Management

Business

Quiz 7 :
Individual and Group Decision Making: How Managers Make Things Happen

Quiz 7 :
Individual and Group Decision Making: How Managers Make Things Happen

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Sue tends to have strong beliefs.When confronted with decision making,she tends to make her decisions based on her beliefs,even if evidence shows those beliefs are wrong.This is known as the past-beliefs perception.
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True False
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Answer:

False
Explanation: When confronted with a choice,decision makers with strong prior beliefs tend to make their decisions based on their beliefs,even if evidence shows those beliefs are wrong.This is known as the prior-hypothesis bias.Although it's always more comforting to look for evidence to support your prior beliefs,you need to be tough-minded and weigh the evidence.

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Tom is in the marketing department with Home Made Soups.He was given the responsibility of determining if customers like the new spicy chicken noodle soup.It is believed that over 4,000 customers purchased the new soup last month.If Tom surveys 25 of those customers,this is an appropriate sample size for decision making.
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True False
Answer:

Answer:

False
Explanation: Is there enough data on which to make a decision? The unrepresentative sample bias recommendation is that you need to be attuned to the importance of sample size.Example: If all the secretaries in your office say they prefer dairy creamer to real cream in their coffee,is that enough data on which to launch an ad campaign trumpeting the superiority of dairy creamer? It might if you polled 3,000 secretaries,but 3 or even 30 is too small a sample.

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Decision making is the process of identifying and choosing alternative courses of action.
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True False
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Answer:

True
Explanation: Decision making is the process of identifying and choosing alternative courses of action.

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Psychologist Daniel Kahneman describes two kinds of thinking: System 1,which is intuitive and largely unconscious,and System 2,which is analytical and conscious.
True False
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Some engineers design electronic products,such as DVD remote controls,with so many buttons that these devices are ultimately useful only to other engineers.As one writer noted,"People who design products are experts cursed by their knowledge,and they can't imagine what it's like to be as ignorant as the rest of us." This is known as the curse of knowledge.
True False
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The rational model of decision making explains how managers should make decisions.
True False
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The rational model of decision making is also called the logical model.
True False
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The steps in the rational decision-making process are (1)identify the problem or opportunity, (2)think up alternative solutions, (3)evaluate the solution chosen, (4)evaluate alternatives and select a solution,and (5)implement the solution chosen.
True False
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As a manager evaluates alternative solutions to a problem,that is the time to identify opportunities.
True False
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When confronted with a problem,the decision to be made is how to make improvements.This is known as diagnosis or analyzing the underlying causes.
True False
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The basic reason female investors make trades much less often than men is that women do a lot more research,and tend to base their investment decisions on considerations other than just numbers.
True False
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When evaluating the alternatives of a decision,people need to base decisions strictly on cost,quality and feasibility.
True False
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Doug,the CEO of an auto dealership,has to significantly reduce the hours of many employees due to the high costs from the Affordable Care Act.Doug knows that he is typically successful in implementing the correct alternative in decisions,even with sensitive issues like this,because he carefully plans how he will execute decisions and he is sensitive toward those who are affected.Careful planning and being sensitive typically will result in successful implementation.
True False
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Dwayne,the sales manager of IT Sales,mentioned to his assistant,Marla,"I just got off the phone with one of our best customers and he told me about quite a few customer service issues,and I'm glad he took the time to call.You know most people will not call companies when they have a problem;they just tell friends,family,and coworkers." This statement about who customers call when complaining about faulty customer service is accurate.
True False
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When the alternative chosen in a decision does not look like it is working,do not change things.You should always give it more time to work correctly.
True False
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The rational model assumes that managers have complete information,and they are able to make an unemotional analysis,and make the best decision for the organization.
True False
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Nonrational models of decision making assume that managers have complete information and are able to make the best decision for the organization,describing how managers ought to make decisions.It doesn't describe how managers actually make decisions.
True False
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Gretchen,the office manager in a small company,was told by her boss to start shopping for a new office copier,in addition to her many other duties.Although she spent some time shopping for the copier,she was limited by the lack of time,how much she has to spend,and the complexity of choices to select from.This is an example of an individual limited by bounded rationality.
True False
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With satisficing,managers look for alternatives until they find one that is satisfactory,not optimal.
True False
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Satisficing is a weak method of decision making because the advantages gained by just making a quick decision to have an answer and not delaying a decision until all information is in and all alternatives are weighed,usually results in major problems.
True False
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