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OBHR 317 Chapter 9 Exam Study Guide.

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©BRIGHTSTARS EXAM SOLUTIONS 11/16/2024 10:16 AM 1 | P a g e OBHR 317 Chapter 9 Exam Study Guide. Decision - answerThe choice made from two or more alternatives Rational - answerRefers to choices that are consistent and value-maximizing within specified constraints Rational decision-making m...

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  • November 19, 2024
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©BRIGHTSTARS EXAM SOLUTIONS

11/16/2024 10:16 AM


OBHR 317 Chapter 9 Exam Study Guide.


Decision - answer✔The choice made from two or more alternatives

Rational - answer✔Refers to choices that are consistent and value-maximizing within specified
constraints

Rational decision-making model - answer✔A six-step decision-making model that describes
how individuals should behave in order to maximize some outcome

Problem - answer✔Discrepancy between some current state of affairs and some desired state,
requiring consideration of alternative courses of action

Opportunity - answer✔Occurs when something unplanned happens, giving rise to thoughts
about new ways of proceeding

Problem clarity - answer✔The problem is clear and unambiguous and complete information is
available

Known options - answer✔It's assumed that the decision maker can identify all relevant criteria,
all workable alternatives, and their consequences

Clear preferences - answer✔The criteria and alternatives can be ranked and weighted to reflect
their importance

Constant preferences - answer✔The specific decision making criteria are constant and weights
assigned to them are stable over time

No time or cost constraints - answer✔The decision maker can obtain full information about
criteria and alternatives because there are no time or cost constraints

Maximum payoff - answer✔The decision maker will choose the alternative that yields the
highest perceived value

Bounded rationality - answer✔Limitations on a person's ability to interpret, process, and act on
information

Satisficing - answer✔To provide a solution that is both satisfactory and sufficient

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