Bus. Management Ch 7 Making Decisions

Most decisions have no options or alternatives.

• True

• False

Decision making is a common component in all five functions of management.

• True

• False

Peter Drucker believes managers should emphasize finding the right answer rather than asking the right questions.

• True

• False

We all have the same amount of time; therefore, time is not a limiting resource.

• True

• False

Basically, a(n) _____________ is a judgment reached after consideration.

• fact

• situation

• inference

• decision

The "ultimate" alternative for decision making is a course of action that _____________

• provides various opportunities

• lowers the degree of risk

• eliminates all problems and maximizes opportunities

• maximizes the alternatives

• Green

All the following are components of the decision-making process except:

• implementing the decision

• cost-budget analysis

• selecting the best alternative

• identifying limiting factors

Which of the following is an example of a limiting factor?

• time

• equipment

• money

• all of the above

As with managerial functions, the concluding action in the decision-making process is to _____________ it.

• staff

• plan

• control

• Lead

The intuitive model of decision making uses _____________.

• critical information

• queuing models

• decision trees

• feelings