, feelings, and
accumulated judgment
Experience Based - correct answer ✔✔Manager make decisions based on past experiences
Affect Initiated Decisions - correct answer ✔✔managers make decisions based on feelings or emotions
Cognitive based decisions - correct answer ✔✔managers make decisions based on skills, knowledge, and
training
subconscious mental processing - correct answer ✔✔managers use data from subconscious mind to help
them make decisions
Values or Ethics Based Decisions - correct answer ✔✔managers make decisions based on ethical values
or culture
Evidence-based management (EBMgt) - correct answer ✔✔the systematic use of the best available
evidence to improve management practice.
Structured problems - correct answer ✔✔straightforward, familiar, and easily defined problems
, Programmed decisions - correct answer ✔✔repetitive decisions that can be handled by a routine
approach
Procedure - correct answer ✔✔a series of sequential steps used to respond to a well-structured problem
Rule - correct answer ✔✔an explicit statment that tells managers what can or cannot be done
Policy - correct answer ✔✔a guideline for making decisions
Unstructured problems - correct answer ✔✔problems that are new or unusual and for which
information is ambiguous or incomplete
Nonprogrammed decisions - correct answer ✔✔unique and nonrecurring and involve custom made
solutions
Risk - correct answer ✔✔a situation in which the decision maker is able to estimate the likelihood of
certain outcomes
Uncertainty - correct answer ✔✔a situation in which a decision maker has neither certainty nor
reasonable probability estimates available
Managing Risk - correct answer ✔✔Analyzing exposures that create risk and designing programs to
minimize the possibility of a loss.
Managers can use historical data or secondary information to assign probabilities to different
alternatives
This is used to calculate expected value—the expected return from each possible outcome—by
multiplying expected revenue by the probability of each alternative
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