Chapter 7

Which of the following is an advantage of group decision making? Multiple choice question. Satisficing Groupthink Goal displacement Intellectual stimulation

Intellectual stimulation

A _____ is a choice made from available alternatives. Multiple choice question. rationale feasibility consensus decision

decision

A graph of decisions and their possible consequences used to create a plan is known as a(n) ______. Multiple choice question. decision tree incremental model business analytic rational model

decision tree

People with a(n) ______ decision-making style have a low tolerance for ambiguity and are task oriented. They are efficient, logical, and practical in their approach to solving problems and making decisions. Which style do they use? Multiple choice question. incremental conceptual directive analytical behavioral

directive

Managers must decide when to make decisions themselves and when they should involve a group. This activity is important because, as a manager, this decision will require you to weigh the advantages and disadvantages of using group decision making. The goal of this activity is to challenge your ability to categorize the advantages and disadvantages of group decision making. Read each statement and determine if it is an advantage or a disadvantage of group decision making. 1. There is a greater pool of knowledge to draw from. (Click to select) 2. Decisions may be made quicker using satisficing. (Click to select) 3. A small group of people may talk the longest and the loudest. (Click to select) 4. People bring different perspectives. (Click to select) 5. A group may bring greater intellectual stimulation. (Click to select) 6. Group members will strive for unanimity. (Click to select) 7. Participating i

. There is a greater pool of knowledge to draw from. Advantage of group decision making Correct 2. Decisions may be made quicker using satisficing. Disadvantage of group decision making Correct 3. A small group of people may talk the longest and the loudest. Disadvantage of group decision making Correct 4. People bring different perspectives. Advantage of group decision making Correct 5. A group may bring greater intellectual stimulation. Advantage of group decision making Correct 6. Group members will strive for unanimity. Disadvantage of group decision making Correct 7. Participating in making a decision helps in understanding the rationale for it. Advantage of group decision making Correct 8. Sometimes other issues will arise and take precedence. Disadvantage of group decision making Correct 9. Participating in making a decision helps promote commitment to it. Advantage of group decision making

Decision making is at the core of every leader's job. This activity is important because it focuses on the four key steps that a decision maker should strive to implement, to the greatest extent possible, when making a decision. The goal of this activity is to challenge your knowledge of the four steps in rational decision making. For each item, select the appropriate stage of the rational decision making process that the item best describes. 1. In this stage, the problem or opportunity is identified. (Click to select) 2. Decide whether a solution you've generated is the right thing to do. In other words, is this an ethical solution to a problem? (Click to select) 3. Take time to carefully plan out your chosen solution. (Click to select) 4. Thinking of alternative solutions takes place in this stage. (Click to select) 5. Search for possibilities to exceed existing goals. This requires looking past t

1. In this stage, the problem or opportunity is identified. Stage 1 Correct 2. Decide whether a solution you've generated is the right thing to do. In other words, is this an ethical solution to a problem? Stage 3 Correct 3. Take time to carefully plan out your chosen solution. Stage 4 Correct 4. Thinking of alternative solutions takes place in this stage. Stage 2 Correct 5. Search for possibilities to exceed existing goals. This requires looking past the barrage of daily problems and figuring out what you can do better than expected. Stage 1 Correct 6. In this stage, alternatives are evaluated and a solution is selected. Stage 3 Correct 7. Think creatively about what you can do to solve problems you've identified. Stage 2 Correct 8. Consider how those affected by your solution will feel about any changes, and give them the necessary latitude. Stage 4 Correct 9. Look for difficulties that inhibit goal achievement. These include things like high staff turnover, competitor innovations, and sales shortfalls. Stage 1 Correct 10. Use techniques like brainstorming to generate alternative solutions to solving your current problems. Stage 2 Correct 11. Evaluate a solution based on whether it's actually feasible. Do you have the time, resources, etc. to make this work? Stage 3 Correct

Benefits and Drawbacks of Artificial Intelligence Artificial intelligence (A.I.) is a powerful tool for aiding human decision making. This activity is important because managers need to understand the tremendous capabilities but also the serious dangers inherent in using A.I. The goal of this activity is to challenge your knowledge of the benefits and drawbacks of A.I. Read the descriptions of various aspects of artificial intelligence. Select whether each item is a benefit of A.I. or a drawback of A.I. 1. People may be able to spend less time on the unenjoyable parts of their work and more time doing things they enjoy. (Click to select) 2. It is costly and difficult to train and implement machine learning systems. (Click to select) 3. A.I. has the potential to aid in human decision making. (Click to select) 4. A.I. has the potential to replace many humans in the workplace. (Click to select) 5. A.I. s

1. People may be able to spend less time on the unenjoyable parts of their work and more time doing things they enjoy. Benefit of A.I. Correct 2. It is costly and difficult to train and implement machine learning systems. Drawback of A.I. Correct 3. A.I. has the potential to aid in human decision making. Benefit of A.I. Correct 4. A.I. has the potential to replace many humans in the workplace. Drawback of A.I. Correct 5. A.I. sensors have the potential to make commuting safer and easier. Benefit of A.I. Correct 6. There is the potential for A.I. to be put to malicious use. Drawback of A.I. Correct 7. Machines guided by A.I. are faster and more powerful than humans when building and evaluating models and simulations to make predictions. Benefit of A.I. Correct

When making decisions for her department, Ellie tends to take a long time because she takes into consideration a large amount of information. What type of decision-making style does Ellie demonstrate? Multiple choice question. Analytical Directive Conceptual Behavioral

Analytical

Select all that apply Which of the following business needs are typically supported by artificial intelligence? (Choose every correct answer.) Multiple select question. Interviewing potential job candidates Analyzing data Automating business processes Engaging customers and employees

Analyzing data Automating business processes Engaging customers and employees

What type of bias refers to the tendency to make decisions based on an initial figure that may or may not be in line with market realities? Multiple choice question. Anchoring and adjustment Representativeness Sunk-cost Availability

Anchoring and adjustment

What is the most common type of AI used today? Multiple choice question. Automated business processes Human resource management Data analysis Customer engagement

Automated business processes

Rather than holding formal meetings in the board room, Kevin prefers meeting with his group over lunch at a restaurant. He feels that his group opens up more during these lunches and opinions are openly exchanged. Which style of decision making does Kevin use? Multiple choice question. Directive Analytical Conceptual Behavioral

Behavioral

Which decision-making style is the most people oriented of the four styles? Multiple choice question. Behavioral Analytical Directive Opinion

Behavioral

What is the name of a technique used to help groups generate multiple ideas for solving problems in which potential ideas or solutions are collected (sometimes anonymously) and written on a board or flip chart? Multiple choice question. Brainstorming A decision support system The Delphi technique Benchmarking

Brainstorming

Select all that apply Which of the following are the top challenges associated with AI? (Choose every correct answer.) Multiple select question. Cost Implementation Enhanced decision making Data issues

Cost Implementation Data issues

Select all that apply Successful implementation of major decisions requires which of the following? (Choose every correct answer.) Multiple select question. Careful planning Sensitivity to those affected by the decision Reliance on the easy way out of the problem Ignoring ethical dilemmas

Careful planning Sensitivity to those affected by the decision

Which one of the following best describes the decisions made by a person with an analytical style? Multiple choice question. Carefully considers lots information and alternatives Supportive of others and receptive to suggestions Frequently relies on intuition and good at finding creative solutions Autocratic, action oriented, and decisive

Carefully considers lots information and alternatives

Select all that apply Which of these are reasons for the increase in ethical violations among business leaders in the 21st century? Multiple select question. It has become customary for business leaders to self-report unethical behavior. More flexible regulations. Companies are expanding operations into developing countries where ethical risks may be higher and laws less protective. Digital communications increase exposure to risk from both hackers and whistle-blowers.

Companies are expanding operations into developing countries where ethical risks may be higher and laws less protective. Digital communications increase exposure to risk from both hackers and whistle-blowers.

Which decision-making style is characterized by a high tolerance for ambiguity and the consideration of many options together with a willingness to take risks? Multiple choice question. Behavioral Conceptual Analytical Directive

Conceptual

Tyler has never gotten along with his employee Marcus. Although Marcus has been a top performer during his three years with the company, Tyler tends to fixate on the one quarter when Marcus performed poorly. Tyler uses that quarter as an example of Marcus being a "poor fit" with the company. What type of bias is this an example of? Multiple choice question. Anchoring and adjustment Hindsight Availability Confirmation

Confirmation

Which steps are recommended for establishing a process or method for making decisions? (Choose every correct answer.) Multiple select question. Consider whether the decision is consistent with your values. Conduct a cost-benefit analysis. Ignore feedback or opinions from others and go with your gut instinct. Analyze the situation.

Consider whether the decision is consistent with your values. Conduct a cost-benefit analysis. Analyze the situation.

Select all that apply Which of the following career-readiness competencies relate to evidence-based decision making? Multiple select question. Critical thinking and problem solving Self-motivation Social intelligence Computational thinking Information technology application

Critical thinking and problem solving Computational thinking Information technology application

Using groups to solve problems generally requires consensus, meaning that all members must reach agreement to support the final decision. This activity is important because managers should be familiar with various techniques that can be used to help groups solve problems. The goal of this activity is to challenge your understanding of two group problem solving techniques—Devil's Advocacy and the Dialectic Method. Determine whether each statement represents Devil's Advocacy or the Dialectic Method. 1. Gets its title from a practice used by the Roman Catholic Church. (Click to select) Devil's Advocacy Dialectic Method 2. Originated in ancient Greece and is used by the modern U.S. court system. (Click to select) Dialectic Method Devil's Advocacy 3. Attempts to identify a truth or best solution by exploring two opposite positions, called antithesis. (Click to select) Dialectic Method Devil's Advocacy 4.

Devil's Advocacy is the traditional practice of the Roman Catholic. It ensures that the person has a spotless record. One person takes the role of the devil's advocate to uncover and air all possible objections to the person's conizations. The dialectic is similar to the Devil's Advocate but is traced back to ancient Greece. Its an attempt to identify a truth, called thesis, by exploring opposite positions called antitheses. Opposing viewpoints. prior to making a decision. 1. Gets its title from a practice used by the Roman Catholic Church. Devil's Advocacy Correct 2. Originated in ancient Greece and is used by the modern U.S. court system. Dialectic Method Correct 3. Attempts to identify a truth or best solution by exploring two opposite positions, called antithesis. Dialectic Method Correct 4. Uses a critic whose job is to explore all possible problems and counterarguments. Devil's Advocacy Correct 5. One person presents his or her critique to the key decision makers. Devil's Advocacy Correct 6. Managers structure decision dialogue in a group around two opposing viewpoints. Dialectic Method Correct

During meetings, Stacy likes to challenge new ideas, even those that she agrees with, in order to make sure that her team has considered every angle. What role is Stacy playing? Multiple choice question. Diplomat Devil's advocate Silent observer Tireless champion

Devil's advocate

Jackson likes to hear the facts of a situation and make a quick decision based on these facts. His employees say he likes to focus on the here and now and doesn't consider future repercussions of his decisions. What type of decision-making style does Jackson use? Multiple choice question. Conceptual Behavioral Directive Analytical

Directive

What is the most valuable competitive resource for a manager who needs alternative solutions to a problem? Multiple choice question. Money from investors Facilities with open space Customers of competitors Employees with ideas

Employees with ideas

What is the third stage of the rational model of decision making? Multiple choice question. Identify the problem or opportunity. Evaluate alternatives and select a solution. Implement and evaluate the chosen solution. Develop alternative solutions.

Evaluate alternatives and select a solution.

Select all that apply What are common results of groupthink? Multiple select question. Ideas that are too ambitious or unorthodox Infighting and conflict Failure to consider new information Loss of new ideas

Failure to consider new information Loss of new ideas

Overconfidence bias is the tendency of decision makers to be influenced by the way a situation or problem is presented to them. True false question.TrueFalse

False

Value orientation reflects the extent to which a person is unethical. True false question.TrueFalse

False Reason: It reflects the extent to which a person is either task or people oriented when making decisions.

Soft skills do not have a role in evidence-based decision making. True false question.TrueFalse

False Reason: Leaders need to use evidence to strategize, make decisions, communicate with stakeholders, and influence others to execute decisions

Soft skills do not have a role in evidence-based decision making. True false question.TrueFalse

False Reason: Leaders need to use evidence to strategize, make decisions, communicate with stakeholders, and influence others to execute decisions.

The concept that suggests that the ability of decision makers to be rational is limited by constraints such as complexity, skills, time, and money is known as ___________ rationality.

Field 1: bounded

The tendency of decision makers to be influenced by the way a situation or problem is presented to them is referred to as the __________ bias.

Field 1: framing

The tendency of people to view events as being more predictable than they really are is referred to as_______________ bias.

Field 1: hindsight

Making a choice without the use of conscious thought or logical inference is known as using ____________ . (

Field 1: intuition

Jai is a member of a tight-knit team at work that avoids any kind of disagreement. Team members, therefore, avoid considering new ideas. What behavior is Jai's team exhibiting? Multiple choice question. Groupthink Burnout Goal displacement Overconfidence

Groupthink

______ are strategies such as "rules of thumb" that simplify decision making. Multiple choice question. Heuristics Biases Data-mining practices Rationalizations

Heuristics

What is defined as an extreme and inflated sense of pride, certainty, and confidence? Multiple choice question. Intuition Hyperbole Hubris Bounded rationality

Hubris

What is the best way to develop a ready-made solution? Multiple choice question. Conduct a cost-benefit analysis and pursue the cheapest options. Borrow the approaches that worked best for other individuals or organizations you admire. Identify best practices and turn them into standard operating procedure. Conduct a survey of preferred approaches to a problem and implement the most common responses.

Identify best practices and turn them into standard operating procedure.

Click and drag on elements in order List the steps of the rational model of decision making in the correct order, with the first step listed at the top and the last step listed at the bottom. Instructions

Identify the problem or opportunity Think of alternative solutions Evaluate alternatives and select a solution Implement and evaluate the solution chosen

Select all that apply Which of the following questions would you use to evaluate alternatives in the third stage of the rational model of decision making? Multiple select question. Is it ultimately effective? Is it feasible? Is it ethical? Is it profitable? Is it creative?

Is it ultimately effective? Is it feasible? Is it ethical?

Select all that apply Which of these describe how knowledge of decision-making styles affects managers' work? (Choose every correct answer.) Multiple select question. It allows managers to better identify personal strengths and weaknesses. It reduces managers' ability to predict future challenges. It enables managers to more accurately blame others for problems. It gives managers an understanding of how different people reach different conclusions.

It allows managers to better identify personal strengths and weaknesses. It gives managers an understanding of how different people reach different conclusions.

Knowledge of decision-making styles can assist managers in many ways except for which one of the following? Multiple choice question. It facilitates the potential for self-improvement in making decisions. It increases their ability to influence others by catering to their style. It helps to identify a manager's own strengths and weaknesses in making decisions. It increases the biases of the manager toward their favorite style.

It increases the biases of the manager toward their favorite style.

The advent of big data has made it possible for us to measure nearly anything, without the need for statistical sampling. Big data analytics supports innovation, efficiencies, and firm performance across a variety of industries. This activity is important because it is absolutely imperative in the current environment that managers understand how big data can be used to meet organizational goals. The goal of this activity is to challenge your knowledge of the five applications of big data. Match each description to the application of big data that it best represents. Improving Human Resource Management Practices Enhancing Production Efficiency Advancing Health and Medicine Meeting Customer Needs Aiding Public Policy Match each of the options above to the items below. Lowe's uses the data it collects from customers' MyLowe's accounts in order to better target advertising and sales campaigns to specific cust

Lowe's uses the data it collects from customers' MyLowe's accounts in order to better target advertising and sales campaigns to specific customers.4Choice 4 of 5 , Meeting Customer NeedsCorrect combobox unavailableCorrect An organization uses sophisticated software and network analysis to identify, retain, and promote key influencers, knowledge-brokers, and talent across the company.1Choice 1 of 5 , Improving Human Resource Management PracticesCorrect combobox unavailableCorrect A food processing company tracks environmental conditions in its warehouses and uses the real-time data to adjust for any factors that may impact the quality of production.2Choice 2 of 5 , Enhancing Production EfficiencyCorrect combobox unavailableCorrect Patients complete online health profiles that inform massive health databases. This information is analyzed for patterns that help better predict disease.3Choice 3 of 5 , Advancing Health and MedicineCorrect combobox unavailableCorrect A large metropolitan area uses transportation data to determine where new subway routes are needed in order to relieve commuter congestion.5

Select all that apply A recent survey of U.S. companies showed that most companies use AI to do which of the following? (Choose every correct answer.) Multiple select question. Make more effective decisions Optimize internal processes Enhance current offerings Replace employees

Make more effective decisions Optimize internal processes Enhance current offerings

Select all that apply Which of these assumptions are made in the rational model of decision making? Multiple select question. Managers will always select the course of action that they know will most benefit the organization. Managers are able to make logical decisions without prejudice or emotional blind spots. Managers will be influenced by their own self-interest when choosing among alternative courses of action. Managers have complete, error-free information about alternative courses of action and their consequences. Managers will not be limited by time or money constraints when implementing the chosen solution.

Managers will always select the course of action that they know will most benefit the organization. Managers are able to make logical decisions without prejudice or emotional blind spots. Managers have complete, error-free information about alternative courses of action and their consequences.

Which models are characteristic nonrational models of decision making? Multiple choice question. Models that train managers how to make ethical decisions Models that describe how managers actually make decisions Models that describe how managers should make decisions Models that try to predict future behaviors and consequences

Models that describe how managers actually make decisions

What is the recommended step you should take after making a decision? Multiple choice question. Observe the results, then conduct a post-mortem. Seek input from trusted friends and colleagues. Analyze the political issues involved with your decision. Ignore the results and focus on your next decisions.

Observe the results, then conduct a post-mortem.

Select all that apply Which of the following are examples of what can function as the first stage in rational decision making by managers? Multiple select question. Low staff turnover Poor product quality Customer complaints Sales shortfalls

Poor product quality Customer complaints Sales shortfalls

Select all that apply Which of these are examples of business analytics? Multiple select question. Advertising campaigns Groupthink Portfolio analysis Time-series forecast Marketing plans

Portfolio analysis Time-series forecast

Select all that apply Hubris is an extreme sense of which of the following? Multiple select question. Pride Justice Confidence Uncertainty

Pride Confidence Certainty

Evidence-based management attempts to introduce which factor into the decision-making process? Multiple choice question. Speed Rationality Self-interest Idealism

Rationality

Select all that apply Successful implementation of major decisions requires which of the following? (Choose every correct answer.) Multiple select question. Sensitivity to those affected by the decision Reliance on the easy way out of the problem Careful planning Ignoring ethical dilemmas

Sensitivity to those affected by the decision Careful planning

Select all that apply Which of the following are examples of big data? (Choose every correct answer.) Multiple select question. Surveillance data Unrecorded customer interactions Data in corporate databases Social network communications Web-browsing data trails

Surveillance data Data in corporate databases Social network communications Web-browsing data trails

Select all that apply People with a conceptual decision-making style are likely to do which of the following? Multiple select question. Focus on the facts Take risks Find creative solutions Rely on intuition Act autocratically

Take risks Find creative solutions Rely on intuition

Which of these is another term for hindsight bias? Multiple choice question. The "Any-time-any-day" principle The "Easy-come-easy-go" principle The "I-never-would-have-guessed-that" effect The "I-knew-it-all-along" effect

The "I-knew-it-all-along" effect

Select all that apply What are three characteristics that affect decision making by a group? (Choose every correct answer.) Multiple select question. The efficiency of the group The knowledge of group members The fact that groups tend to make bad decisions The size of the group

The efficiency of the group The knowledge of group members The size of the group

Which of the following is an accurate description of decision making? Multiple choice question. The act of implementing a plan that has already been conceived The process of analyzing the underlying causes of a situation The process of identifying and choosing alternative courses of action The procedure of explaining a choice that has been made

The process of identifying and choosing alternative courses of action

Which model of decision making explains how managers should use logic to determine the optimal means of furthering the organization's best interests? Multiple choice question. The optimal model The rational model The analytical model The limited model

The rational model

When Kendra's manager asked the team to come up with new ideas for attracting people to their trade show booth, Kendra suggested installing a video game in the booth. Which part of the rational decision-making process does Kendra's idea exemplify? Multiple choice question. Think up alternative solutions. Identify the problem. Evaluate alternatives. Implement the solution.

Think up alternative solutions.

Which of the following is a primary use of AI among U.S. companies? Multiple choice question. To downsize staff To gain a human element To avoid having to make decisions To gain competitive advantage

To gain competitive advantage

Select all that apply Decision-making styles vary along which two dimensions? (Choose every correct answer.) Multiple select question. Risk multiplication Tolerance for ambiguity Value orientation Defensive avoidance

Tolerance for ambiguity Value orientation

A decision tree is an analytical tool that can help managers understand the possible consequences of their decisions and to create a plan to reach a goal. True false question.TrueFalse

True

The availability bias means that your manager may give more weight to your most recent work rather than everything you have done over the course of year. True false question.TrueFalse

True

CEOs are at a higher risk of being fired for ethical violations than ever before because the public has become less forgiving of unethical behavior. True false question.TrueFalse

True Reason: One of the reasons that CEOs are more likely than ever to be ousted for ethical violations is that the public is less forgiving of poor behavior by executives.

In the devil's advocacy technique, the group assigns one person to do which of the following? Multiple choice question. Uncover all possible objections to a plan or an idea. Forfeit his or her vote to ensure unanimity. Brainstorm a list of new ideas. Make a decision for the entire group.

Uncover all possible objections to a plan or an idea.

An online retailer uses complex data-mining software to evaluate the preferences and buying habits of its customers and makes decisions based on these findings. This is an example of the use of ______ in the decision-making process. Multiple choice question. ethics intuition satisficing analytics

analytics

Samantha had never traveled to New York City before, but she had been on a recent business trip to Houston. When she learned that the hotel room she wanted in New York City cost $300 per night, she was shocked because she thought the hotel rooms would be priced similarly to those in Houston. This is an example of the ______ bias. Multiple choice question. cognitive dissonance escalation of commitment anchoring and adjustment sunk-cost

anchoring and adjustment

An individual's decision-making style reflects the combination of how that person perceives and responds to information. Decision-making style reflects both one's value orientation and one's tolerance for ambiguity. This activity is important because having knowledge of decision-making styles helps you to better understand yourself, influence others, and deal with interpersonal conflicts. The goal of this activity is to challenge your knowledge of the four general decision-making styles. Match the appropriate style of decision making that best represents each person. Directive Analytical Behavioral Conceptual Match each of the options above to the items below. Ursula has a high tolerance for ambiguity but focuses on technical aspects more than social aspects. She is a careful decision maker, taking longer to make decisions but acting well in new situations. No answer Grace has a high tolerance for ambiguit

Ursula has a high tolerance for ambiguity but focuses on technical aspects more than social aspects. She is a careful decision maker, taking longer to make decisions but acting well in new situations.2Choice 2 of 4 , Analytical Grace has a high tolerance for ambiguity and tends to focus on the social aspects of a situation. She is willing to take risks and is good at finding creative solutions to problems.4Choice 4 of 4 , Conceptual Pei is very people-oriented. When making decisions, he enjoys social interactions in which opinions are openly exchanged. He is receptive to suggestions and tends to avoid conflict.3Choice 3, Behavioral Ellis has a low tolerance for ambiguity. He is efficient, logical, practical, and systematic in his approach to solving problems.1 Directive

Select all that apply Which questions should you ask when developing ready-made solutions based on past experiences? (Choose every correct answer.) Multiple select question. Who was most responsible for the problem? What was the problem? What was the solution? What lessons can you derive from this experience

What was the problem? What was the solution? What lessons can you derive from this experience?

Decision making is often a biased and flawed process. This activity is important because a person who can identify and be aware of their biases may be able to make better decisions for themselves and may be able to diagnose flawed decisions that affect their workplace. The goal of this activity is to test your knowledge of the nine fundamental decision-making biases. Match each scenario to the decision-making bias that it best represents Overconfidence Bias Confirmation Bias Sunk-Cost Bias Hindsight Bias Anchoring and Adjustment Bias Escalation of Commitment Bias Representativeness Bias Framing Bias Availability Bias Match each of the options above to the items below. When she traveled to Australia on business recently, Cori assumed the weather would be the same as her home in New York. She soon found out it was winter in Australia. No answer Trinity tried a new sales technique with a new client. It worked! She

When she traveled to Australia on business recently, Cori assumed the weather would be the same as her home in New York. She soon found out it was winter in Australia.9Choice 9 of 9 , Availability BiasCorrect combobox unavailableCorrect Trinity tried a new sales technique with a new client. It worked! She now assumes that this technique will also work with all of her current clients.7Choice 7 of 9 , Representativeness BiasCorrect combobox unavailableCorrect After finally deciding on what new car to buy, Declan told his friends and colleagues about it, but disregarded the things said by friends who didn't like the model he chose.2Choice 2 of 9 , Confirmation BiasCorrect combobox unavailableCorrect Zion took his older car to a mechanic and had his transmission rebuilt (a somewhat costly repair). The next week, his brakes quit working. Instead of trading the car in, he put in new brakes as well, since he had already fixed the transmission.3Choice 3 of 9 , Sunk-Cost BiasCorrect combobox unavailableCorrect Nishka was looking at buying a new car. After seeing the sticker prices on really expensive models, the lower cost models looked even more attractive!5Choice 5 of 9 , Anchoring and Adjustment BiasCorrect combobox unavailableCorrect After a couple of weeks in his class in corporate finance, Milo decided he should be able to do just as good of a job at making investment decisions as his broker.1Choice 1 of 9 , Overconfidence BiasCorrect combobox unavailableCorrect A new company offering office supplies opened up and Sai decided to try the new vendor, not knowing if their service would be any good. After a few months of good service, Sai looked back and felt he knew he had picked a winner all along.4Choice 4 of 9 , Hindsight BiasCorrect combobox unavailableCorrect When she was looking at leasing a new car, Rosa noticed tha

Brainwriting is the process of brainstorming by using ______. Multiple choice question. benchmarking SWOT analysis anonymity a computer network

a computer network

A consensus is reached when all members are able to express their opinions ______. Multiple choice question. but are unable to make a final decision and reach agreement to support the final decision and vote on a final decision and decide on a date to make a final decision

and reach agreement to support the final decision

Stores of data that are so large or complex that it is difficult to process them using traditional database management applications are known as ______. Multiple choice question. data mining proscriptive analytics big data cloud computing

big data

Tonya decided to purchase a piece of equipment from a domestic company instead of an overseas company despite the domestic company's higher cost and lower quality. Her decision was based on uncertainty that the foreign shipment would not be able to meet her production deadline. According to Herbert Simon, Tonya was feeling the effects of: Multiple choice question. benchmarking. relaxed avoidance. intuition. bounded rationality.

bounded rationality.

Michelle met with her five employees around a table and asked each of them to take five minutes to write down what they personally thought their new facility should include. She then collected the information and wrote it on the white board for all of them to view and decide upon. Michelle is using the ______ technique. Multiple choice question. Delphi brainstorming executive-decision

brainstorming

Electronic brainstorming, also called ______, is a technique used to help members of a group come together over a computer network to generate ideas and alternatives for solving problems. Multiple choice question. group consensus brainforming brainwriting groupthink

brainwriting

"Don't tell me the truth; just tell me what I want to hear" is an example of the ______ bias. Multiple choice question. representative sunk-cost confirmation availability

confirmation

The ______ bias occurs when people seek data to support their point of view and disregard information that does not support it. Multiple choice question. confirmation sunk-cost anchoring representativeness

confirmation

Bob was unsure how his boss was going to react to his proposal, so he was careful to put an upbeat "spin" on the situation to emphasize the positive aspects rather than the negative aspects. Bob's method of presenting the situation demonstrates the ______ bias. Multiple choice question. framing sunk-cost hindsight representativeness

framing

All the following are characteristics of group decision making except ______. Multiple choice question. groups make decisions quickly their knowledge counts their size affects their decision quality they may be too confident

groups make decisions quickly

A person's decision-making style is a combination of how a person perceives something as well as ______. Multiple choice question. the time it takes to reach a perception when they verbalize it how they respond to it a reflection of how others feel

how they respond to it

The first stage in the rational decision-making process involves ______. Multiple choice question. coming up with possible solutions evaluating alternative solutions identifying the problem implementing the solution

identifying the problem

In the fourth stage of rational decision making, managers will ______. Multiple choice question. implement and evaluate the chosen solution identify the problem or opportunity develop alternative solutions to the problem or opportunity evaluate the alternatives and select a solution

implement and evaluate the chosen solution

The most cited challenge to artificial intelligence (AI) is: Multiple choice question. implementation. unavailability of data scientists. lack of personal interaction. data privacy.

implementation.

"Going with your gut," or ______, is making a choice without the use of conscious thought or logical inference. Multiple choice question. intuition satisficing analytics risk propensity

intuition

As a manager, Colin realizes that there is no single formula for making easy decisions. In reality, business decisions he has to make involve uncertainty and risk. This describes the ______ model of decision making. Multiple choice question. nonrational rational prescriptive complacent

nonrational

Evidence-based decision relies on ______. Multiple choice question. personal beliefs about what should work polls to determine the most popular approach a leader's authority to make a final choice observations about what actually works

observations about what actually works

You fall prey to the overconfidence bias when you ______ your knowledge or expertise in a decision situation. Multiple choice question. accurately estimate ignore overestimate underestimate

overestimate

The rational model of decision making is considered ______ in that it describes how managers should make decisions rather than how they actually make them. Multiple choice question. unethical unconventional predictive prescriptive

prescriptive

Even though not everyone in the meeting agreed with the final decision, the group decided to proceed and replace all existing machine parts in the warehouse. In this situation, the group had ______. Multiple choice question. met a benchmark voted unanimously brainstormed successfully reached a consensus

reached a consensus

The ______ bias reflects our tendency to generalize from a small sample or single event. Multiple choice question. sunk-cost availability representativeness confirmation

representativeness

A manager who hires all applicants who have graduated from a certain college because a particularly good employee came from that same college is an example of ______. Multiple choice question. escalation of commitment bias confirmation bias representativeness bias anchoring and adjustment bias

representativeness bias

Heuristics are strategies that ______ the process of making decisions. Multiple choice question. categorize simplify complicate initiate

simplify

The ______ bias is demonstrated when managers add up all the money already spent on a project and conclude it is too costly to simply abandon it. Multiple choice question. representativeness anchoring confirmation sunk-cost

sunk-cost

You go to the movie theater to see the latest release by your favorite actor. You quickly realize the movie is not very good, but instead of walking out, you stay to watch the rest of the movie, figuring that you've already spent $9.50 for a movie ticket and $6 for popcorn. This is an example of the ______ bias. Multiple choice question. anchoring and adjustment sunk-cost representative confirmation

sunk-cost

All of the following are advantages to group decision making except ______. Multiple choice question. superiors dominating or intimidating the group different perspectives deeper commitment to the decision greater pool of knowledge

superiors dominating or intimidating the group

Eileen had provided the weekly inventory report to the management team every Friday for the past four months, but she wasn't able to generate the report last week because she was attending a seminar learning how to use the new inventory software. Her boss sent her an e-mail reminding her of the importance of the report and asking her to be sure and submit it every Friday. This is an example of ______. Multiple choice question. the sunk-cost bias the Delphi technique predictive modeling the availability bias

the availability bias

Kendall is frustrated with her co-worker Jill. She feels that Jill doesn't care that their manager seems to be showing favoritism toward the two other members of their team. Jill just focuses on the work she is supposed to do, which demonstrates her ______. Multiple choice question. SWOT analysis people concerns value orientation benchmarking

value orientation