Critical Managerial Decision Making: Exam #1
Authored by Carmina Sibeto
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27 questions
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1.
REORDER QUESTION
1 min • 1 pt
Steps to Making a "Rational" Decision
Rate Each Alternative on Each Criterion
Identify the Criteria
Compute the Optimal Decision
Define the Problem
Generate Alternatives
Answer explanation
1. Define the problem
2. Identify the criteria
3. Weigh the criteria
4. Generate alternatives
5. Rate each alternative on each criterion
6. Compute the optimal decision
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major disadvantage of the rational decision-making process?
high resource consumption
relies on facts, data, and logical analysis rather than intuition or emotion
high revenue
informed decisions
Answer explanation
often assumes perfect information and unlimited time to analyze all options, which is unrealistic
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Select the true statements about System 1 and System 2 Thinking
intuitive thinking is quick, nonconscious, involuntary, and effortless whereas logical thinking is effortful, deliberate, pausing to think of self and environment, and carefully selecting a course of action
logical thinking is quick, nonconscious, involuntary, and effortless whereas intuitive thinking is effortful, deliberate, pausing to think of self and environment, and carefully selecting a course of action
we are much more likely to make judgment errors when relying on System 1 thinking, therefore for important decisions, we should ideally rely on System 2 thinking
ideally we would use both systems of thought in tandem, but sometimes our System 2 thought fails to correct our faulty System 1 intuitions.
we are much more likely to make judgment errors when relying on System 2 thinking, therefore for important decisions, we should ideally rely on System 1 thinking
4.
MATCH QUESTION
1 min • 1 pt
Match the following
Intuitive Thinking
System 1 Thinking
Logical Thinking
System 2 Thinking
Automatic Thinking
Intuitive Thinking
Controlled Thinking
Logical Thinking
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Prescriptive models
methods for making optimal decisions, that is how decisions should be made
people are not aware or choose not to use available information and depend on the behavior of others
consider, and reflect on, how decisions are made
tells us what we actually do, irrespective of whether it leads to an optimal outcome
the approach we take discussing decision-making in class
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Descriptive models
methods for making optimal decisions, that is how decisions should be made
people are not aware or choose not to use available information and depend on the behavior of others
consider, and reflect on, how decisions are made
tells us what we actually do, irrespective of whether it leads to an optimal outcome
the approach we take discussing decision-making in class
7.
MATCH QUESTION
1 min • 1 pt
Match the following
Heuristics
cognitive shortcuts that we use to make decisions
Rationality
individuals are limited in the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.
Rather than maximizing our outcomes, we often satisfice
Bounded rationality
refers to decision-making processes that yield the optimal solution. However, we often fail to achieve optimal outcomes
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